HH Sheikh Maktoum Hasher Al Maktoum opens AHIC
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The Arabian Hotel Investment Conference (AHIC) 2014 was officially inaugurated by HH Sheikh Maktoum Hasher Al Maktoum, executive chairman of SHUAA Capital and Chairman of Dubai International Holding Company.
As per statistics, authorities estimate that 25 million people are likely to visit Expo 2020, of which 70% will come from outside the UAE. It’s also expected to support 277,000 jobs. Infrastructure works related to the Expo are estimated to have a value of AED 12.54 bn; this includes the Expo area as well as developments in surrounding areas.
HH Sheikh Maktoum bin Hasher Al Maktoum said: “The Middle East and UAE in particular have witnessed a period of rapid social-economic development. The UAE is already among the top five countries in the world for new hotel openings over the past five years, where Dubai enjoys the region’s strongest occupancies levels at 88.4% and average room rates at US$ 398.71. Abu Dhabi is also witnessing consistent growth in demand with significant number of hotels and projects. UAE hotel room supply will increase by 5.3% annually from 2012-2016, with emergence of strong brands like Jumeirah and Rotana.”
In his role as SCTA president and chairman, HRH Prince Sultan bin Salman has helped drive the development of the hotel industry in Saudi Arabia with key initiatives that respond to the rowing domestic demand on hospitality. A strong corporate sector along to the continued expansion of religious tourism, have been fuelling the growth in this sector in the Kingdom.
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