Middle East travel and tourism sector expected to generate $246 billion in 2022

Middle East travel and tourism sector expected to generate $246 billion in 2022

The Middle East’s travel and tourism sector is expected to generate $246 billion in revenues this year, organizers of theArabian Travel Marketin Dubai said in a statement on Tuesday.

The total contribution of the travel and tourism industry to the GDP of Middle Eastern countries is expected to reach around $486.1 billion by 2028, with governments across the region attracting hefty investments into the industry.

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Bahrain in 2020 attracted $492 million of tourism capital investment while Saudi Arabiaearmarked $1 trillion to its travel and tourism sector through 2030.

As tourism destinations in the Middle East continue to widen their appeal and extend offerings to attract more foreign direct investment, global ministers of tourism convened at the Middle East Tourism Investment Summit on the Arabian Travel MarketGlobal Stage on Monday to shed light on access to project finance post-COVID and to discuss investment opportunities and challenges associated with destination tourism in the Middle East.

Hosted jointly by ATM and the International Tourism & Investment Conference (ITIC), the summit began with a Ministerial Roundtable which included the participation of United Arab Emirates Minister of State for entrepreneurship and SMEs and Chairman of Emirates