A controlled and consistent approach will be key to MENA hospitality market improvement as markets start to build on recovery which began in the fourth quarter of 2020, according to Colliers.

In its Monthly Market Forecast for December 2021, the property services company forecasts growth in 2022 for all markets surveyed, with the exception of Beirut, Lebanon, where hotel occupancy is expected to fall by 10 percent.

In the UAE, Expo 2020 is expected to have a positive impact going forward, and the emirates will benefit from “overspill demand” when the FIFA World Cup comes to Qatar in 2022.

Hotel occupancy in the key tourist areas of Dubai Marina and Jumeirah Beach Residence is forecast to be 80 percent in 2022, up 11 percent year on year, while Abu Dhabi Beach will see 61 percent occupancy, up 13 percent.

Key Saudi markets such as Riyadh, Makkah and Jeddah will see their hotel occupancies up by 13 percent, 69 percent and eight percent respectively, as early indicators suggesting sustained demand for the Holy City, the report said.

The return of the Russian market to Egypt is expected to support hotel occupancy, particularly in Red Sea destinations, the report continued, with occupancy in Cairo to increase by 24 percent to 71 percent, and 33 percent to reach 69 percent in Hurghada.

(Writing by Imogen Lillywhite; editing by Seban Scaria)


Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021