MANAMA: The travel and tourism industry in the GCC is expected to generate $44 billion this year, according to the World Travel and Tourism Council.
The total direct contribution of travel and tourism to GCC's GDP will hit $44bn, up 27 per cent from 2009, the peak of the financial crisis in the Gulf, said the council.
The new figures were released as top industry executives and officials head to the annual Arabian Hotel Investment Conference 2012 (AHIC), which takes place in Dubai from April 28-30.
They will discuss investment opportunities in a region where governments are ploughing billions of dollars into tourism infrastructure.
Flush with petrodollars, with oil prices consistently above $120 a barrel, the UAE, Saudi Arabia and Qatar have embarked on aggressive hotel and transport development programmes as they seek to diversify their economies away from oil and boost revenues from the tourism sector.
"AHIC provides a platform for investors, government officials, developers, hotel executives and advisers to come together," said conference organiser Bench Events chairman Jonathan Worsley.
"Investment into the region's tourism industry is still an attractive proposition despite the Arab Spring and the prospect of a recession in Europe," he added.
In the UAE, this figure is expected to hit $19.9bn this year, compared with $16.6bn in 2009.
Some its major tourism infrastructure investments include the $8bn expansion of Dubai International Airport, as the emirate seeks to increase its capacity from 60 million passengers to 90m by 2018 to become the world's busiest airport.
"The economic conditions in the GCC are excellent and hotel revenues are continuing to grow steadily, so we see the region as a key hotel investment destination," said Golden Tupil Hotels Middle East North Africa president Amine Moukarzel.
The direct contribution of travel and tourism to Saudi Arabia's GDP is expected to reach $14.9bn, or 2.9pc in 2012, up from $10.4bn in 2009, or 2.7pc, as the kingdom focuses its efforts to provide travel infrastructure to boost religious, business and domestic tourism.
Saudi Arabia is spending more than $500m on expanding its airports and planning a new $7bn airport in Jeddah.
Well-documented but still impressive is Qatar's infrastructure spending which will dominate the next five years as it prepares to host the 2022 World Cup and for life beyond, with around $65bn due to be invested in new transportation schemes.
These include the new $11bn Doha International Airport, the $6bn Doha port project and a $25bn metro and railway.
The direct contribution of travel and tourism to Qatar's GDP is expected to reach $1.1bn in 2012, compared to $800m in 2009.
As well as focusing on the Middle East's investment landscape after the Arab Spring, AHIC will hold a session that looks at the issues facing Egypt.
Key industry figures will address challenges of developing and operating in Mecca and Medina.
Source: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=326095
Also visit: plumbing courses
