meed-logo

line1 line2 line3
SIGN IN / REGISTER

UAE luxury hospitality builds momentum

9 May 2023

 

Register for MEED's guest programme 

Jumeirah Group enjoyed a year of strong growth in 2022, with both improving financial results and several new property launches.

So far in 2023, it is also on track to hit its growth targets, thanks to ongoing demand for luxury hospitality, despite a slight softening overall in the Dubai market.

“We’re on track with our broad financials for 2023,” says CEO Katerina Giannouka (pictured right).

“We have seen a softening in average rate [in line with the market], but while the market lost in RevPAR, we improved our position vis-a-vis our competitors, so our revenue generation index that manages relative performance is up, and we’ve actually gained market share over the first quarter of the year.”

According to Giannouka, 2022 was “an exceptional year” for both Dubai and Jumeirah Group for several reasons. An important factor was Dubai's pandemic response. The emirate was one of two markets worldwide, alongside the Maldives, that reopened to international travel post-Covid in a “relatively eased way”, she says.

However, while the Maldives restarted tourism out of necessity due to its complete dependence on the sector, Dubai’s reopening was strategic and “really set a standard” in how to resume business post-pandemic. This was of considerable benefit to Jumeirah Group, which, notes Giannouka, saw a continuation of growth in luxury consumption throughout the pandemic.

“In combination with that, a lot of additional travellers came here, and then, post-Covid, people’s propensity to spend on travel post-Covid really increased,” she adds. “It also came with good financial discipline – so all of these factors helped Jumeirah to have a very strong year in 2022.”

International expansion 

Globally, the luxury hotel market is set to grow to $238.5bn by 2028, rising at a compound annual growth rate of 10.4 per year from a value of $93.43bn in 2020, according to Fortune Business Insights.

Jumeirah Group has also been physically expanding apace. In the past 18 months, the group has opened hotels in the Maldives; in Capri, Italy; and in Bahrain. In February 2023, it acquired Le Richemond, a historic hotel property in Geneva, Switzerland.


Jumeirah Group's acquisition of its first property in Switzerland, Le Richemond on the banks of Lake Geneva, forms part of its strategy to build its brand profile in gateway destinations across the world

Looking ahead, it plans to continue to expand its brand internationally. “Now we’ll also be looking at resort destinations, [with the] focus initially on Europe, and then we will look to diversify into the US and also into Asia, continuing with both city hotels and resort destinations,” Giannouka explains.

The group will open the Marsa al-Arab hotel in Dubai in the next 12 months. Giannouka touts the property – with its 386 rooms, 10 food and beverage venues, and location adjacent to an 82-berth super yacht marina – as a “keenly awaited” destination for the group that “will truly be our new expression of hospitality here in Dubai”.

All eyes ahead

The group’s immediate targets for 2023 are for further growth on top of 2022’s performance. As an incoming CEO, Giannouka admits this is “always a challenge, but I’m glad to report that in the first quarter, we’re on track for another year of growth.”

Jumeirah Group’s 2023 performance will be supported by opening its first hotel in Saudi Arabia, the Jumeriah Jebel Omar in Mecca, in the next six months – a key location that should benefit from both the country’s rising pilgrim numbers and broader tourism market growth. This will be followed in 2024 by the launch of the 180-room Jumeirah The Red Sea.

“Beyond that,” she expands, “we are putting together a growth strategy as part of a five-year plan, and that will include Saudi Arabia. With a market that’s looking to attract 100 million travellers, there’s space for Jumeirah and the Jumeirah brand is very well recognised, even though we don’t have any hotels there today. It’s a natural place for us to have properties [and we expect that we] will perform well there.”

In the next five years, the group plans to expand from 150 to 200 properties by adding 10-12 properties a year, whether new builds or conversions of existing properties.

Additionally, it aims to reduce its carbon footprint by 25 per cent by 2025, building on existing schemes that have used artificial intelligence and behavioural science to tackle food waste and emissions.

As Giannouka adds: “We take our environmental responsibilities very seriously, and we are committed to making a positive impact on the planet.”

Main image: The five-star Jumeirah Marsa al-Arab is part of a broader development led by Dubai Holding that will include a superyacht marina, a series of ocean-facing, six-bedroom villas and a boardwalk

https://image.digitalinsightresearch.in/uploads/NewsArticle/10822833/main.gif
John Bambridge

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Qatari Diar unveils $30bn Egypt project masterplan

    21 July 2026

    Qatari Diar, the real estate arm of the Qatar Investment Authority, has announced the masterplan for its $30bn Alam Al-Roum project on Egypt’s north coast.

