Dubai's hospitality sector is booming and hoteliers from all over the world are looking to build new resorts in the city.
Room occupancy rates continue to rise significantly as the number of tourists visiting the emirate soars.
Although plenty of new hotels are being built across the sheikhdom, the demand for accommodation is so high that companies have been able to raise their room rates in recent months.
Speaking to Gulf News, chief executive officer of the Global Hotel Alliance (GHA) Christopher Hartley said the "central gravity of the [hospitality] industry has moved east".
The GHA has moved its office from Geneva to Dubai and Mr Hartley explained the thinking behind this decision.
"It fits our business from the travel perspective. Dubai is a hospitality hub. Many brands have offices there," he was quoted as saying.
"Global brands see the opportunity in the Gulf. It is fast-growing with a lot of investments coming in. The infrastructure and the growth in tourism means there is a need for more hotel stock."
A number of "designer hotels" are starting to spring up in Dubai, with famous brands like Versace and Armani increasing their presence in the vibrant hospitality sector. Of course, high-end brands such as these are tailor-made for Dubai, which is renowned for being a playground for the rich and famous.
Another development that has got people in the UAE talking is the Sky Central Hotel.
The First Group has joined forces with Wyndham Hotel Group to launch the project, which is likely to prove popular due to its excellent facilities, first-rate service and superb location.
Indeed, the hotel is being built in the premier business district of TECOM and is just a short walk from the Metro network.
With real estate experts predicting a surge in tourism numbers in the coming years, coupled with the growing amount of businesspeople visiting the city for international conferences and exhibitions, there has never been a better time to invest in Dubai's hospitality industry.