144,321 hotel rooms under construction in MENA

144,321 hotel rooms under construction in MENA
Ganesh Babu, Director of India and Middle East at IDE - (Photo Credit: Press Release)

Dubai - Mubasher: Around 501 hotels, totalling 144,321 rooms are in various stages of development pipeline in the MENA region, according to a press release issued by the organizers of the Hotelier Summit - Middle East.

The Hotelier Summit - Middle East will be held between 27 and 29 September in Doha, and it is organized by IDE.

“With growing demand for mid-scale hotels and service apartments in the Middle East, we predict that demand growth in hospitality market will catch up with supply volume,” said Ganesh Babu, Director of India and Middle East at IDE.

“We believe the future of hospitality in the region is promising as the sector is becoming more mature and witnessing long term infrastructure spending commitments and event-driven investments such as Expo 2020 and 2022 FIFA World Cup Qatar,” said Babu.

“Foreign real estate developers have infused billions of dollars into countries such as Qatar, the UAE, Saudi Arabia and Oman,” he said, adding that his firm predicts that 2017 and 2018 will be two years of significant change for the industry as the dust settles.