The GCC hospitality sector is currently worth $126.8bn, comprising projects related to hotels, hotel apartments, and resorts, says The GCC Hospitality & Leisure-Recreation 2016 report by BNC Network.
In the GCC, several state-led initiatives are sponsoring construction projects to diversify the local economy. With tourism contributing to the 8.5% of its GDP by the end of 2016, the UAE is vigorously investing on infrastructure projects to welcome more and more visitors.
Over 200 hospitality and leisure-recreation projects are currently worth at least $100m each in the UAE, with a combined value of $83.8bn. These include the $6.8bn Firdous Sobha in Umm Al Quwain, The $1.5bn Dubai Eiffel Tower, and the $1.8bn Royal Atlantis Resort in Dubai.
The leisure and recreation sector, including projects related to cinemas, theatres and auditoriums, golf courses, race courses, parks, stadiums, theme and water parks, animal reserves and zoos, sports clubs and facilities, museums and galleries, has a combined estimated value of $52.0bn.