The World Journey & Tourism Council’s (WTTC) 2024 Financial Affect Analysis (EIR) has revealed a record-breaking 12 months for Journey & Tourism within the UAE, with new peaks achieved throughout key metrics together with the sector’s GDP contribution, jobs and customer spend.
The UAE’s Journey & Tourism sector is now hovering previous all earlier data, testomony to the nation’s dedication to attracting vacationers from all over the world to locations reminiscent of Dubai, Abu Dhabi, and Ras Al Khaimah.
Final 12 months, the sector grew by greater than 1 / 4 (26%) to contribute a record-breaking AED 220BN to the UAE’s GDP representing 11.7% of your complete economic system. This exceeded the earlier report set in 2019 by nearly 15% and underscores the sector’s pivotal function within the nation’s financial framework.
Jobs supported by Journey & Tourism grew by 41,000 to succeed in greater than 809,000, representing one in 9 jobs within the nation. Though the roles misplaced throughout the pandemic have been absolutely recovered in 2022, right this moment’s announcement reveals sector jobs have now elevated 11% because the 2019 highpoint.
Whereas home customer spending absolutely recovered in 2022, it continued to develop final 12 months to succeed in greater than AED 55.5BN which is sort of 40% greater than 2019.
Worldwide customer spending surged by nearly 40% in 2023 to succeed in over AED 175BN, 12% above 2019 ranges, reflecting the UAE’s enduring enchantment as a high international tourism vacation spot.
Julia Simpson, WTTC President & CEO mentioned; “The UAE’s Journey & Tourism sector has not solely recovered; it soared to new heights, establishing itself as a cornerstone of the nation’s financial panorama.
“The outstanding development in each employment and customer spending is a testomony to the UAE’s strategic imaginative and prescient and dedication to enhancing its Journey & Tourism. Because the sector continues to set benchmarks for the worldwide journey trade, it underscores the significance of sustainable and inclusive methods in driving prosperity.”
Talking from the VFS World iConnect convention in Abu Dhabi, Zubin Zakaria, Founder & CEO of VFS World, added: “The UAE has all the time been a key contributor to international journey and this market has considerably powered the journey restoration put up the pandemic.
“The findings of WTTC’s analysis are extraordinarily encouraging and as a key stakeholder of the journey ecosystem, VFS World stays dedicated to supporting the continuing journey restoration and guaranteeing seamless and safe cross-border mobility.”
What Does This Yr Look Like?
The worldwide tourism physique is forecasting that the sector will proceed to develop at tempo in 2024 with GDP set to succeed in over AED 236BN. Jobs will enhance by greater than 23,500 jobs to succeed in practically 833,000. Worldwide customer spending is projected to develop by practically 10% to succeed in AED 192BN and home customer spending is forecast to extend by 4.3% to succeed in nearly AED 58BN.
What Does the Subsequent Decade Look Like?
The worldwide tourism physique is forecasting that the sector will develop its annual GDP contribution to greater than AED 275BN by 2034, nearly 11% of the UAE economic system. It’s also projected to make use of greater than 928,000 individuals throughout the nation, with one in 9 residents working within the sector.
Throughout the Center East
The Center Japanese Journey & Tourism sector grew by greater than 25% in 2023 to succeed in nearly $460BN USD. Jobs reached practically 7.75MN and worldwide spending grew by 50% to succeed in $179.8BN USD. Home customer spending grew by 16.5% to succeed in greater than $205BN USD
WTTC is forecasting that Journey & Tourism throughout the area will proceed to develop all through 2024 with the GDP contribution set to succeed in $507BN USD. Jobs are forecast to succeed in 8.3MN, worldwide customer spending is forecast to succeed in $198BN USD and home customer spending is predicted to succeed in greater than $224BN USD.
UAE Flight Reserving Traits
In response to the worldwide tourism physique’s information companion ForwardKeys, worldwide arrivals at Abu Dhabi and Dubai grew greater than 9% above 2019 numbers final 12 months.
Flight bookings to Abu Dhabi for the second quarter of 2024 are additionally displaying sturdy development, 59% forward of final 12 months, while bookings to Dubai are up 13%.
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