The World Journey & Tourism Council’s (WTTC) 2023 Financial Influence Analysis (EIR) in the present day reveals the UAE Journey & Tourism sector is projected to fulfill the 2019 peak this 12 months.
The sector is about to contribute AED 180.6 billion to the UAE financial system by the top of 2023, virtually matching the 2019 excessive AED 183.4 billion, just one.5% behind pre-pandemic ranges. This represents almost 10% of the whole financial system.
WTTC can also be forecasting that the sector will create almost 7,000 jobs this 12 months, surpassing the pre-pandemic peak of 745,100, to succeed in greater than 758,000 employed by Journey & Tourism.
A glance again on final 12 months
Final 12 months, the Journey & Tourism sector’s GDP contribution grew greater than 60% to succeed in almost AED 167 billion, representing 9% of the nation’s financial system.
The sector additionally created greater than 89,000 extra jobs from the earlier 12 months to succeed in greater than 751,000 jobs nationally, surpassing 2019 ranges by a further 6,000 jobs.
2022 noticed the return of worldwide travellers to the UAE, with India (13%), Oman (8%), Saudi Arabia (8%), and UK (7%) main as supply markets for worldwide arrivals.
Based on the info, in 2022, worldwide guests contributed AED 117.6 billion to the nationwide financial system, representing a year-on-year development of 65.3%, though 19% behind 2019 ranges.
By way of home spend, 2022 noticed a 35.7% year-on-year soar, reaching AED 46.9 billion, 10.6% above its pre-pandemic counterpart.
Julia Simpson, WTTC President & CEO, mentioned: “The nationwide Journey & Tourism sector is recovering at a speedy tempo, proving the UAE continues to develop in reputation amongst worldwide travellers. The UAE is residence to one of many world’s busiest and profitable airports, Dubai Worldwide, which acts as a gateway to the Center East.
“The longer term for the sector seems constructive. By the top of this 12 months, the sector’s contribution will stage that of 2019, and over the following decade, development will outstrip the nationwide GDP and create greater than 114,000 new jobs, representing one in 9 jobs.
“Our current Cities EIR Report highlighted the enchantment vacationer locations throughout the nation, similar to Dubai and Abu Dhabi, proceed to carry for worldwide travellers. These cities have proven an unbelievable resilience and powerful management.”
What does the following decade appear to be?
The worldwide tourism physique is forecasting that the sector will develop its GDP contribution to AED 235.5 billion by 2033, representing 10.2% of the UAE financial system.
Over the following decade, Journey & Tourism is about to make use of greater than 872,000 folks throughout the nation, representing almost 12% of all jobs.
In 2022, the Center East’s Journey & Tourism sector contributed greater than AED 1.2 trillion to the regional financial system, 25.3% beneath the 2019 peak. By the top of this 12 months, WTTC forecasts the regional sector’s GDP contribution will attain greater than AED 1.5 trillion (U.S.$ 413.2 billion) and be inside touching distance of the 2019 highpoint.
Based on WTTC’s newest Financial Influence Report, the sector employed greater than 6.8 million folks throughout the area final 12 months, a rise of 865,000 from the earlier 12 months, however nonetheless 8.7% behind the 2019 peak. The sector will almost get well the roles misplaced in the course of the pandemic by the top of this 12 months, solely 2% behind pre-pandemic ranges.
Over the following decade, the Journey & Tourism sector is projected to succeed in a contribution of almost AED 2.5 trillion and make use of greater than 9.8 million folks.