UAE's GDP to grow by 15 per cent by 2022
The UAE GDP will rise by more than 15 per cent by 2022 to amount to Dh277.8 billion ($75.4 billion) on annual basis, according to a report by the World Travel and Tourism Council (WTTC).
The report showed that the total contribution of travel and tourism to UAE’s GDP is expected to increase further to more than Dh182 bilion as at end of December 2012 to Dh277.8 billion by 2022, a rise by 4.3 per cent annually or an equivalent of 14.6 per cent of the country’s GDP.
WTTC said that UAE tourism sector has attracted capital investment of Dh76.5 billion ($20.78 billion) in 2012 and this number is projected to increase further in the coming 10 years to Dh137.9 billion yearly which makes the share of travel and tourism of the total national investment to amount to 26.7 per cent by 2022.
The report goes on to zoom in on the precise types of tourism spending, and reveals that the vast majority of tourists’ expenditure in the UAE (74.7 per cent) was devoted to leisure activities.
More job openings
The report showed that the business of travel and tourism has generated 166,000 jobs directly in 2012, 4.6 per cent of total employment in the UAE.
“Total employment rate grew in the UAE by 4.2 per cent to 173,000 by end of 2012,” according to the report.
The report forecast that travel and tourism will provide 236,000 direct job openings by 2022 with an increase of 3.2 per cent over the coming 10 years.
Abu Dhabi Tourism and Culture Authority (TCA Abu Dhabi) has prepared to stage 19 road shows in eight nations in 2013 with heavy emphasis on the emerging Commonwealth of Independent States (CIS), India, China and South American markets in addition to Korea, Japan, Saudi Arabia, the Ukraine, Kazakhstan and Australia.
2.5 million guests expected
The capital city of Abu Dhabi has attracted about 2.3 million hotel guests in 2012 while it is expected that the city is expecting the number to rise to 2.5 million guests in 2013, with higher occupancy rates according to TCA.
This year the UAE is expected to welcome 11.3 million international tourists, with that figure forecast to rise to 18.8 million by 2022, to generate expenditure of Dh167.1 billion.