African trade ministers meet in Cairo to push forward with AfCFTA    Scatec's $3.6bn renewables portfolio part of Egypt's NWFE energy pillar    Egypt's stocks end lower on Sept 16    Egypt launches international architecture academy with UNESCO, European partners    Egypt's President, Pakistan's PM condemn Israeli attack on Qatar    Egypt's PM, Russian deputy PM discuss industrial zone, Dabaa nuclear plant    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Sisi tells global leaders at Macron's video conference: Israel crossed all red lines    Egypt to begin second phase of universal health insurance in Minya    Madrid trade talks focus on TikTok as US and China seek agreement    Power of Proximity: How Egyptian University Students Fall in Love with Their Schools Via Social Media Influencers    Egypt wins Aga Khan Award for Architecture for Esna revival project    Egypt's Foreign Minister, Pakistani counterpart meet in Doha    Egypt condemns terrorist attack in northwest Pakistan    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



MENA hotel sector likely to recover in 4Q 2020: Colliers
This came as governments continue to introduce measures to slow the spread of the virus, with hotel owners also taking precautions as travel comes to a halt.
Shaimaa Al Aees Published in Daily News Egypt on 22 - 04 - 2020

The Middle East and North Africa (MENA) region's hotel sector is expected continue benefiting from on-going tourism initiatives once post-COVID-19 recovery begins in fourth quarter (Q4) 2020,, according to Colliers International.
These initiatives include upcoming mega projects as well as domestic tourism drives, the real estate company said.
The Colliers International report on 2020 hotel occupancy forecasts for 24 submarkets in key MENA hospitality markets highlighted the travel and tourism sector has been hardest hit by the coronavirus pandemic.
This came as governments continue to introduce measures to slow the spread of the virus, with hotel owners also taking precautions as travel comes to a halt.
There remains a lot of uncertainty in the market regarding the expected performance of hotels due to the outbreak of COVID-19, Colliers said. The company, however, has projected a recovery to start in Q4 of 2020 and continue into 2021.
Colliers reported that the hotel occupancy in Cairo is forecast to reach 46% in 2020, with a decrease of 41% in Y-o-Y occupancy variance. The report projects that hotel occupancy in the Egyptian capital could reach 65% in 2021, with 41% Y-o-Y occupancy variance.
The Sharm El-Sheikh hotel occupancy rate is expected to reach 31% in 2020, with projections it will reach 43% in 2021. Meanwhile, Alexandria's hotel occupancy rates are expected to reach 44% in 2020, with an increase in 2021 to record 62%.
Colliers has assumed a faster recovery for the markets in the UAE and Saudi Arabia, adding that the UAE is likely to benefit from the EXPO 2020 build up. The actual event is now expected to start in Q$ of 2021, having been delayed due to the ongoing coronavirus pandemic.
Saudi Arabia's hotel market forecast in 2020 assumes restricted pilgrim access to Makkah and Madinah during Ramadan and the Hajj pilgrimage.
"Market activity is being impacted in many sectors. The analysis uses the latest available data but given the unknown future impact that COVID-19 might have on the hotel market, any change in the recovery timeline will affect the forecast," the report said.

Clic here to read the story from its source.