The construction industry in the GCC remains positive about its prospects, with a maturing sector and long-term infrastructure spending commitments.
Hospitality & Cultural and Sport & Leisure are amongst the largest expected industry growth sectors.
The UAE is seen as the most attractive country in which to invest in the region.
Economic and political stability, religiously and culturally tolerant population, a range of events and activities make the UAE an ideal tourist destination.
Where once, sport looked west for investment and inspiration, now it looks east.
Sheikh Mohammed bin Rashid Arena for example is the first of a nine-point plan to revolutionise how sport is performed, trained for and delivered in Dubai.
The hotel occupancy rate in Abu Dhabi and Dubai reaches 75% and 77% respectively. The Revenue Per Available Room (RevPAR) is 104 US$ in Abu Dhabi and 203 US$ in Dubai.
Dubai has a total hotel stock of 144.000 keys, with another 12.000 keys in its project pipeline.
For Abu Dhabi, there is a stock of 32.000 keys, with 7.000 keys in the pipeline.
Travel and tourism’s GDP contribution decreased about 70% in 2020 but began to recover in 2021. The GDP contribution of tourism to the UAE’s economy will subsequently increase and reach US$55.5 billion by 2024.
“Culture is one of the life’s main pillars, a cornerstone for building communities, a mirror for their progress and a driving force for creativity and excellence”
His Highness Sheikh Mohammed bin Rashid Al Maktoum