Hotels in the Middle East and North Africa (MENA) region are likely to start to recover from the coronavirus slump in the last quarter of the year led by the UAE and Saudi Arabia, according to a new report from Colliers.
The recovery will continue in 2021, and will be partly fuelled by efforts to boost the tourism industry, as well as by the launch of mega projects and local tourism demand, Colliers said in its latest analysis.
Colliers, global real estate services and investment management company, said the UAE market will benefit from the build up to the World Expo, which is scheduled in the last quarter of 2021, while Saudi Arabia is already starting to welcome a limited number of pilgrims following months of tight restrictions.
Colliers said that once the expected recovery begins before the end of the year, the hospitality markets in MENA will continue to benefit “from the ongoing tourism initiatives, upcoming mega projects, as well as domestic tourism.”
“The forecast assumes faster recovery for the UAE and [Saudi Arabia] markets,” it said.
