Qatar’s journey and tourism spending revenues stood at $16.5bn in 2021, Alpen Capital has mentioned in a report.
The lodge room provide in Qatar has expanded on the quickest price within the GCC, increasing at a CAGR of 10.1% between 2016 and 2021, Alpen Capital mentioned in its ‘GCC Hospitality Report’.
The whole variety of rooms within the nation is estimated to have reached 37,085 in 2021, recording an addition of 11,918 rooms since 2016.
Qatar “demonstrated resilience” regardless of the difficult financial circumstances and added round 10,243 lodge rooms in 2020 and 2021 alone.
As of 2021, the nation accounted for 4.5% of the entire lodge rooms within the Gulf Co-operation Council area. A number of mega initiatives are at the moment within the pipeline because the nation prepares to host the FIFA World Cup 2022, which is predicted to attract 1.2mn vacationers from world wide.
Qatar’s lodge pipeline for 2022 has been estimated at 13,300 keys with 80% of anticipated provide designated below a 4 or five-star lodge class.
Following the World Cup, the sharp improve in provide is predicted to place downward stress on occupancy charges; nevertheless, the elevated profile offered by internet hosting the match, growth of great tourism infrastructure, lifting of the blockade, and world journey restoration are all anticipated to help the expansion prospects of the tourism sector in Qatar.
Other than internet hosting the FIFA World Cup 2022, Qatar can also be vying to host a wide range of enterprise boards and conferences because it seeks to ascertain itself as a enterprise hub within the GCC.
Occupancy charges in Qatar are estimated to have reached 71% in 2021, the best amongst the GCC nations, Alpen Capital mentioned.
Additionally, Qatar is the one GCC nation to have reported a development within the income per out there room (RevPAR) from $67.8 in 2019 to $78.4 in 2021, regardless that it dropped to $53.3 in 2020 owing to the pandemic.
An Alpen Capital forecast has proven that Qatar’s hospitality trade is estimated to achieve $1.6bn in 2022, recording a year-on-year (y-o-y) development of 59.8%.
This may be primarily attributed to an estimated 325.5% y-o-y development in vacationer arrivals because the nation gears as much as host the FIFA World Cup 2022, one of many greatest sporting occasions globally.
Within the run as much as the mega occasion, greater than 1mn guests are anticipated to go to the nation, which is more likely to considerably increase the revenues for the hospitality sector.
To accommodate the surge of holiday makers, Qatar has been aggressively ramping up the lodge trade by including 105 new resorts to its portfolio of properties and several other progressive momentary lodging (fan villages and tenting by the desert) together with 16 floating resorts with a complete capability of almost 1,600 rooms and one other 50 new resorts are set to open by the top of 2022, the report mentioned.
The occupancy charges are anticipated to rise to file highs of roughly 86% in 2022. Consequently, ADR is predicted to witness a 25.7% y-o-y development in 2022 to achieve $139, whereas the RevPAR is predicted to surge by 51.5% y-o-y to $119.
Alpen Capital additionally famous Qatar is positioning itself as the worldwide sporting hub. Its authorities has launched a promotional marketing campaign concentrating on 17 customer supply markets as a part of the nation’s tourism technique to extend tourism’s contribution to GDP to 10% by 2030 and to draw 6mn guests yearly.
Qatar additionally plans to speculate $45bn in tourism past the FIFA World Cup 2022 and goals to virtually double tourism’s share of GDP over the subsequent 16 years by means of investments from authorities and enterprise, Alpen Capital mentioned.