By Sarah AlgethamiStaff Reporter www.gulfnews.com
Dubai: The UAE is expected to spend over $300 billion by 2030 on infrastructure development as the construction sector bounces back after the economic downturn in 2008, according to a report by HVS, a hospitality consultancy.
The UAE’s construction sector gained momentum in 2013, the Middle East Hotel Development Cost Trends report stated.
Last year, Dubai won the bid to host Expo 2020, a six-month global exhibition that is expected to attract 25 million visitors. Expo-related infrastructure development and operations will cost around Dh32.39bn.
Under Dubai’s 2020 vision announced last year, the number of visitors in the emirate is expected to double from 10 million in 2012 to 20 million by 2020. In order to accommodate 20 million visitors, the number of hotels in Dubai is expected to double.
More three- and four-star hotels are expected to open in the emirate.
The government introduced an incentive to boost the development of hotels in this segment last year. A 10 per cent municipality fee will be waived for five years for properties that expect to operate before June 2017. More info
