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Tourism industry will make a major contribution to economy this year

Friday, December 23, 2022

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Tourism sector experts and industry personnel are optimistic that Qatar’s travel and tourism industry would make a major contribution to the economy this year following the success of the state hosting the FIFA World Cup which will  trickle down benefits to the rapidly growing tourism industry of the country.

M Grand Managing Director and Finance Controller Kumudu Fonseka said that even though the contribution of the tourism sector compared to the other sectors such as oil and gas is not so big it has enormous potential to spur further economic growth in the years ahead with many major tourism related sports events lined up for 2023.

Ambitious programmes such as the ATP  and WTA tennis tournaments, Motor GP and Formula 1 Grands Prix 2023 and many MICE tourism events lined up for next year will be a boon for the travel and tourism, Fonseka said adding that transit passengers on pilgrimages to regional countries will return to the country following all the positive sentiments that were conveyed by visitors and fans of the World Cup.

He said  that the business sector will also be a beneficiary as the travel industry due to the new shops and malls that are to come up in the coming year.

Not undermining the interest by locals and foreigners towards camel and horse rides, desert safaris and visits to the sand dunes which have been the highlights of the travellers to Qatar.

There is lot of planning going on under the 2030 Vision which will augur well for the travel and tourism industry of Qatar, he said.

Al Manzil Residence and Suites of Doha Operations Manager Kashif Javed Khan said the tourism industry in Qatar is witnessing rapid growth with milestones such as hosting the FIFA World Cup 2022.

Qatar Tourism, guided by the Qatar National Tourism Sector Strategy 2030, is liaising with various public bodies, policy advocates, tourism-enabling entities, private enterprises and media to improve the business environment, diversify the country’s tourism portfolio and increase visitor traffic as well as spending.

Qatar strives to be counted among the top tourist destinations, in terms of leisure and MICE tourism.

Strong offline representation in Asia Pacific and European countries, alongside widespread marketing campaigns help highlight the country’s tailored visitor offerings.

While business travel will be the main driver for tourism services, leisure tourism should pick up on the back of diversification in source markets, lifting of the regional blockade, investments in sporting events and development of tourism infrastructure, Khan said.

Going forward he said global trends present several new service avenues within Qatar tourism. More and more luxury travellers are expected to embrace international travel again and seek out exotic holiday experiences.

This trends will be further bolstered by the rise in upper middle-class and luxury spending.

The increased concern for personal wellbeing post-COVID-19 is likely to translate into more health and wellness-related travel and customised trips for smaller groups.

And as technology continues to disrupt the tourism value chain, Qatar will have to track and leverage innovation in this field to stay abreast with leading economies in the upcoming years, Khan said.

The latest economic insight report for the Middle East, commissioned by ICAEW and compiled by Oxford Economics stated that Qatar’s travel and tourism sector will spur 7.6 percent growth in the state’s non-oil economy this year, the fastest pace since 2015.

Overall, Qatar’s economy is expected to expand 5.2 percent this year, followed by a slowdown to 2.7 percent in 2023, the report stated.

The report reveals Qatar’s economy is booming. According to the Q4 report, Qatar’s robust outlook is underpinned by a pick-up led by non-oil sectors, which expanded by 9.7 percent y/y in Q2, supported by preparations for the FIFA World Cup, particularly in construction, transportation, wholesale and retail trade, and real estate.

Qatar’s mining output also posted a 1.2 percent y/y rise. Overall, GDP grew by 6.3 percent in Q2, up from 2.3 percent in Q1.

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