Saudi Arabia, UAE and Egypt are the driving forces behind the Middle East’s $1.9tn hospitality and residential project development boom.
Saudi Arabia, the UAE and Egypt account for 90 per cent ($1.7t) of investment in the Middle East, according to data released ahead of the Future Hospitality Summit, taking place in Abu Dhabi, until Wednesday September 27.
Research by global independent real estate consultants Knight Frank reveals that Saudi Arabia is top of the region’s project investment table, with $1.2 trillion worth of developments in the pipeline.
Saudi and United Arab Emirates lead project pipeline
Next come the UAE ($300bn) and Egypt ($200bn), highlighting the Middle East’s continued commitment to reaching 160 million annual tourists by 2030.
Turab Saleem, Partner and Head of Hospitality, Tourism and Leisure – MENA at Knight Frank, said: “The Middle East was the first region globally to make a complete business recovery after the pandemic.
“While much of the world still faces challenges in its return to normality, this region is set to surpass pre-Covid levels in terms of hospitality and tourism related revenue and employment.