Middle East Tourism Spend Analytics: Analysis & Forecast to 2025
Middle East Tourism Spend Analytics: Drivers and Restraints
Tourism is an important sector for the Middle Eastern countries who want to wean off the dependence of their economy from the income derived from oil. Hence the governments are taking the necessary steps in encouraging the building of tourist infrastructure in the region. Saudi Arabia is an important centre for religious tourism and is taking steps to benefit more from the influx of foreign tourists coming from all over the world. Besides, due to the presence of cosmopolitan cities such as Dubai, the entire region of the Middle East is expected to welcome more and more tourists. These are the major drivers of the tourism sector in the Middle East. However, a volatile political situation coupled with incidences of terrorism have adversely affected the tourism sector in the region and act as a major restraint to the development of tourism in the Middle East.
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Middle East Tourism Spend Analytics: Key Statistics
According to the World Travel and Tourism Council data, the direct contribution of travel and tourism to the GDP of the Middle East was US$ 73.7 Bn in the year 2014 that comprised 2.7% of the total GDP of the Middle Eastern countries. This is projected to rise by 4.6% per annum and reach a figure of US$ 121.0 Bn in the year 2025 and will comprise 3.1% of the total GDP of the region. According to data from the same source, visitor exports gave rise to US$ 68.3 Bn in the year 2014, which comprised 4.6% of the total exports of the region. This is forecast to grow by 4.5% per annum during the 10-year period 2015-2025 and reach a value of US$ 109.1 Bn in the year 2025, comprising 4.6% of the total exports of the region.
As per the World Travel and Tourism Council figures, leisure travel spending comprising both inbound and domestic tourists generated 81.5% of direct travel and tourism GDP in the year 2014, getting to a figure of US$ 109.2 Bn as compared with 18.5% for business travel spending that reached a figure of US$ 24.9 Bn. As per the estimates from the same source, leisure travel spending in the Middle East is expected to grow by 4.5% per annum to reach a figure of US$ 178.0 Bn in the year 2025. On the other hand, business travel spending is expected to demonstrate a growth of 3.8% per annum to reach a figure of US$ 37.1 Bn in the year 2025.
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In the Middle East, domestic travel spending gave rise to 49.1% of direct travel and tourism GDP in the year 2014 and visitor exports generated 50.9% of the direct travel and tourism GDP. Domestic travel spending is expected to generate a growth rate of 4.3% per annum during the 10-year period 2015-2025 and reach a figure of US$ 106.0 Bn in the year 2025. On the other hand, visitor exports are expected to demonstrate a growth rate of 4.5% per annum between 2015 and 2025 and reach a figure of US$ 109.1 Bn in the year 2025.
This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
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The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
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