UAE Investing In Tourism
United Arab Emirates to invest $234B into tourism projects
Tourism-related projects will drive the construction industry in the coming decade with approximately Dh858 billion ($234 billion) to be pumped into the sector during the next eight years.
According to a study by industry researcher RNCOS, the UAE will account for nearly 86 per cent of the total tourism-related projects investments in the region by 2018.
Abu Dhabi is expected to be the center of the construction boom in the UAE owing to government support to boost investment in the construction sector, it said.
Abu Dhabi Tourism Authority latest figures showed that the number of visitors jumped 16 per cent in July compared with the same month last year, ninth consecutive month of double-digit growth guest growth for the emirate.
Analysts say that travel to the UAE had dropped during recession.
However, things are now picking up, thanks to high-profile events such as the launch of Formula One.
""The UAE has one of the fastest growing tourism industries in the Middle East.
With the expansion of tourism industry in the past few years, demand for infrastructure and tourism projects has spurred in the country.
As a result, several new projects have been announced to tap the opportunity created by the growing demand for hotels and amusement and theme parks,"" said RNCOS, which specializes in industry researches.
""Further, the UAE is expected to invest more than 14 times the investments made by its immediate competitor, Oman, followed by Qatar, Bahrain, Saudi Arabia and Kuwait.
Various national and international developers are launching large scale projects; thereby, driving the level of investments in infrastructure and construction activities,"" it added.
The study also revealed that various factors such as relaxed regulations, rising investments, economic reforms and liberalization and the emergence of UAE as a business hub in the Persian Gulf have been driving the industry.