UAE Hospitality Industry to Reach $7.6 Billion by 2022
The UAE’s hospitality industry is upbeat on the second half of 2018 and ready to welcome 2019 on a positive note.
The sector has received massive support from the government in terms of new policies, opening of new tourist destinations, exemption from value-added tax (VAT) for tourists, preparations for Expo 2020 Dubai - these are some of the prime growth drivers that will steer forward the growth trend.
The UAE hospitality market is expected to reach $7.6 billion by 2022 at a five-year CAGR of 8.5 per cent (2017-2022) and international tourist visits are expected to grow at a five-year CAGR of 4.3 per cent to 25.5 million whereas the hotel supply is expected to grow at a five-year CAGR of 6 per cent to 183,718 hotel rooms, shows Alpen Capital’s latest report on GCC Hospitality Industry 2018.