Tourism to contribute $44 billion to GCC economies in 2012

GCC governments spending heavily on transport infrastructure to support tourism sector - GDP contribution up 27% from 2009 Top industry executives and officials will head to the annual Arabian Hotel Investment Conference 2012 (AHIC), which takes place in Dubai on 28-30 April at Madinat Jumeirah, to discuss investment opportunities in a region where governments are ploughing billions of dollars into tourism infrastructure. Flush with petrodollars, with oil prices consistently above $120 a barrel, the United Arab Emirates, Saudi Arabia and Qatar have all embarked on aggressive hotel and transport development programmes as they seek to diversify their economies away from oil and boost revenues from the tourism sector. The total direct contribution of travel and tourism to GDP in GCC countries is expected to reach US$44 billion this year, up 27% from 2009, the peak of the financial crisis in the Gulf, according to the World Travel & Tourism Council. “AHIC provides a platform for investors, government officials, developers, hotel executives and advisors to come together. Investment into the region’s tourism industry is still an attractive proposition despite the Arab Spring and the real prospect of a recession in Europe,” commented Jonathan Worsley, Chairman and CEO Bench Events and Board Director of STR Global. In the United Arab Emirates, this figure is expected to hit $19.9 billion this year, compared with US$16.6 billion in 2009. Some of the Gulf state’s major tourism infrastructure investments include the US$8 billion expansion of Dubai International Airport, as the emirate seeks to increase its capacity from 60 million passengers to 90 million by 2018 to become the world’s busiest airport. Complementing its airport expansion, Dubai added a second Metro line last year to connect the city east to west and is scheduled to open a tramline in 2014. Meanwhile Abu Dhabi’s national carrier Etihad Airways continues to expand aggressively as the UAE capital continues to build its reputation as a tourist hub developing projects such as Ferrari World, an amusement park on Yas Island, and Saadiyat Island, home to the planned Louvre and Guggenheim museums. “The economic conditions in the GCC are excellent and hotel revenues are continuing to grow steadily, so we see the region as a key hotel investment destination,” commented Amine Moukarzel, President, Golden Tulip Hotels, Suites & Resorts MENA. The direct contribution of travel and tourism to Saudi Arabia’s GDP is expected to reach US$14.9 billion, or 2.9% in 2012, up from US$10.4 billion in 2009, or 2.7%, as the Kingdom focuses its efforts to provide the necessary travel infrastructure to boost religious, business and domestic tourism. Saudi Arabia is spending more than $500 million on expanding its existing airports and is planning a new US$7 billion airport in Jeddah. Well documented but nevertheless still impressive is Qatar’s infrastructure spend which will dominate the next five years as the Gulf state prepares to host the 2022 World Cup and for life beyond, with around US$65 billion due to be invested in new transportation schemes. These include the new US$11 billion Doha International Airport, the US$6 billion Doha port project and a US$25 billion metro and railway. The direct contribution of travel and tourism to Qatar’s GDP is expected to reach US$1.1 billion in 2012, compared to US$800 million, in 2009. Held under the patronage of HH Sheikh Ahmed Bin Saeed Al Maktoum, President Dubai Civil Aviation Authority, Chairman Dubai Airports and Chairman and Chief Executive, Emirates Airline & Group, organiser MEED Events in partnership with Bench Events has put together a three-day programme designed to explore the outlook for hotel investment in the Middle East’s changing landscape. As well as focusing on the Middle East’s investment landscape after the Arab Spring, AHIC will hold a session that looks at the issues facing Egypt, while key industry figures will address the challenges of developing and operating in the holy cities of Mecca and Medina in Saudi Arabia. There will also be a separate dedicated session exploring investment opportunities outside the Middle East. For more information on the Arabian Hotel Investment Conference: www.arabianconference.com - Ends - Photo caption: Amine Moukarzel, President, Golden Tulip Hotels, Suites & Resorts MENA To pre-register as media please follow the link: http://www.arabianconference.com/index.php/forms/media_registration Notes to the editor The confirmed list of speakers includes: Mark Wynne-Smith, Global CEO, Jones Lang LaSalle Hotels; Alex Kyriakidis, President & Managing Director MEA, Marriott International; Rudi Jagersbacher, President, Middle East & Africa, Hilton Worldwide; Jan Smits, CEO, Asia, Middle East & Africa, IHG; Bashar Al Natoor, Director, Corporates, Fitch Ratings; Iyad Duwaji, CEO, West Asia Capital; Fergal Harris, Head of Real Estate Middle East, Standard & Chartered; Olivier Ebner, Senior Manager at Project and Structured Finance, National Bank of Abu Dhabi; Alexis Waller, Partner Clyde & Co; Olivier Granet, Director of Development, ACCOR Middle East; Kurt Ritter, CEO & President, The Rezidor Hotel Group; Bassel S.Hamwi, Chief Executive Officer, Bank Audi Syria; Lo’ai B. Bataineh, DGM, Investment & Development, Head of Investment Management Group, Oman Arab Bank SAOC; Nilay Orzral, Director of Real Estate Operations, Aldar Properties PJSC; Sanjay Tanna, Director – Business Development and Investments, Abu Dhabi National Exhibitions Company. About MEED Events MEED's comprehensive portfolio of events has been developed over the last decade to cover the region's key business issues and sectors. From large-scale summits and conferences to unique one-to-one networking opportunities, MEED Events provide high-profile speakers, relevant and critical business content and the latest news from across the GCC. About Bench Events Bench Events is one of the founders and organisers of several leading conferences for the hotel investment industry including the International Hotel Investment Forum (IHIF), the Arabian Hotel Investment Conference (AHIC), Central Asia and Turkey Hotel Investment Conference (CATHIC), the Russia & CIS Hotel Investment Conference (RHIC) and the Africa Hotel Investment Forum (AHIF) About the Arabian Hotel Investment Conference AHIC attracts over 500 industry leaders annually from over 40 countries, including many of the most influential names within the Middle East’s hotel investment community, as both speakers and attendees. Details of AHIC can be found on www.arabianconference.com Platinum sponsors: The Carlson Rezidor Hotel Group, IHG, Jumeirah Group, Wyndham Worldwide. Emerald sponsors: Corinthia Hotels, Hilton Worldwide, Jebel Ali International Hotels, Moroccan Agency for Tourism Development (SMIT) Starwood Hotels and Resorts Worldwide. Gold sponsors: Accor, AECOM Design & Planning, Argentina National Institute of Tourism Promotion, Clyde & Co, Fairmont Raffles Hotels International, Fonatur, Golden Tulip Hotels, Suites & Resorts MENA, Horwath HTL, Hyatt International, IFA Hotel Investments, Jones Lang LaSalle Hotels, Marriott International, MENA Hotels and Resorts, Orient-Express Hotels, Premier Inn MEA, Ras Al Khaimah Tourism Investments and Development Authority, Rixos Hotels, STR Global, Turnkey Ventures, WATG. Media contact Jason Benham Account Director PO Box 502701 Office 106 Al Sufouh Tower Dubai Media City Dubai, United Arab Emirates Tel: +9714 365 2711 Cell: +971 50 1897556 E-mail: jason@smc-pr.com

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