The Arabian Hotel Investment Conference (AHIC) is foreseeing substantial opportunities for hotel investors, targeting the Middle East in light of new data, which predicts that more than US$14bn worth of hotel construction contracts will be conferred in 2018.
According to MEED Projects, a partner of AHIC 2018, new hotel investment’s value in the MENA region could reach a record high in 2018.
MEED Projects executive and analysis director Ed James stated that after a relatively modest 2017 up to end of November «which has seen US$5.45bn worth of new hotel construction contracts awarded», the value of hotels ought to be awarded next year is more than $14bn: according to him, this total would comfortably overstep the US$8.5bn awarded in 2016, and the previous record of $11.9bn awarded in 2015.
James added that the investment in hotels will be about the 7% of the total US$200bn scheduled projects spending in the MENA region next year, it seems that UAE are the largest market, with $8,4bn worth of contracts, followed by Saudi Arabia.
These figures will be discussed at the 14th edition of AHIC, which will be held from April 17-19, 2018, at the purpose-built AHIC Village, in the grounds of the Waldorf Astoria Ras Al Khaimah, UAE, in partnership with Ras Al Khaimah Tourism Development Authority (RAKDTA).
AHIC co-founder and Bench Events CEO Jonathan Worsley defined these new figures «exciting» for the entire Middle East hospitality community, which meets every year at AHIC. Furthermore, he told that «with oil prices now trading much significantly higher than January 2016 lows, we expect to see signs of recovery and stability in most regional economies».