11 July 2004
The several billions of dollars invested by Dubai on a swathe of strategic real-estate and infrastructure projects are turning the hospitality sector into a major contributor to the emirate's emerging knowledge-based economy. Result of extensive research, this observation is illustrated in Volume II of the Dubai Knowledge Economy 2003-2008 research series, which was released this week by the Dubai Media City-based Madar Research Group.
Based on analysis of current and planned hospitality and tourism projects, growth forecasts, trends and various other factors, the volume paints a picture of the "Greater Dubai" city that will emerge by 2014 - ten years from now - extending southward on both sides of Sheikh Zayed Road.
"Resources and technology - especially information and communication technology - are being strategically employed in Dubai to create an advanced hospitality and business environment that is designed to serve knowledge-based ventures and up-market travelers, as well as upscale property buyers," said Abdul Kader Kamli, President and Research Director of Madar Research Group.
"As Dubai steps up the pace of economic diversification, focusing on services and niche industries - after having established itself as a hub for trade and re-export - hospitality, in its broad meaning, is increasingly becoming the most attractive sector for investment," he said.
"The sad events of 9/11 have inadvertently impacted Arab travel, real-estate investment and cash deposits in North America and partly in Europe. Some of these large resources have been funneled back into the Arab world, and Dubai in particular stands to benefit most from this opportunity as an alternative destination for wealthy tourists, luxury property buyers, as well as entrepreneurs from the Arab world. As for tourists and retirees from the developed world, Dubai has proved to be the safest as well as the most comfortable and recreational destination in the region," added Kamli.
Ambitious technology-enhanced projects such as the world's largest man-made islands, tallest building, DubaiLand and the first underwater hotel, among several other ongoing developments, are at the core of Dubai's economic transformation.
The contribution of the hospitality sector to the economy, including travel and tourism (both business and consumer), event hosting and related activities, has been growing substantially over the past few years. Estimated at 18 per cent of the Dubai national gross product in 2003, the sector is expected to become the main source of revenue in the next decade.
Among the numerous statistics and forecasts published in Dubai Knowledge Economy 2003-2008, Volume Two, are those relating to the growth in Internet-based booking of hotel rooms and airline tickets, as well as the projected growth in the number of hotels and visitors in the next few years.
The research book reports that hotels in Dubai have in 2003 secured around $76 million from online booking - equivalent to about 7 per cent of total revenues generated only from lodging, which are estimated at $1.08 billion. Related figures include an estimated 46 per cent to 50 per cent projected growth in the number of hotel rooms in new four- and five star hotels in Dubai in the next four years. At present a total of 25,571 rooms are available in all classes to tourists visiting Dubai. This capacity will be boosted by rooms in new three- and two-star hotels, as well as thousands of suites at hotel apartments, which will cater to a projected 15 million visitors to Dubai in 2010.
Dubai Knowledge Economy 2003-2008, Volume Two, which is divided into seven sections, also covers ICT infrastructure in New Dubai, banking and finance, the media and information technology labor market in the emirate, along with a case study on Emirates Internet & Multimedia (EIM), which changed its name to 'e-Company' after merging with Comtrust.
The 84-page book, along with Volume I, is available for free download at www.madarresearch.com
The several billions of dollars invested by Dubai on a swathe of strategic real-estate and infrastructure projects are turning the hospitality sector into a major contributor to the emirate's emerging knowledge-based economy. Result of extensive research, this observation is illustrated in Volume II of the Dubai Knowledge Economy 2003-2008 research series, which was released this week by the Dubai Media City-based Madar Research Group.
Based on analysis of current and planned hospitality and tourism projects, growth forecasts, trends and various other factors, the volume paints a picture of the "Greater Dubai" city that will emerge by 2014 - ten years from now - extending southward on both sides of Sheikh Zayed Road.
"Resources and technology - especially information and communication technology - are being strategically employed in Dubai to create an advanced hospitality and business environment that is designed to serve knowledge-based ventures and up-market travelers, as well as upscale property buyers," said Abdul Kader Kamli, President and Research Director of Madar Research Group.
"As Dubai steps up the pace of economic diversification, focusing on services and niche industries - after having established itself as a hub for trade and re-export - hospitality, in its broad meaning, is increasingly becoming the most attractive sector for investment," he said.
"The sad events of 9/11 have inadvertently impacted Arab travel, real-estate investment and cash deposits in North America and partly in Europe. Some of these large resources have been funneled back into the Arab world, and Dubai in particular stands to benefit most from this opportunity as an alternative destination for wealthy tourists, luxury property buyers, as well as entrepreneurs from the Arab world. As for tourists and retirees from the developed world, Dubai has proved to be the safest as well as the most comfortable and recreational destination in the region," added Kamli.
Ambitious technology-enhanced projects such as the world's largest man-made islands, tallest building, DubaiLand and the first underwater hotel, among several other ongoing developments, are at the core of Dubai's economic transformation.
The contribution of the hospitality sector to the economy, including travel and tourism (both business and consumer), event hosting and related activities, has been growing substantially over the past few years. Estimated at 18 per cent of the Dubai national gross product in 2003, the sector is expected to become the main source of revenue in the next decade.
Among the numerous statistics and forecasts published in Dubai Knowledge Economy 2003-2008, Volume Two, are those relating to the growth in Internet-based booking of hotel rooms and airline tickets, as well as the projected growth in the number of hotels and visitors in the next few years.
The research book reports that hotels in Dubai have in 2003 secured around $76 million from online booking - equivalent to about 7 per cent of total revenues generated only from lodging, which are estimated at $1.08 billion. Related figures include an estimated 46 per cent to 50 per cent projected growth in the number of hotel rooms in new four- and five star hotels in Dubai in the next four years. At present a total of 25,571 rooms are available in all classes to tourists visiting Dubai. This capacity will be boosted by rooms in new three- and two-star hotels, as well as thousands of suites at hotel apartments, which will cater to a projected 15 million visitors to Dubai in 2010.
Dubai Knowledge Economy 2003-2008, Volume Two, which is divided into seven sections, also covers ICT infrastructure in New Dubai, banking and finance, the media and information technology labor market in the emirate, along with a case study on Emirates Internet & Multimedia (EIM), which changed its name to 'e-Company' after merging with Comtrust.
The 84-page book, along with Volume I, is available for free download at www.madarresearch.com
-Ends-
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© Press Release 2004
