Colliers International MENA Hotel Forecast for 2019 has uncovered that Egypt’s tourism industry will witness a boom this year, forecasting the Red Sea resorts of Hurghada and Sharm El Sheikh to become tourist hot spots in 2019, with anticipated growths of 13% and 12%, respectively, in revenue per available room (RevPAR), Invest-Gate reports.
According to the report, the Red Sea resorts are predicted “continue benefitting from positive security perceptions and returning of tourists from major source markets. The major Egyptian markets are forecasted to see an average RevPAR growth of 11% in 2019 in comparison to last year.”
“The Egyptian markets such as Cairo, Hurghada, Sharm El Sheik, and Alexandria saw an average RevPAR growth of 42% in the full year 2018 compared to 2017. The RevPAR growth is driven by both average daily rate (ADR) and occupancy due to strong corporate, leisure, and meetings, incentives, conference, and exhibitions (MICE) activity,” the report added.
Meanwhile, UAE’s Ras Al Khaimah (RAK), KSA’s Jeddah, Bahrain’s Manama, and Kuwait city are among the GCC cities foreseen to maintain a confident and steady performance during 2019, with Jeddah’s RevPAR rising 3% and RAK surging 2% in 2019, in addition to Manama’s and Kuwait city’s RevPAR forecasted to edge up 1% compared with last year, pursuant to the Colliers’ results.