According to STR Global, the Middle East-Africa region reported positive year-over-year performance results in two of the three major metrics during January 2015 when reported in U.S. dollars.
Master developer of major tourism, cultural and residential destinations in Abu Dhabi, announced today the full installation of the Louvre Abu Dhabi dome structure.
In the fall of 2015, The Residences at W Tel Aviv - Jaffa is set to become the centerpiece of an extensive preservation and redevelopment project.
According to the July 2014 STR Global Construction Pipeline Report, the Middle East-Africa hotel region reported 630 hotels under contract totaling 147,754 rooms.
According to the April 2014 STR Global Construction Pipeline Report, the Middle East/Africa hotel development pipeline comprises 581 hotels totaling 137,799 rooms.
Nakheel, one of Dubai's leading developers and a poster child for the debt crisis in 2009, expects to have nine hotel projects under development by 2016. The developer plans four new hotels on Deira Island.
A property developer has started work on a large resort complex, the first big project to start in the man-made archipelago off Dubai's coast. Kleindienst, a Dubai-based international developer, will begin work on the "Heart of Europe" project.
Global airline passenger travel is expected to grow by five percent annually until 2017, with the Middle East and Asia-Pacific leading international passenger growth, according an industry forecast from the International Air Transport Association.
A unit of the state-owned group Dubai World has sold its Atlantis resort to Investment Corp of Dubai, also state-owned, to raise funds for repayments after a $25 billion restructuring plan was created two years ago.
The Middle East/Africa region had the highest average revenue per available room at $120.88 in October.
Luxury hotels in Qatar reported increases in occupancy and revenue in the third quarter, despite an increase in supply.
Dubai is planning to give developers of mid-market hotels a financial incentive to build more affordable hotels in the emirate, which is best known for its luxury resorts. New hotel investors will be granted a fee waiver for four years.