Size of hotel investments in UAE to increase competitiveness

GMT 14:40 2015 Monday ,11 May

Arab Today, arab today Size of hotel investments in UAE to increase competitiveness

Hotel investments
Abu Dhabi - WAM

Economic experts and analysts say that the UAE's construction sector is expected to rise by 9.3% in 2015, driven by massive investment in infrastructure projects and large-scale tourism projects that were revealed recently during the Arabian Travel Market 2015, which concluded in Dubai on 7 May.

In this regard, Andrew Elias, CEO of Dubai-based Kele Contracting, said, "The UAE's infrastructure and construction sector is one of the most promising in the UAE. With total investments of Dh143 billion in 2014, the construction sector saw a growth of 5.5%, compared to 2013."

He added that the total value of the construction sector is expected to surge 9.3% to Dh155 billion in 2015, compared to 2014, pointing out that 4-star hotels will be a winning formula for all parties involved, in view of the strong growth currently being witnessed by the hospitality sector in Dubai, and the UAE in general.

Elias said that the hotel and tourism investments announced by private companies and government and semi-government corporations, which amount to Dh30 billion, will contribute to supporting and increasing the competitiveness of companies that are trying to enter the local market at preferential rates, while maintaining the high quality of Dubai's projects.

He added: "With the announcement of mega projects at this year's ATM, we expect construction growth to accelerate during the course of 2015 and in years to come as new projects break ground, especially after Dubai won the right to host the World Expo 2020."

Elias said, "We aim to consolidate our presence as a leading construction and contracting company in the region, and after the success we have achieved over the past years, we are on our way towards achieving this goal. With its rich record of completed projects, Kele is planning to execute grand projects during this year, expand its portfolio of projects in the region's emerging markets, and enter into infrastructure projects, and will press ahead with its strategy of regional expansion."

The CEO of Kele emphasised that the UAE's construction sector is set to rapidly accelerate after recovering from the repercussions of the global financial crisis, and that construction projects have continued to gain momentum. He remarked that the UAE, particularly Dubai, continues to offer attractive investment opportunities due to its sophisticated infrastructure, encouraging investment environment, and updated legislation regulating the real estate market.

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بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
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