Increased demand in hospitality and luxury property to boost demand for construction activity in the Middle East
The Middle East has emerged as a leading tourism destination after the pandemic-induced restrictions were lifted globally. The significant rebound in the tourism sector has resulted in the undertaking of many new hotel development projects across the Middle East in 2022. Diriyah Gate, for instance, announced 16 new hotels are slated for construction at the US$50 billion giga-project. Some of the hotel brands planning to launch the project at Diriyah Gate include Faena, Corinthia, Hyatt Palace, and Taj, among others. Read More - The public and private investment in the construction industry will drive the infrastructure boom in Saudi Arabia More global hotel brands are projected to undertake new construction projects in 2023, as the rebound in tourism activities continues over the next 12 months. The spending towards these construction projects is expected to lead to the growth of the commercial construction market in the Middle East . · ...