The hospitality sector in the Gulf is set to return to pre-pandemic levels this year, a new report showed, as the region prepares for the upcoming FIFA World Cup in Qatar.
The industry will rake in a total of $26.3 billion in revenue by the end of 2022, UAE advisory firm Alpen Capital has projected, which would represent a 78.4 percent year-on-year growth.
According to the report, mega events such as the Expo 2020 in Dubai as well as the upcoming World Cup in Qatar in November will lead the industry’s growth.
“With regional governments actively supporting the development of business, leisure, and entertainment centers through significant investments, the GCC is becoming a hub of action with a long list of events in the pipeline,” the report said.
Hospitality industry revenues in the Gulf are forecasted to grow at a pace of 6.6 percent between 2022 and 2026, the report added, as regional governments continue to focus on attracting more tourists, on the back of the Middle East’s ambition to be a global centre for both business and entertainment.
“GCC is fast becoming a global center for business, entertainment, and sporting events, and is set to host major events like FIFA World Cup 2022, Formula 1 Grand Prix, World Aquatics Championship, Geneva International Motor Show Qatar, Asian Games, etc.,” according to the report.
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