Leaders from the vacation ownership, fractional and private residence club industries in the Middle East and North Africa (MENA) gathered in Dubai for the Shared Ownership Summit, held on 1 May as part of the Arabian Hotel Investment Conference 2010.
Co-hosted by Bench Events, Middle East Economic Digest (MEED) and RCI, the Summit focused on the increasing relevance of shared ownership products in the region and uncovered significant opportunities for growth.
The event included an industry update from Jeff Tisdall, managing director of RDI MENA, and the presentation of research findings from Wyndham Exchange & Rental’s consulting arm, NorthCourse, which showed growing demand for high end fractional products in Dubai, Sharm el Sheikh, Makkah, Beirut and Cairo.
This was followed by three panel discussions which, amongst other key points, concluded that shared ownership has been a key driver for the success of leading global hospitality firms and that shared ownership products add significant value to mixed use developments because of their historically high occupancy levels.
Panellists also agreed that leading MENA destinations have matured significantly over the last few years, significantly enhancing the potential for shared ownership in the region. Developers in the region are now considering shared ownership as a possible solution to residential over-supply, evaluating the options of converting unsold stock to vacation ownership or fractional properties.