2024年海湾合作委员会酒店市场回顾

GCC HOSPITALITY MARKET REVIEWTABLE OF CONTENTSGCC ECONOMIC AND HOSPITALITY MARKET OVERVIEWOMAN ECONOMIC AND HOSPITALITY MARKET OVERVIEWUNITED ARAB EMIRATES ECONOMIC AND HOSPITALITY MARKET OVERVIEWKUWAIT ECONOMIC AND HOSPITALITY MARKET OVERVIEWGCC CRUISE SECTOR OVERVIEWSAUDI ARABIA ECONOMIC AND HOSPITALITY MARKET OVERVIEWBAHRAIN ECONOMIC AND HOSPITALITY MARKET OVERVIEWQATAR ECONOMIC AND HOSPITALITY MARKET OVERVIEWGCC AVIATION SECTOR OVERVIEWKEY GCC PROJECTS TO WATCH 6221430361026183438 4FOREWORDThe Gulf Cooperation Council (GCC) region, encompassing Saudi Arabia, United Arab Emirates, Qatar, Oman,Bahrain and Kuwait, stands at the crossroads of tradition and modernity. With its rich cultural heritage,stunning natural landscapes, and visionary urban developments, the GCC region has positioned itself as aburgeoning hub for tourism and hospitality.In Saudi Arabia, a new era for hospitality is being ushered in with 320,000 new hotel rooms planned orunder construction and due to be delivered by 2030, which will, for the first time, showcase the country’sincredibly rich and diverse geography and climate to the world. This phenomenal expansion in the country’shospitality industry is expected to be delivered at a cost of US$ 104bn.Meanwhile, Dubai, with its multi-faceted and multi-layered approach to creating a globally sought-afterdestination, is now a global household name and among the most visited cities in the world. Indeed, theemirate was the third most visited city in 2023, with 17.2 million tourists gracing its shores, behind Istanbul(20.2 million) and London (18.8 million). Dubai now also boasts the second busiest airport in the world (DXB),behind Atlanta’s Hartsfield Jackson International Airport.Over the past decade, the GCC states have made significant strides in diversifying their economiesaway from a reliance on oil and gas. Tourism and hospitality has emerged as a pivotal sector in thistransformation, contributing to job creation, fostering international collaboration, and enhancing theregion’s global profile. Notably, in 2023, the travel and tourism sector contributed around US$ 223bn to theGCC’s GDP and supported over 2.6 million jobs across the region, which has been underpinned by a total of464,465 hotel rooms.The GCC’s tourism and hospitality sector is characterised by its dynamism and adaptability. In the face ofglobal challenges such as the COVID-19 pandemic, the sector has demonstrated remarkable resilience,swiftly adopting health and safety protocols, leveraging digital innovations, and exploring new tourismniches. From adventure and eco-tourism to cultural and medical tourism, the GCC offers a diverse array ofexperiences that cater to the evolving preferences of modern travellers.As we look to the future, the continued growth and success of the GCC tourism and hospitality sector willhinge on sustainable practices, cross-sectoral collaboration, and a commitment to excellence. By fosteringa welcoming and world-class hospitality culture, the GCC can ensure that it remains a premier destinationon the global tourism map.The economic metamorphosis has been further amplified with the recent announcement that Riyadh willhost the World Expo in 2030 and that Saudi Arabia is the sole bidder for the 2034 FIFA World Cup, in additionto being the home for the 2029 Asian Winter Games. These successes build on Dubai’s recent hosting ofthe World Expo 2020 and Qatar’s successful bid for the FIFA 2022 World Cup, which are aiding the region’sglobal profile as a tourist destination.In our inaugural annual GCC Hospitality Market Review, we take a closer look at the performance of thehospitality sector around the region, and I welcome the opportunity to discuss our findings and analysis withyou in more detail.Turab SaleemPartner - Head of Hospitality, Tourism & Leisure Advisory, MENA 6•The GCC economy has been a global bright spot in2022 and 2023. While many economies reverted to lowgrowth rates after the initial post COVID-19 recovery,the GCC has continued to post strong growth.•Growth was driven by the non-oil economy, boostedby the private sector which, across the region, hasbenefited from reform and liberalisation.•Tourism forms a key part of many of the GCC’srespective ‘transformation and vision’ programs.•Headline GDP growth numbers will rebound in 2023and 2024 as OPEC+ oil production quotas are stabilisedand increased.GCC total GDPGCC consumer price inflation•GCC governments are in an enviable financialsituation, with fiscal surpluses delivered in 2023 andforecast by the IMF for 2024 and 2025. Compared to therest of the world, sovereign debt-to-GDP rates of 30%are very sound.•The synergy between a robust economy and a dynamichospitality and tourism sector is evident, each drivingthe other’s growth, resulting in a thriving and vibrantmarket. The GCC is well-positioned to become apremier global destination for tourism and hospitality,GCC ECONOMIC OVERVIEWKey highlights:US$ 2,122bn2.2%2023 GCC total populati