DUBAI RAMPS UP CONSTRUCTION OF NEW HOTELS BY THE BIG 5 HUB
Early 2018 sees growth in number and value of hospitality projects in the emirate
July 31, 2018
Construction of new hospitality projects in Dubai is gathering pace as the grand opening of Expo 2020 approaches.
The emirate is building its inventory to deliver enough additional hotel rooms to accommodate 20 million visitors per year by 2020 when the mega-event is set to begin.
A report produced by BNC Network for The Big 5 reveals a 6.1% year on year increase in the value of Dubai’s hospitality projects in Q1 2018.
Seventeen hospitality projects worth over $860mn were delivered in the first quarter of the year while seven new projects worth over $370mn were announced during the period.
A further 25 projects worth an estimated $2.2bn are currently at the tender stage and expected to be awarded in the next few months.
In total there are 356 active hospitality projects comprising new hotels, resorts and hotel apartments worth in the region of $43bn.
“Expo 2020 Dubai is proving a magnificent growth driver for the hospitality and construction sectors,” said Josine Heijmans, Portfolio Director of The Big 5 at dmg events.
“The Dubai Hospitality Construction Overview report shows that Dubai is on track to reach 20 million overnight visitors in 2020. These project movements demonstrate a healthy growth in the hospitality related construction sector in 2018 and beyond.”
Under the theme “Shaping the future of construction”, the 39th edition of The Big 5 will introduce the brand new Live Innovation Zone, where demonstrations will feature some of the newest and most innovative products available, and the Start-up City, gathering the next construction tech disruptors.
Running at the DWTC from 26-29 November, the event will present and promote innovative solutions across all stages of the construction life-cycle.