UAE’s Travel & Tourism Spend to Top $56-B by 2022
Tourism & Travel accounted for 12.1% of the UAE’s GDP in Y 2016
Spending within the UAE’s Travel & Tourism sector is expected to reach over $56-B in Y 2022 as new mega projects come to market, a new study conducted by the Dubai Chamber of Commerce and Industry has found.
The analysis, based on new data from Business Monitor International and the World Travel and Tourism Council, revealed that total spending in the sector is predicted to increase by 4.5% Y-Y in Y 2017 to reach over $42-B.
Overall, 14.9-M leisure and business travelers visited the UAE in Y 2016, representing a 4.9% increase compared to Y 2015.
The Middle East was identified as the largest source of visitors, with a share of 28.6% in total arrivals during Y 2016, followed by the Asia Pacific region at 25.7%, and Europe at 17.1%.
The report also found that leisure travel spend amounted to $31.31-B, or 77% of the country’s total tourism spend in Y 2016, while business travel accounted for 23% or $9.13-B.
While leisure travel spend has risen at a compound annual growth rate (CAGR) of over 9% since Y 2011, business travel spend rose at a CAGR of 10.83% over the same frame.
Looking ahead, growth within the travel and tourism sector is likely be supported by several recently announced projects.
They include Marsa Al Arab, a $1.7-B tourist resort near the Burj Al Arab, the new IMG Worlds of Legends theme park, a Formula One (F1) theme park at Dubai’s Motor City, Six Flags at Dubai Parks and Resorts, and other planned shopping malls and cultural venues, the report said.
The mega projects are part of Dubai’s efforts to attract 20-M visitors by Y 2020.
Have a terrific weekend.