In 2023, the UAE displayed economic resilience amid global challenges, diversifying from oil. The non-oil sector thrived, as reflected in the PMI at 57.0 in November. Oxford Economics estimated a GDP growth of 2.4 percent, which is forecast to double in 2024.
The UAE’s real estate market saw continued growth across major asset classes. In the office sector, strong demand favored landlords with rising rents. Residential developers met investor demand, observing growth in both primary and secondary markets. Retail malls adopted dynamic strategies, enhancing customer experiences with experiential retail.
Firstly, the UAE’s hospitality sector maintained momentum, with a balanced events calendar. Operators adapted revenue management strategies to attract diverse business amid changing trends. Thus, showcasing the resilience of the UAE in fostering a dynamic and thriving hospitality landscape. Notably, the UAE’s commitment to excellence in hospitality has positioned it as a global destination, drawing in visitors from around the world.
Furthermore, Dubai added 5,000 keys in 2023, reaching a total of 153,000, while Abu Dhabi added 200 keys, surpassing 32,500. Looking to 2024, Dubai plans to add 7,000 new keys and Abu Dhabi anticipates 700 additional keys.
Moreover, from January to October 2023, Dubai welcomed 13.9 million visitors, marking a 22 percent improvement. The hospitality market thrived, with well-attended events, stimulating traffic during low and high seasons.
Dubai’s hotel performance in November 2023 saw a 77 percent occupancy rate, a 2 percent decrease in ADR to USD 179, maintaining a healthy RevPAR of USD 138. Abu Dhabi sustained a 72 percent occupancy with a 20 percent ADR increase to USD 143, resulting in a 25 percent RevPAR improvement to USD 103.
Notably, ongoing developments, such as Saadiyat and Yas Island, and new entertainment concepts, are expected to drive long-term growth in the capital’s hospitality sector.
For the full report, click here: https://bit.ly/4bkyztQ
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JLL reports resilient hospitality growth in the UAE
In 2023, the UAE displayed economic resilience amid global challenges, diversifying from oil. The non-oil sector thrived, as reflected in the PMI at 57.0 in November. Oxford Economics estimated a GDP growth of 2.4 percent, which is forecast to double in 2024.
The UAE’s real estate market saw continued growth across major asset classes. In the office sector, strong demand favored landlords with rising rents. Residential developers met investor demand, observing growth in both primary and secondary markets. Retail malls adopted dynamic strategies, enhancing customer experiences with experiential retail.
Firstly, the UAE’s hospitality sector maintained momentum, with a balanced events calendar. Operators adapted revenue management strategies to attract diverse business amid changing trends. Thus, showcasing the resilience of the UAE in fostering a dynamic and thriving hospitality landscape. Notably, the UAE’s commitment to excellence in hospitality has positioned it as a global destination, drawing in visitors from around the world.
Furthermore, Dubai added 5,000 keys in 2023, reaching a total of 153,000, while Abu Dhabi added 200 keys, surpassing 32,500. Looking to 2024, Dubai plans to add 7,000 new keys and Abu Dhabi anticipates 700 additional keys.
Moreover, from January to October 2023, Dubai welcomed 13.9 million visitors, marking a 22 percent improvement. The hospitality market thrived, with well-attended events, stimulating traffic during low and high seasons.
Dubai’s hotel performance in November 2023 saw a 77 percent occupancy rate, a 2 percent decrease in ADR to USD 179, maintaining a healthy RevPAR of USD 138. Abu Dhabi sustained a 72 percent occupancy with a 20 percent ADR increase to USD 143, resulting in a 25 percent RevPAR improvement to USD 103.
Notably, ongoing developments, such as Saadiyat and Yas Island, and new entertainment concepts, are expected to drive long-term growth in the capital’s hospitality sector.
For the full report, click here: https://bit.ly/4bkyztQ
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Rita Ghantous
Rita Ghantous is a hospitality aficionado and a passionate writer with over 9 years’ experience in journalism and 5 years experience in the hospitality sector. Her passion for the performance arts and writing, started early. At 10 years old she was praised for her solo performance of the Beatles song “All My Love” accompanied by a guitarist, and was approached by a French talent scout during her school play. However, her love for writing was stronger. Fresh out of school, she became a freelance journalist for Noun Magazine and was awarded the Silver Award Cup for Outstanding Poetry, by The International Library of Poetry (Washington DC). She studied Business Management and earned a Masters degree from Saint Joseph University (USJ), her thesis was published in the Proche-Orient, Études en Management book. She then pursued a career in the hospitality industry but didn’t give up writing, that is why she launched the Four Points by Sheraton Le Verdun Newsletter. Her love for the industry and journalism led her to Hospitality Services - the organizers of the HORECA trade show in Lebanon, Saudi Arabia, Kuwait and Jordan, as well as Salon Du Chocolat, Beirut Cooking Festival, Whisky Live and other regional shows. She is currently the Publications Executive of Hospitality News Middle East, Taste & Flavors and Lebanon Traveler. It is with ultimate devotion for her magazines that she demonstrates her hospitality savoir-faire.