Saudi Arabia, UAE, Egypt lead $1.9tn hospitality projects

Saudi Arabia, UAE and Egypt are fueling a transformation of the Middle East’s 1.9 trillion hospitality and residential projects, according to research released on Monday by global independent real estate consultants Knight Frank.

The report stated that Saudi Arabia is top of the region’s project investment table, with $1.2 trillion worth of developments in the pipeline. The UAE and Egypt followed suit, with $300 billion and $200 billion earmarked, respectively.

These ventures underline the Arab world’s goal of attracting 160 million tourists annually by 2030. These findings were shared in anticipation of the Future Hospitality Summit, scheduled to be held in Abu Dhabi from Sept. 25 to 27.