May 18 – The GCC states are set to spend over $1 billion on hotels this year, said the results of a study by Proleads. According to the details, the estimated amount to be spent on hotel projects under construction in 2010 will be more than $1.17 billion. The UAE will be spending the most amount of money in this regard — $463.8 million.
Oman will spend more than Saudi Arabia this year — $269.2 million as opposed to the latter’s $245.5 million. “These figures really show that there is no shortage of ambition or liquidity,” said Ray Tinston, Sales Director, The Hotel Show, for which the report was compiled. “At a time when the US and countries in Europe are preparing stringent austerity measures, to reduce their budget deficits and repay billions in loans, the Middle East region is powering ahead,” he added.
The Hotel Show kicks off today at the Dubai World Trade Centre and will run till May 20.
