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The total number of overnight stays in UAE hotels will reach 51.5 million by the end of the year, up 5.7 per cent on 2014. A Business Monitor International report said the trend will continue over the next three years with growth from 4-5.5 per cent.
Investment in tourism and hospitality is among the most important factors sustaining the growth, according to an industry insider. Furthermore, the Business Monitor report noted that average length of stay in the UAE is expected to reach 3.3 nights this year and 3.4 nights over the next three years. Average occupancy is expected to reach 72.7 per cent this year.
“The hospitality sector is a key factor in driving the UAE economy forward, with overall growth hitting almost 10 per cent in the first half of this year,” said Niall McLoughlin, Senior Vice-President of Damac Properties, which recently opened five hotel apartment towers, including Damac Maison Canal Views (pictured).
Meanwhile, a Euromonitor International report said the UAE’s hotel revenue will reach Dh26.8 billion this year, growing to Dh40 billion in 2019.
Nakheel shares the same vision with Business Monitor International on UAE's hospitality industry.
Source: Property Weekly