DUBAI – The International Tourism Investment Conference (ITIC) is scheduled to convene on the third day of the Arabian Travel Market (ATM) 2023 exhibition in Dubai, launching May 1st, to discuss the economic outlook of tourism in 2023.
Over the last 3 years, substantial investments have flown into the Gulf Cooperation Council (GCC)’s regional hospitality sector, estimated in 2021 at a combined total of USD 27 billion (JOD 19.15 billion).
According to the 4th Annual Hotel Investment Forecast by the Arabian and African Hospitality Investment Conference (AHIC), released in 2021, more than USD 3.5 billion (JOD 2.48 billion) had already been injected into new hotel projects in 2020, well before the pandemic hit.
Since then, GCC countries have realised significant milestones in their tourism and hospitality development efforts, especially Saudi Arabia, as part of the country’s Vision 2030 plan.
With more than 82,000 rooms in the pipeline, a recent Smith Travel Research (STR) report, published in December 2022, ranked Saudi first in the ongoing race for hotel rooms in the GCC.
The United Arab Emirates (UAE) came in second, with 48,910 rooms contracted or under construction, followed by Qatar (17,145), Oman (10,292), Bahrain (3,452) and Kuwait (1,369).
Danielle Curtis, ATM Exhibition Director ME, said:
“With nearly 160,000 hotel rooms under development across the GCC, this region is undoubtedly a global hotspot for industry investment right now,” according to Danielle Curtis, ATM Exhibition Director ME.
Overall, the STR report estimated a 40% growth in the GCC region’s current room capacity, totalling more than 150,000 hotel rooms contracted or currently being constructed.
In the wake of COVID-19, with growing ambitious plans in place for the tourism and hospitality sector in the GCC, sustainable financial planning has become a priority for the sector.
Opportunities and challenges will be addressed with a range of panel discussions and events related to sustainable industry financing at the ATM 2023 exhibition, including ITIC’s Making Sustainable Decisions session, featuring Gerald Lawless Director of ITIC and Invest Tourism.
As Ambassador for the World Travel Tourism Council (WTTC), Lawless will share insights on the global industry’s outlook and developing trends.
“Thanks to the participation of ITIC and a host of other finance-related sessions, ATM 2023 represents the ideal forum for travel, tourism and hospitality professionals from around the world to explore the latest investment opportunities and novel financing models with some of the biggest names in our sector,” Curtis underlined.
ATM 2023 will also feature sessions on industry-critical issues such as travel tech investment, the contemporary geopolitical landscape, urban regeneration, future markets, space tourism and more.
The exhibition will run from May 1st through May 4th at the Dubai World Trade Centre in Dubai, UAE.
This, the 30th edition of the ATM exhibition, will explore the future of sustainable travel in line with its theme, ‘Working Towards Net Zero’.
The exhibition will also provide a platform for regional experts to explore a sustainable future ahead of COP28, which will take place in November 2023 at Expo City Dubai.
Having officially initiated its journey to net zero, the ATM programme will also explore how innovative sustainable travel trends are likely to evolve, allowing delegates to identify growth strategies within key vertical sectors.
Arabian Travel Market (ATM), is the leading, international travel and tourism event in the Middle East for inbound and outbound tourism professionals. ATM 2022 attracted over 24,000 visitors and hosted over 31,000 participants, including 1,600 exhibitors and attendees from 151 countries.
