Hosting Africa Hotel Investment Forum (AHIF) generates a seven-figure economic boost
LONDON, United Kingdom, July 13, 2017/ — The significant economic benefits to host countries of the influential Africa Hotel Investment Forum have been quantified in an independent assessment by the international audit, tax and advisory experts, Grant Thornton. The total contribution to African economies is estimated at $16.8 million and since inception, it is estimated that AHIF has been responsible for deals cumulatively worth over $4billion.
The headline figures include direct, indirect and induced financial benefits – accepted economic multipliers – and run from the first AHIF in Morocco in 2011 to Rwanda last year.
On average, hosting an AHIF event brings a million dollars in direct benefit to the local economy, an additional 1.4 million dollars in indirect benefit and a substantial six-figure sum in tax to the host government.
Evidence of the successful impact of AHIF – organised by Bench Events – comes ahead of the seventh edition taking place in Kigali, October 10 – 12, and, like last year, running alongside the airline route development conference, AviaDev, which together attract some of the leading executives from the worlds of aviation and hotels, with top government officials and ministers.
AHIF’s benefits: Key findings – over 6 years:
Direct contribution of AHIF to local economies projected at $6.9 million.
Additional $9.9 million generated through indirect and induced impact, ie boosting local suppliers, increasing local spending power.
Projected total of $1.1 million paid in taxes in various host countries.
A projected total of 5,462 jobs – temporary or permanent – created or sustained.
Delegate survey indicates a total deal value of $124 million, an average of $4.6 million per deal – translated for all AHIF events between 2011 and 2016, deals total an estimated $4.4 billion.
Report author, Martin Jansen van Vuuren, said: “One key gauge of AHIF’s success is the high-level of the delegates it attracts – the attending CEO’s and MD’s do not only spend more than average by staying in the best hotels but much more importantly, they are people with the ability to make decisions, including whether or not to invest in a destination – and that’s reflected in the value of deals done.”
“The report also highlights the fact that host economies benefit from wide media coverage and from the credential of hosting a top-level conference like AHIF. Doing so helps to attract further events, which boost local companies and provide job opportunities as well as the chance to develop skills.”
Commenting on Africa’s broader economic prospects, Martin said: “Economic growth of African countries may have slowed at present because of commodity prices, but commodity prices will rise again, and given hotel development lead-in times, which are three years on average, and taking in to account the life of the asset, which is decades after the hotel is built, this is a good moment for investment, in my view.”
Jonathan Worsley, chairman of Bench events, said: “We are gratified that this report bears out what we’ve always believed: that hosting AHIF adds value to the places we visit and the conference is a great place to discuss deals which benefit tourism in Africa. This year’s event will be our most comprehensive and exciting with an outstanding line-up of speakers, first-hand advice from experts and unique networking opportunities. Rwanda is a prime example of what can be achieved in our sector by a country that is determined to use tourism to propel itself forward and we’re pleased to be back again in October.”
About the Africa Hotel Investment Forum (AHIF)
AHIF is the premier hotel investment conference in Africa, attracting many prominent international hotel owners, investors, financiers, management companies and their advisers. It is organised by Bench Events, which is known for producing, alongside Questex Travel + Hospitality and MEED Events, several other top-level hotel conferences around the world including Berlin (IHIF), Dubai (AHIC), Istanbul (CATHIC) and Moscow (RHIC).
Sponsors of AHIF Rwanda are: Host Sponsors: Rwanda Development Board; Platinum Sponsors: AccorHotels, Hilton Worldwide, Marriott International and The Rezidor Hotel Group; Gold Sponsors: Areen Hospitality, Best Western, Colliers International, Grant Thornton, Horwath HTL, Hotel Partners Africa, JLL, Kempinski, Minor Hotels, Mövenpick, STR, Swiss Education Group and Wyndham Worldwide.
AviaDev Africa is the only dedicated air service development event for Africa, taking place on the African continent in 2017. It is organised by Bench Events, which is known for producing the Africa Hotel Investment Forum (AHIF) and several other top-level hotel conferences around the world.
Sponsors of AviaDev are: Host Partners: Rwanda Development Board, Rwanda Civil Aviation Authority, RwandAir, Rwanda Convention Bureau, Remarkable Rwanda; Sponsors: Travelport and Travel Commerce Solutions.
About Grant Thornton International Ltd:
Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisory firms. These firms help dynamic organisations unlock their potential for growth by providing meaningful, forward looking advice. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to understand complex issues for privately owned, publicly listed and public-sector clients and help them to find solutions.
More than 47,000 Grant Thornton people, across over 142 countries, are focused on making a difference to clients, colleagues and the communities in which we live and work. In Africa, we operate across 24 member firms in Algeria, Botswana, Congo, Côte d’Ivoire, Egypt, Ethiopia, Gabon, Guinea, Kenya, Libya, Mauritius, Morocco, Mozambique, Namibia, Nigeria, Rwanda South Africa, Senegal, Tanzania, Togo, Tunisia, Uganda, Zambia and Zimbabwe and are ideally positioned to facilitate clients’ expansion plans in these countries.
“Grant Thornton” refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton International Ltd (GTIL) and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions.
About Bench Events:
Global event organiser Bench Events has a long track record of delivering multiple premium hotel investment conferences and forums across Europe, the Middle East, Africa, Asia and Latin America.
Market leading annual conferences include the Arabian Hotel Investment Conference (AHIC) in Dubai, now in its 13th year, the Africa Hotel Investment Forum (AHIF) the new Asia Hotel and Tourism Investment Conference (AHTIC), The Summit in London and the Latin American Hotel & Tourism Investment Conferences (SAHIC).
Bench Events’ extensive portfolio also includes the Global Restaurant Investment Forum (GRIF) in Dubai and AviaDev, designed to promote the future air connectivity in Africa. Bench Events’ mission is enabling prosperity by facilitating growth, networking, and thought leadership in the hospitality industry worldwide.