UAE Business: GCC hospitality sector ‘to return to pre-Covid levels in 2022’ – Gulf Digital News

UAE Business: GCC hospitality sector ‘to return to pre-Covid levels in 2022’ – Gulf Digital News

The GCC hospitality industry will return to pre-pandemic levels in 2022, registering a 74.8% year-on-year growth and reaching a revenue of $26.3 billion, said investment banking advisory services provider Alpen Capital in a new report.

The “GCC Hospitality Industry” report added that the industry is expected to grow with a compounded annual growth rate (CAGR) of 6.6% up to 2026.

The report features detailed studies and forecasts on the hospitality sector, analysing recent trends, growth drivers and challenges facing this dynamic segment. It also profiles some of the renowned hospitality companies in the region.

The report was launched over a webinar followed by a panel discussion featuring Sanjay Bhatia, Managing Director, Alpen Capital; Hala Matar Choufany, President - Middle East, Africa & South Asia, HVS Yahia Idris, Principal, Nova International. Sameena Ahmad, Managing Director, Alpen Capital moderated the discussion.

Factors like increasing tourist arrivals, mega events like Expo 2020 Dubai and the upcoming FIFA World Cup 2022 and easing of visa regulations will lead to the industry’s growth. With regional governments actively supporting the development of business, leisure, and entertainment centers through significant investments, the GCC is becoming a hub of action with a long list of events in the pipeline.

“The pandemic has accelerated