MENA tourism industry to reach $350bln by 2027

Saudi Arabia and the UAE are expected to register a compound annual growth rate (CAGR) of 5% over the next 10 years.

  
A woman aims an arrow at Al Reem Reserve camp, west of Riyadh, Saudi Arabia, January 5, 2018.

A woman aims an arrow at Al Reem Reserve camp, west of Riyadh, Saudi Arabia, January 5, 2018.

REUTERS/Faisal Al Nasser

The travel and tourism industry in the Middle East and North Africa (MENA) region is expected to reach $350 billion by 2027, according to MENA Research Partners.

Saudi Arabia and the UAE are expected to register a compound annual growth rate (CAGR) of 5% over the next 10 years.

Currently, the UAE and KSA account for around 50% of the MENA tourism market, the research firm noted in its report on Wednesday.

The travel and tourism sector in the countries of the Gulf Cooperation Council (GCC) now outperforms global tourism indicators in terms of growth and spending, as tourism contribution to the total gross domestic product (GDP) is 5% compared to 3.8% worldwide.

Leisure tourism generated approximately $115 billion to the region in 2017 with Dubai attracting 15 million visitors in 2017 and being ranked as the sixth most visited city in the world.

Source: Mubasher

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