The Arabian & African Hospitality Investment Conference (AHIC) has released the fourth AHIC Hotel Investment Forecast ahead of the annual event.
The show will this year return to Madinat Jumeirah in Dubai live and in person from September 20-22.
According to research into the GCC hotels projects market conducted by MEED Projects, a division of MEED, co-organiser of AHIC alongside Bench, there are US $27 billion worth of hotel investments in the pipeline.
More than US $3.5 billion worth of new hotel projects in the GCC have been awarded since the start of 2020 alone.
These new investments are mainly located in Saudi Arabia, Qatar and the UAE, including phases five and six at Jabal Omar, Makkah; the Jewel of the Creek development in Dubai; and Qetaifan Island North in Qatar.
Ed James, director of content and analysis at MEED Projects, said: “Despite the challenges presented by Covid-19, the hotel industry is still optimistic about its medium-term outlook.
“Some US $3.5 billion worth of hotel construction contracts have been awarded across the GCC over the past 18 months during the height of the pandemic, indicating that investors expect the market to return to normality in the next two to three years when the new…