Backed by sovereign wealth funds and state-owned developers, countries such as the UAE, Saudi Arabia and Qatar are reshaping the global tourism landscape, not with fanfare, but with deep pockets and long-term plans.

No longer content with building luxury destinations at home, GCC nations have been acquiring, funding and operating hospitality ventures abroad, from iconic hotels and airport terminals to cruise liners and ski resorts.

Here AGBI looks at 10 of the most prominent players.

1 Abu Dhabi Fund for Development

Abu Dhabi Fund for Development (ADFD) issued a loan of AED367 million to the government of the Republic of Maldives to finance the Velana International Airport development project in the country.

The project includes the expansion of the western passenger terminal to increase capacity to 26 aisles for passengers to enter aircraft, with the addition of an international terminal, which will enhance capacity to accommodate the increase in passenger traffic of 7.5 million passengers annually.

2 Abu Dhabi Investment Authority

Coral Reef, a subsidiary of Abu Dhabi Investment Authority, and Melia Hotels International, acquired a portfolio of 17 hotels from Equity Inmuebles in Spain and the Canary Islands in August 2023.

In the same year, another subsidiary of the sovereign fund joined Singapore’s private equity real estate firm SC Capital Partners and Goldman Sachs Asset Management in a $900 million deal to acquire 27 hotels from Japanese developer Daiwa House Industry.

3 ADQ

Abu Dhabi’s sovereign fund ADQ, via its subsidiary Modon Holding, is building a massive $35  billion coastal city on the Mediterranean at Egypt’s Ras El Hekma.

The first phase (50sq km) includes hotels, marinas, an international airport, free-zone, luxury residential and entertainment zones.

The full masterplan spans 170sq km, with $110-$150 billion total investment expected by 2045, generating about 750,000 jobs and $25  billion annually to the country’s GDP.

In January, ADQ acquired 40.5 percent of Egypt’s Icon hospitality arm, including Four Seasons and Kempinski hotels.

4 Aujan Group Holding

Saudi Arabia-based Aujan Group Holding (AGH) has a strong presence in Africa, particularly in Mozambique. In a joint venture with Minor Group, the company owns the Radisson Blu Hotel in Maputo, Mozambique and the Avani Pemba Beach Hotel in Pemba.

The joint venture extends to two island resorts under the Anantara brand: Anantara Medjumbe Island Resort & Spa and Anantara Bazaruto Island Resort & Spa.

AGH also owns the 6,000-acre Stanley and Livingstone Game Reserve in Victoria Falls, Zimbabwe and Lugenda Wilderness Camp located in the greater Niassa National Reserve, Mozambique.

5 Emaar

Dubai-based Emaar is working with partners including Orascom and Al Kholi to develop Destination KAEC in Saudi Arabia, a 9.5 million sq m waterfront mixed-use tourism zone featuring luxury resorts, marinas, retail and eco lodges as part of Saudi Vision 2030.

Emaar Hospitality Group has also signed management contracts for Address Jabal Omar Makkah, Vida Jeddah Gate, and Rove KAEC hotels in Saudi Arabia, as well as expanding into Egypt with Address Marassi Beach Resort and Vida Marassi Marina Resort.

In Turkey, Emaar Square Istanbul includes the prominent Address Hotel & Residences tower. And in North Africa, Emaar Misr’s major tourism real estate in Egypt includes the Marassi development on the Mediterranean coast, offering more than 3,000 hotel rooms, a marina, golf course and beach resort, plus the El Alamein Hotel restoration.

6 Habtoor Hospitality

Established in 1979, Habtoor Hospitality is the Middle East’s longest established hospitality group. The division oversees seven domestic hotels and seven international properties.

Among the International properties are Al Habtoor Palace and the InterContinental in Budapest, Hilton London Wembley, Hotel Imperial Vienna and Metropolitan Palace Beirut.

7 Investment Corporation of Dubai

In 2014, Investment Corporation of Dubai acquired a 46 percent stake in Kerzner International, gaining control over its global portfolio, including the Atlantis chain, One&Only and Mazagan resorts. The investment was estimated at $450 million, backed by future earnings potential.

The following year, ICD expanded into international luxury assets with a majority stake in Mandarin Oriental (New York), the W Hotel in DC and a minority stake in One&Only Cape Town.

And in 2016 ICD acquired Porto Montenegro, including its marina, hotel and residential assets, an ultra-luxury yachting lifestyle development on the Adriatic coast.

8 Jumeirah

Jumeirah, the Dubai-based luxury hotel operator behind the Burj Al Arab, is planning to double the size of its portfolio by the end of the decade as it accelerates international expansion into Europe, Asia and North America.

Under its “Mission 2030” strategy, the company, part of government-owned Dubai Holding, has a $1 billion-plus portfolio which includes projects in Geneva, London, Capri, Mallorca, Tanzania, South Africa, the Maldives and China.

The hospitality behemoth has already opened in Saudi Arabia and has another opening imminent, while Bali is a further outpost, along with a pipeline of properties under consideration in the US.

9 Public Investment Fund

Saudi Arabia’s Public Investment Fund (PIF) and London-based real estate investment company Cain International in 2022 invested $900 million in luxury hotel group Aman, which Cain said was valued at $3 billion at the time.

Aman currently has 36 hotels, resorts and residence developments in 20 countries, 15 of which are located close to or within Unesco-protected sites.

In December 2023, PIF acquired 49 percent of Italian luxury chain Rocco Forte Hotels, valuing the group at £1.2-£1.4  billion.

10 Qatar Investment Authority

Katara Hospitality, a subsidiary of the country’s sovereign wealth fund, holds more than 40 luxury hotels worldwide, including flagship properties in Europe: The Savoy (London), Excelsior Gallia (Milan), Peninsula Paris; North America: The Plaza Hotel (New York); and Asia and Africa: Raffles Singapore, Renaissance Sharm El Sheikh, as well as resorts in Morocco, Thailand and the Gambia.

Qatar Holding, the investment arm of the QIA, has owned the Costa Smeralda resort area in Italy’s Sardinia through Esmeralda Holding, since 2012. 

By Gavin Gibbon