    The masterplan was developed by US-based architectural firm Skidmore, Owings & Merrill.

    The master-planning team also includes US-based landscape architecture firm SWA; UK-headquartered marina design and operations consultant Marina Projects; and French transport and traffic engineering consultant Setec.

    The development will cover more than 20 million square metres and include 7.2 kilometres of private beachfront on the Mediterranean Sea.

    The site is about 20 minutes from Marsa Matrouh and 50 minutes from Ras El-Hekma.

    According to a statement, the project includes $3.5bn in direct cash investment and is designed as an integrated, year-round Mediterranean destination.

    Alam Al-Roum expands Qatari Diar Egypt’s portfolio, which includes CityGate, New Giza and The St Regis Cairo.

    Qatari Diar and Egypt’s New Urban Communities Authority signed the project agreement for Alam Al-Roum in November 2025.

    The estimated value of the deal to Egypt is $7.5bn. Under the agreement, Cairo will receive an upfront payment of $3.5bn by late December 2025 for the initial land purchase and is expected to receive an in-kind stake in the project, estimated to be worth $1.8bn.

    Qatari Diar’s broader investment plans for the area include spending up to $26.2bn in addition to the $3.5bn already allocated for the land purchase.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17707658/main.jpg
    Yasir Iqbal
  • Contractors submit final offers for Global Sports Tower

    21 July 2026

     

    Contractors submitted their last and final offers in the first week of July for the main construction contract for the Global Sports Tower, located in the Athletics District of the Sports Boulevard development in Riyadh.

    The Sports Boulevard Foundation issued the tender for the main works contract on 31 July last year.

    The 130-metre-tall Global Sports Tower will cover an area of 84,000 square metres (sq m) and include more than 30 sports facilities.

    The tower will feature the world’s tallest indoor climbing wall, at 98 metres, and a 250-metre running track.

    Saudi Arabia’s Sports Boulevard Foundation also received bids on 10 June for a contract covering project management consultancy (PMC) services for the Global Sports Tower, as MEED reported.

    MEED reported in May 2025 that design work on the tower had been completed. Saudi Arabia’s Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud approved the designs in 2024.

    The Sports Boulevard development runs across Riyadh from east to west and, once complete, is set to be the world’s longest park, spanning more than 135 kilometres.

    The development will feature several districts, including Wadi Hanifah, the Arts District, Urban Wadi, the Entertainment District, the Athletics District and the Eco District, as well as Sands Sports Park.

    The large-scale project aims to transform central Riyadh – currently dominated by major highways – into a recreational corridor.

    Sports Boulevard, which will feature 4.4 million sq m of public realm and landmark buildings, will also be home to the Centre for Cinematic Arts and a 2,000-seat amphitheatre.

    The development will provide more than 2.3 million sq m of mixed-use commercial, residential and retail assets, along with sports facilities around the park, which will be known as Linear Park.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17707675/main.jpeg
    Yasir Iqbal
  • Consultants submit bids for Saudi Arabia’s GCC rail link

    20 July 2026

     

    Consultants submitted proposals on 14 July for a contract to provide design consultancy services for the Saudi Arabian section of the GCC railway network, which is intended to link all six member states.

    Saudi Arabia Railways (SAR) issued the tender on 7 May, MEED previously reported.

    The tender covers the concept, preliminary and issued for construction design stages. SAR requires the selected consultant to review, update and complete the existing preliminary design.

    The consultants who submitted bids include: 

    • Atkins with Khatib & Alami
    • DeutscheBahn with ARX
    • Egis with Sener
    • Idom with Dal Al-Handasah
    • Systra

    Saudi Arabia’s section of the railway will start at Al-Khafji in the Eastern Province, near the border with Kuwait, and end at Al-Batha, on Saudi Arabia’s border with the UAE. The route length in Saudi Arabia will be about 672 kilometres (km).

    The railway will interface with the Kuwait National Rail Road (KNRR) project on the Kuwaiti side. Last year, MEED exclusively reported that the KNRR design contract was awarded to Turkiye’s Proyapi Muhendislik ve Musavirlik Anonim Sirketi.

    The KNRR forms part of the wider GCC rail network. GCC railway projects have gained renewed momentum since the six member states signed the Al-Ula Declaration in January 2021.

    In October last year, Qatar’s cabinet approved a draft agreement paving the way for a railway link between Qatar and Saudi Arabia as part of the GCC railway network.

