The project framework is to rent furnished residential units. The project aims to equip these units with the best possible means, seeking to achieve a good return and a high level of quality. The project seeks to employ the workforce and improve its economic and social level by using the best means of technology and the highest possible quality.
Mashroo3k Company for Economic and Administrative Consulting is conducting a feasibility study for renting furnished residential units. The project consists of furnished apartments, where all the requirements and equipment are provided in the apartments, including furniture, appliances, furnishings, decorations, services, and hiring specialized workers in the field of furnished apartments and tourist accommodation, in order to provide services: (security and guarding – meeting rooms, laundry – health club – sports club for men and women – swimming pool – restaurant – elevator), by using the best means of technology and the best levels of quality so that the project can compete and meet the demand and increasing consumption volume for furnished apartments. The project targets the sectors (tourists – expatriates – state employees – businessmen) to support the tourism sector, as it provides its services at competitive prices and the highest possible level of quality according to international standards. The project also aspires to achieve good returns and cash flows and added economic value, create new investment opportunities with a good return, and maintain a competitive price level that enables the project to obtain its target share
Executive Summary
Study of project services/products
Market Size Study
Risk study
The Tourism Sector in the Gulf Cooperation Council (GCC) Countries
The tourism sector is one of the most important sectors contributing to the global GDP; its direct contribution constituted 3.3% of the global GDP; and the total contribution of the sector amounted to 10.4%; amounting to 9.2 trillion US dollars. It is worth noting that the sector’s jobs represent 10.6% of all jobs (334 million jobs); and the value of global spending on leisure travel is estimated at about 2.37 trillion US dollars. We would like to note here that the sector is constantly growing to the point that it creates one in four new jobs worldwide. This was a brief overview of the global sector indicators
As for the sector indicators in the Gulf Cooperation Council countries, we will present them below:
The total number of tourists arriving in the Gulf Cooperation Council countries amounted to 43.8 million tourists, with an annual decline rate of 0.3% over a period of 5 years.
If we assume the number of tourists coming to the GCC countries as a percentage, the UAE alone would have accounted for about 49.2%, followed by Saudi Arabia with 31.1%. As for the rest of the countries, the following figure shows the distribution of the number of tourists coming to the GCC countries:
Spending by inbound tourists in the Gulf Cooperation Council (GCC) countries recorded consecutive growth of 12.1%, reaching a total of $81.1 billion.
There is no doubt that the COVID-19 pandemic had a significant impact on the decline of global travel and tourism indicators. The sector’s contribution to the global GDP dropped to 6.1%, down from 10.3% in the year prior to the pandemic.
However, the sector has recently begun to recover, as confirmed by global indicators.
For this reason, Mashroo3k strongly recommends investing in this vital sector, based on the following factors: (List of reasons follows).
_ According to the World Tourism Organization (UNWTO), the number of international tourists increased from 25.2 million tourists in 1950 to 1.40 billion tourists after 68 years.
_ By the end of 2021, 2,246 hotels were opened worldwide, and by the end of 2022, this number is expected to reach 2,805 hotels, and by the end of 2023, the number of these hotels will reach 2,934 hotels.
_ 340.7 thousand hotel rooms were opened worldwide in 2021, and the number is expected to rise to 428 thousand hotel rooms by the end of 2022, and by the coming of 2023, the number of rooms will reach 447.6 thousand rooms.
Global Tourism Sector
By the end of 2021, the contribution of travel and tourism to global GDP increased by 21.7% compared to the previous year, when the Corona pandemic affected the sector. The value of the sector’s contribution to global GDP amounted to approximately 5.81 trillion US dollars. It is noteworthy that the global tourism market was valued at approximately 1.311 trillion US dollars, and the value of this market is expected to rise to 2.291 trillion US dollars by 2030 (excluding the results of the pandemic year).
