UAE’s leisure sector ‘to grow 10% annually through 2027’

UAE’s leisure sector ‘to grow 10% annually through 2027’

The UAE’s leisure and entertainment sector is set to expand by a 9.73% compound annual growth rate (CAGR) through 2027, said Fever, a leading global live-entertainment discovery platform, citing market research firm MarkNtel Advisors.

This forecast is attributed to increased collaboration between digital service-providing companies and attraction sites in recent years including Expo 2020. Fever’s proprietary technology is contributing to bolstering the entertainment sector, both globally and regionally, and the emerging company explains that the country’s innovative leadership in this space will continue spurring significant economic benefits in forms such as travel and tourism.

The negative impacts of Covid-19 only reinforced the importance of diversification efforts. Governments in the Mena region have accordingly demonstrated strong support for entertainment in their broader economic transformation strategies to build non-oil sectors and nurture industries with high job creation potential. Qatar was expected to gross $20 billion from just the FIFA World Cup, contributing to 13.5% of its Gross Domestic Product (GDP) and creating 1.5 million jobs in 2022.

Saudi Arabia’s Vision 2030 is fostering similar support for its nation as the country has administered a $64 billion investment plan to ensure that its entertainment sector contributes 3% to the Kingdom’s GDP by the decade’s end while