UAE and Saudi Arabia travel and tourism industry currently accounts for 50% of the market share in the Middle East and North Africa, a report by MENA Research Partners claimed.
The research agency also forecasted that the MENA region’s tourism market is expected to reach a valuation of US $350 billion by 2027. In that time period, UAE and Saudi are expected to see a compound annual growth rate (CAGR) of 5%.
At present, the GCC countries are outperforming other global tourism sectors in regards to growth and spending with total contribution to gross domestic product (GDP) registered at 5% compared to 3.8% worldwide, the report said.
With more than 15 million inbound visitors to Dubai in 2017, the leisure tourism sector generated $115 billion in the region and was ranked sixth most visited city in the world.
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