Middle East Golfing Amidst the Turmoil
Certainly, the Middle East is in turmoil in many ways; one way that they are rising above the rest, however, is in golf. The new KPMG Golf Benchmark Survey showed that rounds and revenues around the world were down last year – but that the Middle East is leading the way in golf profits.
Less than half (49%) of the golf courses in Europe, the Middle East and Africa were profitable in 2010 – but for those in the MENA region, the figure was 73%. The report showed, as well, that one out of every 12 owners was considering selling their facility. The survey included 350 golf courses. 33% of the courses in Eastern Europe reported that they performed poorly, while 73% of those in the Middle East and North Africa reported good results.
A Great Game
The study explained that the Middle East facilities were mostly aligned with resorts and residential communities and that their performance levels remained high.
Report from KPMG
As Andrea Sartori, the head of the KPMG’s Golf Advisory Practice said, “Undeniably, the effects of the economic downturn remain evident in the business performance of golf courses across Europe, the Middle East and Africa. However, there are some positive signs and the performance of courses in both Central Europe, as well as the Middle East and North Africa, lead the way.”