Market Report

Impact of COVID-19 on the Hospitality Industry in GCC

June 16, 2020
Hala Matar Choufany, in her interview in Arabic on Al Arabiya News summarizes the impact of COVID-19 on the hospitality industry in GCC and how the recovery path looks like.
Hala Matar Choufany, President of HVS Middle East, Africa and South Asia, in an interview with Nadine Hani on Alarabiya news channel in Arabic forecasts the tourism sector in the GCC region will fully recover by 2023.

Hala also added that the growth in the tourism and travel sector in the Gulf region was about 10% during the past five years, and on this basis the expectations were that the entire spending on travel and tourism in the Gulf region would have reached 110 billion USD in 2020.

She also pointed out that the sector's financial loss is expected to reach between $50 and $60 billion dollars, including $10 to $15 billion dollars in the hotel sector in the GCC region.

Hala considers that domestic tourism will play a fundamental role in the initial recovery phase,  expecting that Saudi Arabia will benefit the most. Similarly, she considers that business and conference tourism will be the weakest to recover, while leisure and recreational segments will likely recover faster.
 
 
Market Report

Impact of COVID-19 on the Hospitality Industry in GCC

June 16, 2020
Hala Matar Choufany, in her interview in Arabic on Al Arabiya News summarizes the impact of COVID-19 on the hospitality industry in GCC and how the recovery path looks like.
Hala Matar Choufany, President of HVS Middle East, Africa and South Asia, in an interview with Nadine Hani on Alarabiya news channel in Arabic forecasts the tourism sector in the GCC region will fully recover by 2023.

Hala also added that the growth in the tourism and travel sector in the Gulf region was about 10% during the past five years, and on this basis the expectations were that the entire spending on travel and tourism in the Gulf region would have reached 110 billion USD in 2020.

She also pointed out that the sector's financial loss is expected to reach between $50 and $60 billion dollars, including $10 to $15 billion dollars in the hotel sector in the GCC region.

Hala considers that domestic tourism will play a fundamental role in the initial recovery phase,  expecting that Saudi Arabia will benefit the most. Similarly, she considers that business and conference tourism will be the weakest to recover, while leisure and recreational segments will likely recover faster.