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FINANCIAL NEWS
GCC hospitality industry set to reach $35.9b by 2018
25 Sep 2014
(MENAFN) Gulf Cooperation Council (GCC) countries’ hospitality industry is predicted to increase to USD35.9 billion by 2018 from USD22.8 billion in 2013, with an annual rate of 9.5 percent, Gulf News reported.
The growth of the industry in the region is attributed to many reasons including a rise in leisure travel, a shift towards budget travel and is driven by international tourist arrivals, especially those from Asia.
In terms of countries, the UAE’s hospitality industry for example is expected to grow at a compound annual growth rate of 10 percent between 2013 and 2018.
Meanwhile, the GCC made major investments in expanding airports there, like Dubai, which spent USD 31.98 billion in expanding Al Maktoum International, which would enable the airport to serve 120 million passengers within six to eight years, while airports across the region are expected to handle as many as 250 million passengers by 2020.
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