Tourism Industry in the Middle East: On Track to Reach USD 453.28 Billion by 2034 – Opportunity Map Analysis | FMI

 

Tourism Industry in the Middle East
Tourism Industry in the Middle East

Tourism in the Middle East is predicted to surge at 5.10% CAGR through 2034. According to estimates, the tourism industry in the Middle East is valued at USD 275.64 billion in 2024 and is projected to surpass USD 453.28 billion by 2034.

In an effort to strengthen their tourist industries, countries like Saudi Arabia, Qatar, and the United Arab Emirates have started large-scale infrastructure development projects. Building top-notch hotels, resorts, amusement parks, retail centers, and transportation networks, including highways, airports, and public transportation systems, are all included in this. In addition to improving tourists’ overall travel experiences, these investments boost the local economy, generate employment opportunities, and establish the area as an influential player in the travel industry.

Luxurious lodgings, contemporary conveniences, and a well-functioning transit system draw travelers looking for comfort, convenience, and lifelong memories, which fuels the growth of the tourism industry in the Middle East.

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Bleisure travel, traveling for business purposes while adding leisure activities to the itinerary, is growing in popularity among business travelers. This trend offers chances for exploration, leisure, and cultural immersion while enabling tourists to make the most of their time and enjoy locations outside of work commitments.

Leisure visitors frequently stay longer at their destination, taking in the sights, dining at neighborhood eateries, and relaxing. In response to this trend, hotels and airlines are providing exclusive packages, flexible booking choices, and amenities like co-working spaces, fitness centers, and leisure concierge services that are designed with bleisure travelers in mind.

Key Takeaways from the Tourism Industry Report in the Middle East:

  • The industry size expanded at 4.40% CAGR from 2019 to 2023.
  • The online booking channel segment is expected to hold 36.80% of the industry share in 2024.
  • The 26 to 53 age group segment is in line to capture 30.50% of the industry share in 2024.

Competitive Landscape

The Middle Eastern tourism industry is highly competitive, with prominent firms striving for share and dominance in a variety of industries. Important airline competitors such as Emirates Group, Qatar Airways, and Saudi Arabian Airlines (Saudia) compete hard to attract customers by offering cheap tickets, outstanding service quality, and broad route networks linking important centers across the region and beyond. Similarly, major hotel chains, such as Marriott International, Hilton Worldwide, and AccorHotels, engage in aggressive marketing efforts and strategic collaborations to gain industry share and grow their presence in important cities such as Dubai, Abu Dhabi, and Doha.

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Recent Developments

  • In February 2024, the Emirates Tourism Council launched the ‘National Tourism Charter’. It is an important component of the National Tourism Strategy 2031. The program intends to coordinate national efforts to promote the UAE tourism industry’s long-term growth and competition at the global and regional levels.
  • In October 2023, the UAE’s Minister of Economy, Abdulla bin Touq, revealed plans to collaborate with other Middle Eastern nations to create a sustainable and creative tourism sector that can assist their economies in the long run.
  • In July 2023, Central Hotels & Resorts (UAE) started a sustainable tourism initiative. In this regard, the hotel chain will take steps to reduce plastic waste by employing hardwood alternatives. It will also engage in other sustainability efforts.

Key Players:

  • Explorer Tours
  • I Love Adventures
  • Bin Dasmal Tourism LLC
  • Compass International Tours
  • Al Majid Travel and Tourism
  • Expedia
  • Kurban Tours
  • Sun and Sand Tourism & Travel
  • Thomas Cook
  • Saadi Tours and Travels.

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