Doha: The State of Qatar will spend $45bn to expand the tourism sector by 2030 as part of the National Tourism Sector Strategy 2030 according to a recent research by Knight Frank, an independent UK real estate consultancy in Doha.
It stated that Qatar’s hospitality market is expected to grow by around 12 percent to reach $54.6bn by 2030. Seventy percent of the existing supply is dominated by four and five-star hotels while 94 percent of the country’s future supply will be in Doha, according to the research.
The report stated that around 1.5 million visitors are expected to visit Qatar during the 2022 FIFA World Cup which kick started with a gorgeous inauguration in Doha yesterday. It reveals that the number of hotel rooms in Qatar would increase by around 89 percent to over 56,000 by 2025.
The consultancy noted that building the planned hotel rooms would cost the state around $7bn and it would be carried out across five star rooms estimated to cost $4bn, four-star rooms $1bn, serviced apartments $703m and three-star rooms and below accommodations $571m.
Qatar’s top six hotel operators are Marriot, Accor, Hilton, IHG, Rotana, Whyndham accounting for around 10,954 rooms in the hospitality sector of Qatar.
The hospitality market in the Middle East in 2021 comprised Jeddah, Kuwait, Riyadh, Makka, Dubai, Dammam, Muscat, Medina, Abu Dhabi, Doha, Fujairah and Sharjah.
Frank Night notes that international branded operators would account for 62 percent of the total supply while locally branded and unbranded would comprise 22 percent and 17 percent by 2025. International branded currently account for 59 percent, locally 31 percent and unbranded 10 percent.
The commitment by Qatar to promote the tourism sector, highly lucrative industry for the state is in line with the country’s aim to diversifying the economy.
The FIFA World Cup is slated to provide a major impetus to the growing hospitality industry in Qatar.
