Dubai, Jan. 20th, 2008 (WAM) -- A staggering $1.006 trillion has been committed to Leisure projects across the region with Dubai, Saudi Arabi and Abu Dhabi as the largest spenders, a research revealed, putting the tickects of UAE projects at $512.8 billion.
Development of the 'Leisure Landscape' is a critical part of a total travel and tourism investment of $3.63 trillion encompassing hotels, leisure projects, aviation developments, cruise lines, tourism promotion and supporting infrastructure, across the Middle East, according to the latest findings of a major region wide research programme. The three largest spending locations identified were Dubai with $381.4bn worth of projects either underway or planned, Saudi Arabia with initiatives valued at a total of $184.4bn and Abu Dhabi at $131.3bn in new projects,'' according to a study by the think tank Fast Future and Global Futures and Foresight (GFF). At the macro level, the study noted,the biggest individual developer is Tatweer with $170bn of projects with Dubailand alone accounting for $110bn of this. Aldar is the second highest with $71.1bn worth of developments in the pipeline. Emaar is developing $16.5bn of projects but if its stakes in joint ventures such as King Abdullah Economic City are considered, the total value of projects in which it is involved rises to $136.5bn. Of the $1.006 trillion worth of developments identified, $171.8bn s been committed for pure leisure projects - covering developments such as museums and theme parks. A further $218.3bn is being invested in development of leisure resorts. A total of $611.9bn worth of mixed use initiatives were identified - covering projects such as residential or commercial developments with a large leisure component. The largest individual projects identified included King Abdullah Economic City in Saudi Arabia valued at $120bn, the $110bn Dubailand themepark, Kuwait's $86bn City of Silk development and the $61bn Arabian Canal development in Dubai. The Middle East Leisure Landscape 2020 is the latest report from a groundbreaking research study by the think tank Fast Future and Global Futures and Foresight (GFF) on the Future of Travel and Tourism in the Middle East. The study covers 13 Middle Eastern countries for the period to 2020. The findings of the study will be shared at a programme of Fast Future seminars to be run on January 20th and 21st on the Nakheel stand at the TDIM08 show at Dubai International Convention and Exhibition Centre 'The sheer scale of the spending on travel and tourism across the Middle East demands an equivalent level of investment in the supporting leisure landscape if the region is to succeed in attracting the visitor levels it is targeting. The research highlights that there is clearly the ambition, vision and funding in place to develop a range of world class leisure offerings across the region,' said Rohit Talwar the report's co-author and CEO of Fast Future and GFF. Fast Future conducted detailed research into the published plans, press announcements and general media coverage for 166 different projects and programmes across 13 countries - Bahrain, Egypt, Iran, Jordan Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, Turkey, the UAE and Yemen. 'We are trying to build a clear and objective picture of how the region's travel and tourism proposition will develop and how the leisure landscape will evolve within this overall picture. The greatest challenge is finding clear and consistent numbers on the investments - for example there is little data available from most developers on how the budgets split out across mixed use developments,' said Tim Hancock of Fast Future - the lead researcher and co-author of the report. The study also highlights the scale of the challenge facing the developers and operators of these projects to ensure they are economically, environmentally and socially sustainable over the long term.Copyright Emirates News Agency (WAM) 2008.
