In addition, more than 25,000 rooms and suites would soon be added to the existing stock by next year. Strong economies backed by comfortable levels of liquidity resulting from high oil prices have also contributed to tourism-related real-estate and hotel growth with a lot of oil money finding its way into such mega-developments.
As per a recent Zawya article, around $ 272 billion worth of tourism projects are expected to be completed in the GCC during 2018.
The United Arab Emirates will account for around 86 per cent of these developments at $ 233 billion due to its incumbent status as the top performer in the region in terms of tourist arrivals and hotel occupancy rates, achieving 21 per cent growth in revenue per available room last year alone.
With respect to other GCC countries, Oman will account for 6 per cent, Qatar 3 per cent, Bahrain 2.1 per cent, Saudi Arabia 1.6 per cent and Kuwait 1.3 per cent. Some of their efforts include the development of mega-tourism projects such as Failaka and Bubiyan islands in Kuwait while others are driving tourist activity through allowing foreign ownership in certain projects and exploiting the concept of holiday homes and resorts such as Durrat al Bahrain and Amwaj Island in Bahrain, alongside the Wave and Blue City in Oman.
