By Amit Nayak, UAERG Board Member and Vice President HAMA MEA

The hospitality market in the GCC boasts a robust growth forecast, with projections estimating a compound annual growth rate (CAGR) of 6.62% from 2023 to 2028. The industry, valued at US$25.61 billion in 2022, is anticipated to ascend to US$37.62 billion by 2028, marking a return to pre-pandemic prosperity.

Saudi Arabia and the UAE are leading this expansion, with expected CAGRs of 8.0% and 5.5% respectively, while Kuwait, Oman, and Bahrain also show promising growth. The GCC Hospitality and Food Service Market projects an even higher CAGR of 9.25% from 2023 to 2029, indicative of a dynamic industry ripe with opportunity.

To support this momentum, the education of hospitality professionals is key, emphasizing the need for strategic asset planning. This includes Market Intelligence and Forecasting, Brand Positioning and Differentiation, Capital Investment and Enhancement Planning, Revenue Management and Pricing Strategies, and Sustainable Practices and Environmental Considerations.