MEED magazine reported that the Middle East region is leading the global recovery in building and implementing global tourism projects focused on entertainment and hospitality, with a sharp 22% increase in tourists than before the pandemic, as per the Global Data report.
The report indicated that in contrast to this achievement by the Middle East region, the recovery of tourism projects in Europe, which is considered the largest regional and tourist destination in the world, did not exceed 94% of the levels it was before the pandemic, although this recovery occurred thanks to strong demand within the European continent.
Global Data is tracking the construction and implementation of entertainment and hospitality projects around the world, which, according to its estimates, have reached a total value of $1.85 trillion in the various stages, a marginal increase from $1.84 trillion in the last quarter of 2023, including hotel and resort projects.
The recovery of tourism sectors in the post-pandemic phase, which many countries are pinning hopes on, is likely to attract and enhance new investments in establishing entertainment and hospitality projects.
Amidst the expansion of investment in leisure and hospitality projects across major markets, tourism projects in general and leisure and hospitality projects in particular are at various stages from planning to implementation.
The report quoted the United Nations World Tourism Organization, stating that about 1.2 billion international tourists spending one night in tourist facilities around the world were recorded in 2023, an increase of 34% since 2022.
International tourism activities recovered in 2023 to reach 88% of pre-pandemic levels, and the organization attributed this to strong demand that was not previously possible to achieve. After a strong recovery in 2023, international tourism appears to be on the right track, with international tourism levels expected to exceed pre-pandemic numbers in 2024.
