The United Arab Emirates (UAE) is a country located in the Middle East, known for its luxurious lifestyle, modern architecture, and vibrant culture. The UAE has been investing heavily in its tourism industry, making it one of the fastest-growing sectors in the country. In this article, we will explore the current state of the UAE tourism industry and its ranking in the global tourism market.
The UAE’s Tourism Industry Overview
The UAE’s tourism industry has been growing at an impressive rate, with a compound annual growth rate (CAGR) of 6.5% from 2014 to 2019. In 2019, the industry contributed 11.5% to the country’s GDP, generating AED 164.7 billion (USD 44.8 billion) in revenue. The industry also provided employment to over 611,000 people, accounting for 8.3% of the country’s total employment.
The UAE’s Ranking in the Global Tourism Market
According to the World Tourism Organization (UNWTO), the UAE ranked 18th in the world in terms of international tourist arrivals in 2019, with 16.7 million visitors. The country’s tourism industry has been growing steadily, with a CAGR of 5.5% from 2010 to 2019. The UAE’s tourism industry is expected to continue its growth trajectory, with a projected CAGR of 4.7% from 2020 to 2025.
The UAE’s Tourism Industry Segments
The UAE’s tourism industry is divided into several segments, including leisure tourism, business tourism, cultural tourism, and medical tourism. Leisure tourism is the largest segment, accounting for 64% of the total tourism revenue in 2019. Business tourism is the second-largest segment, accounting for 18% of the total tourism revenue. Cultural tourism and medical tourism are also growing segments, with a CAGR of 7.5% and 12.5%, respectively, from 2014 to 2019.
The UAE’s Tourism Industry Initiatives
The UAE government has been actively investing in the tourism industry, with several initiatives aimed at promoting the country as a tourist destination. One of the most significant initiatives is the Dubai Expo 2020, which was postponed to 2021 due to the COVID-19 pandemic. The event is expected to attract 25 million visitors and generate AED 122 billion (USD 33.2 billion) in revenue.
Conclusion
The UAE’s tourism industry is a vital contributor to the country’s economy, providing employment opportunities and generating revenue. The country’s ranking in the global tourism market is impressive, and its tourism industry is expected to continue its growth trajectory. The UAE government’s initiatives aimed at promoting the country as a tourist destination are expected to further boost the industry’s growth.