    GCC railway line

    Under the overall plan, the railway will run from Kuwait, pass through Dammam in Saudi Arabia, reach Bahrain via a planned causeway, and continue from Dammam to Qatar, the UAE and, ultimately, Muscat via Sohar in Oman. The railway is reported to span about 2,186km in total.

    The route length within each member state is as follows: 684km in the UAE, 672km in Saudi Arabia, 306km in Oman, 283km in Qatar, 145km in Kuwait and 36km in Bahrain.

    The railway is designed for passenger trains travelling at 220km/h and freight trains operating at 80-120km/h.

    With high levels of project activity, governments in spending mode and renewed cooperation under the Al-Ula Declaration, the latest efforts to restart the GCC railway project may make more progress than previous attempts. If completed, the railway could prove transformational for a region that is globally connected but still divided by national borders.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17705320/main.gif
    Yasir Iqbal
  • Chinese firm wins Dubai drainage contract

    20 July 2026

    China State Construction Engineering Corporation (CSCEC) has announced it has won a contract to deliver a stormwater drainage pipeline package under Dubai Municipality’s Tasreef programme.

    The contract is for the TF-15-C2 stormwater drainage network project located along Umm Suqeim Road in the Al-Barsha and Al-Quoz areas of Dubai. 

    MEED exclusively revealed in May that the contractor had been selected for the engineering, procurement and construction (EPC) contract. The project is estimated to cost $162m.

    The scope of work includes the construction of about 20 kilometres of new stormwater pipelines, together with associated inspection and intake manholes. The project is located west of the Dubai Canal and will connect the Al-Quoz 3 and Al-Quoz 4 industrial areas with Al-Quoz 1.

    It is being delivered as part of Dubai’s Tasreef strategic plan, which supports the Dubai 2040 Urban Master Plan. Once completed, the new drainage infrastructure is expected to improve the emirate’s stormwater network, increase flood protection and enhance the resilience of Dubai’s infrastructure.

    In February, the municipality confirmed it had awarded contracts for five new projects under phase two of the programme to expand and strengthen Dubai’s stormwater drainage network.

    These include a separate contract awarded to CSCEC for the TF-11-C1 stormwater drainage project in the Dubailand area.

    Also in February, Dubai Municipality invited consultants to qualify for a contract to supervise construction on the TF-15-C2 stormwater drainage projects along with two other projects (TF-13-C1 and TF-16-C1) under the Tasreef programme.

    According to a source, a consultant has yet to be appointed.

    TF-16-C1 involves upgrading and rehabilitating the stormwater system east of the Dubai Canal, while TF-13-C1 involves building a water pipeline stormwater drainage system at Al-Marmoum, Al-Qudra and Al-Yalayis 2 & 3.

    Bids are currently under evaluation for the EPC contracts for both projects.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17705058/main.jpg
    Mark Dowdall
  • Dubai receives eight bids for Hassyan SWRO pipeline contract

    20 July 2026

    Register for MEED’s 14-day trial access 

    Eight contractors have made offers for a contract to supply, install, test and commission glass-reinforced epoxy (GRE) water transmission pipelines and associated works for the Hassyan seawater reverse osmosis (SWRO) phase two network in Dubai.

    The contract relates to project one of the Hassyan pipeline network expansion being undertaken by state utility Dubai Electricity & Water Authority (Dewa).

    Local firm Binladin Contracting Group submitted the lowest offer of AED335.92m ($91.5m), according to results published by the utility.

    The other bids were:

    • Green Oasis General Contracting (UAE) – AED345.00m ($93.9m)
    • Al-Nasr Contracting (UAE) – AED391.54m ($106.6m)
    • Wade Adams Contracting (UAE) – AED393.80m ($107.2m)
    • RMB Contracting (UAE) – AED437.96m ($119.3m) 
    • Tristar Engineering & Construction (UAE) – AED441.55m ($120.2m)
    • Shapoorji Pallonji Mideast (UAE/India) – AED451.47m ($122.9m)
    • Gulf Petrochemical Services Trading (UAE) – AED495.20m ($134.8m)

    RMB also submitted a conditional discounted offer of AED427.02m ($116.3m). Three companies submitted regret notices, while one offer was rejected after no valid commercial offer was received. 

    In January, Dewa announced that construction of the 180-million-imperial-gallon-a-day phase one of the Hassyan SWRO independent water project was 90% complete.

    Dewa has two other contracts out for tender for GRE water transmission pipeline work related to the Hassyan SWRO phase two network.

    Project two was tendered on 22 January and has a bid submission deadline of 21 July. Project three was tendered on 26 January and has a bid submission deadline of 29 July.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17704940/main.jpg
    Mark Dowdall