MEED Projects predicts that more than US$14bn worth of hotel construction contracts will be awarded in 2018.
According to MEED Projects, a partner of AHIC 2018, the value of new hotel investments in the MENA region could hit a record high in 2018.
MEED Projects director of content and analysis Ed James said in a statement: "After a relatively subdued 2017 up to end of November which has seen US$5.45bn worth of new hotel construction contracts awarded, the value of hotels due to be awarded next year is more than $14bn. This total would comfortably exceed the US$8.5bn awarded in 2016 and the previous record of $11.9bn awarded in 2015."
James added that investment in hotels will comprise about 7% of the total US$200bn scheduled projects spending in the MENA region next year. UAE is reported to be the largest market with $8.4bn worth of contracts, followed by Saudi Arabia at $1.9bn.
Hotelier Middle East