Kuwait investment into the travel and tourism sector is forecasted to grow by 4.3% per annum through to 2025.
Kuwaiti investment into the travel and tourism sector is forecast to grow by 4.3% per annum through to 2025.
A total investment figure of US $1 billion (KWD 276 million), is to be invested into Kuwait’s tourism sector, according to the Travel & Tourism Economic Impact 2015 Kuwait report.
The report indicates that tourism accounted for 1.5% of total GDP in 2015, and is set to rise by 0.3% by 2025, although this is being revisited given the current low oil prices scenario.
The current figures suggest this would take total GDP contribution to 1.8%, or $5.3 billion (KWD 1.6 billion) in 2025.
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The report also detailed potential gains in leisure spend, which is expected to grow by 6.2% per annum in 2025, while business travel is expected to grow by 5.6% in 2025.
Kuwait also has a high domestic travel spend component, which generated 88.1% of direct travel and tourism GDP in 2014, this figure is anticipated to increase by 6.4% per annum through to 2025.
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