Wednesday, April 26, 2017

Tourism will be a key pillar of Gulf economies: UrbaCon CEO

A leading Arab investor and economist has called for more investments in the tourism and travel market expecting it will provide major and significant revenue for the economy in the Gulf states in the coming years.  

In a statement commenting on The 24th annual Arabian Travel Market (ATM) event being held in Dubai, Moataz Al-Khayyat, CEO of UrbaCon, has said that "we can see now an increase in building hotels, entertainment cities, and shopping malls in the Gulf countries, and I think they will keep increasing."  

"In 2015 I commented on the tourism market in the Gulf saying that the tourism sector's positive results in GCC are a good indicator and alarm that we should do much more to face the future challenges and protect the tourism sector as one main sources of the economic growth in GCC," added Al Khayyat.

"A new report by intelligence provider BNC Network shows the growing focus on tourism sector development by the governments of Gulf countries gradually trying to diversify revenue base, and I agree with the report's conclusion that regional tourism sector will get a major boost in the years to come, but again I call for more and more investments in this sector which will be really one of the Gulf economy's pillars in the future," said Al Khayyat.    

UrbaCon Trading & Contracting has been involved in several huge projects over the last few years and has become one of the most respected building contractors in Qatar.

In addition to the Mall of Qatar, included among its projects are the Banana Island Resort, the Sheraton Doha Hotel and Convention Center, and the Lekhwiya Stadium at Al Duhail.

UrbaCon is one of several companies owned by Al-Khayat. These companies include general contracting, commercial and residential developments, building materials, various trading companies, hospitals and restaurants with operations in the Middle East. - TradeArabia News Service

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