Investment Updates News
- Mideast investment in hotels to exceed $7 bln in 2007
Date: 30-Apr-2007 Sources: (Shenzhen Daily)
Middle East investors are expected to double their investment in international hotels to more than 7 billion U.S. dollars in 2007 from 3.5 billion dollars last year, local newspaper Khaleej Times reported on Sunday.
The forecast was disclosed by the global hotel investment services company Jones Lang LaSalle Hotels at the Arabian Hotel Investment Conference 2007 which started on Saturday in Dubai, the report said.
According to Jones Lang LaSalle Hotels, the investment by Middle East investors in the hotel sector has exceeded 2 billion dollars in the first quarter of 2007.
'The leading investors outside their home countries but within the Middle East and North Africa (MENA) region are from the UAE (United Arab Emirates), followed by Qatar and Kuwait,' Thierry Loue, the company's MENA managing director, was quoted as saying.
'UAE investors alone account for more than 76 percent of MENA regional hotel investment,' he added.
Strategic investment by Middle East investors into the European hotel market more than doubled between 2005 and 2006, accounting for more than 9 percent of total transaction value in 2006.
Middle East investors also accounted for more than 5 percent of the total international hotel investments in Asia Pacific in 2006.
Sponsor Results:
