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Middle East Tourism Spend Analytics: Analysis & Forecast to 2025

03-21-2017 12:34 PM CET | Tourism, Cars, Traffic

Press release from: Future Market Insights

Middle East Tourism Spend Analytics: Analysis & Forecast to 2025

Middle East is considered as a cradle of civilisation and has many attractions to offer to the tourists. The importance of tourism in economic development and job creation cannot be underestimated and this is especially important for countries in the Middle East that wish to diversify their economies and want them to be less dependent on the oil income. Dubai is the main destination for leisure and business travel in the region and Saudi Arabia is the main centre for religious tourism. Governments want to capitalise on this potential and make tourism one of the important growth magnets for the region.

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.

Browse Full Report: http://www.futuremarketinsights.com/reports/middle-east-tourism-spend-analytics-forecast

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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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.

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