Friday, April 19, 2024
The latest findings from the World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) unveil a remarkable year for Travel & Tourism in the UAE, with unprecedented achievements across critical indicators such as GDP contribution, employment, and visitor expenditure.
The UAE’s Travel & Tourism sector is reaching new heights, underscoring the nation’s dedication to drawing tourists worldwide to renowned destinations like Dubai, Abu Dhabi, and Ras Al Khaimah.
In the previous year, the sector experienced a substantial growth of 26%, contributing a historic AED 220 billion to the UAE’s GDP, comprising 11.7% of the total economy. This surpasses the previous record set in 2019 by nearly 15%, emphasizing the sector’s pivotal role in the country’s economic landscape.
Employment in the Travel & Tourism sector expanded by 41,000, surpassing 809,000 jobs, accounting for one in nine jobs in the country. Despite the setbacks during the pandemic, all lost jobs were recovered by 2022, and the sector has seen an 11% increase since the 2019 peak.
While domestic visitor spending rebounded in 2022, it continued to rise last year, exceeding AED 55.5 billion, nearly 40% higher than in 2019. International visitor spending surged by almost 40% in 2023, surpassing AED 175 billion, 12% above 2019 levels, reflecting the enduring appeal of the UAE as a premier global tourism destination.
Julia Simpson, WTTC President & CEO said; “The UAE’s Travel & Tourism sector has not only recovered; it soared to new heights, establishing itself as a cornerstone of the nation’s economic landscape.
“The remarkable growth in both employment and visitor spending is a testament to the UAE’s strategic vision and commitment to enhancing its Travel & Tourism. As the sector continues to set benchmarks for the global travel industry, it underscores the importance of sustainable and inclusive strategies in driving prosperity.”
Speaking from the VFS Global iConnect conference in Abu Dhabi, Zubin Zakaria, Founder & CEO of VFS Global, added: “The UAE has always been a key contributor to global travel and this market has significantly powered the travel recovery post the pandemic.
“The findings of WTTC’s research are extremely encouraging and as a key stakeholder of the travel ecosystem, VFS Global remains committed to supporting the ongoing travel recovery and ensuring seamless and secure cross-border mobility.”
What’s Ahead for 2024?
The WTTC forecasts continued robust growth in the sector for 2024, with GDP projected to surpass AED 236 billion, employment to increase by over 23,500 jobs to reach nearly 833,000, and international visitor spending to grow by nearly 10% to reach AED 192 billion. Domestic visitor spending is expected to increase by 4.3% to nearly AED 58 billion.
Looking Towards the Next Decade:
The WTTC anticipates annual GDP contribution from the sector to exceed AED 275 billion by 2034, constituting almost 11% of the UAE economy. Employment is projected to surpass 928,000, with one in nine residents employed in the sector.
Across the Middle East:
The Middle Eastern Travel & Tourism sector expanded by over 25% in 2023, reaching nearly $460 billion USD. Employment reached nearly 7.75 million, and international spending grew by 50% to $179.8 billion USD. Domestic visitor spending increased by 16.5% to over $205 billion USD.
WTTC predicts continued growth in Travel & Tourism throughout the region in 2024, with GDP contribution expected to reach $507 billion USD, employment forecasted to reach 8.3 million, international visitor spending to reach $198 billion USD, and domestic visitor spending to exceed $224 billion USD.
UAE Flight Booking Trends:
According to ForwardKeys, the knowledge partner of the WTTC, international arrivals at Abu Dhabi and Dubai exceeded 9% above 2019 figures last year. Flight bookings to Abu Dhabi for the second quarter of 2024 show robust growth, up 59% from last year, while bookings to Dubai have risen by 13%.
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