More than $23bn-worth of hotel construction contracts were due to be awarded in the Middle East and North Africa between now and 2023, according to MEED Projects.
The company said that, in the final quarter of last year, development was most active in Oman, Egypt, UAE and Saudi Arabia.
Ed James, director of content & analysis, MEED Projects, said: “On the back of the more than 700 new hotels worth in excess of $53bn having been built over the past seven years, the Middle East is rightly viewed as a high-growth region for tourism. Growing economies, enhanced infrastructure and the opening up of the sector have acted as catalysts for development.
