With major events on the horizon for the GCC, the regional hospitality and tourism industries are expected to have a significant impact on the construction and real estate development sector. Data has shown that the retail and hospitality sector have been the UAE’s fastest growing industries over the last 15 years.According to analysts, the value of the GCC hotel projects market is forecasted to increase from $11.15 billion in 2018 to $11.61 billion in 2019, while the UAE’s own hospitality market is expected to reach $7.6 billion by 2022, growing at a five-year CAGR of 8.5% between 2017 and 2022. In 2019 alone, Dubai’s hotel supply is expected to reach 132,000.
Meanwhile, the retail sector has been projected to grow by 5.6% from 2018 to 2021, with retail sales predicted to reach $43.75 billion by 2021. In the UAE, Dubai alone accounts for 49% of all shopping malls in the country, followed by Abu Dhabi with 36%, and these figures show no signs of dropping, with retail construction continuing at pace.
As such, regional developers are showing increased interest in developing mixed-use projects that combine hospitality, entertainment, retail and residential elements, thereby allowing for the diversification of economies away from oil revenues.
With investment in tourism infrastructure on the rise, developers are now looking to create destinations that will attract international tourists, local visitors and residential tenants. Therefore, Big Project ME is looking to host a summit that will focus on the key issues and topics around retail and hospitality construction and development.Through a series of presentations and panel discussions, the 2019 Retail and Hospitality Summit will offer construction professionals an opportunity to discuss, debate and define the key issues and challenges facing the construction industry as it works to meet the demands placed upon it.
The 2019 Retail and Hospitality Summit will provide professionals with the opportunity to network with industry experts, regional thought leaders and decision makers from a variety of fields, sectors and countries.