Egypt awards oil and gas exploration blocks to Eni, BP, QatarEnergy, Zarubezhneft 

Egypt awards oil and gas exploration blocks to Eni, BP, QatarEnergy, Zarubezhneft 

Middle East tourism sector remains resilient despite investment issues: industry leaders  

ABU DHABI: The Middle East’s tourism and hospitality sector remains upbeat despite a slew of issues affecting investments, particularly rising construction costs, funding delays and higher interest rates for development projects. 

Speaking at the Future Hospitality Summit in Abu Dhabi, industry leaders shared their observations on the challenging environment for new hotels in Saudi Arabia, the UAE and elsewhere in the region, and how this affects tourism targets. 

“The Middle East region, namely Saudi Arabia and UAE, is showing resilience in the face of rising construction costs for a combination of reasons, including investor profiles in the region, a robust economy and governmental policies and the rise of oil prices,” said Camil Yazbeck, global chief development officer for premium, midscale and economy segments at French multinational hospitality company Accor. 

“Governments, especially in Saudi Arabia, have a target to achieve based on the country’s vision. We are seeing determination in meeting this target, with close collaboration between the public and private sectors to ensure project delivery on schedule. In addition, international consultants are being appointed to accomplish multiple projects across either one or numerous markets,” he said. 

A study by hospitality consulting firm HVS, “Navigating the