The value of hotel projects at various development stages in the GCC is worth $502bn, according to statistics from ProTenders.
There are more than 1,100 hotels at different construction stages across Bahrain, Kuwait, Oman, Saudi Arabia and the UAE, with the latter two accounting for 80% of the total value.
More than a half a trillion dollars is being spent to develop the regional hospitality market, according to the GCC Hospitality Construction Report 2019 from ProTenders.
The UAE accounts for 43% of the total value of hospitality construction projects, with Saudi Arabia second on 42%.
The UAE is likely to maintain its position above the Kingdom of Saudi Arabia, with ProTenders tipping the former to award more contacts as developers and operators rush to finish projects in time for Expo 2020 Dubai.
ProTenders said the outlook for contract awards in the UAE – set to be four times more valuable than those in Saudi Arabia during the second half of 2019 – was “no surprise”.
Contracts worth $26bn could be awarded for GCC hospitality projects between June and December 2019, Commercial Interior Design’s sister title, Construction Week, said.