- New report examines outbound travel and tourism markets of Saudi Arabia, UAE, Qatar and Kuwait,
- Saudi Arabia market estimated to garner revenue $27,030.19 million by 2028.
- UAE market projected to reach $30,484.37 million by 2028.
According to the travel and tourism industry statistics, in the year 2017, per-capita international tourism expenditure from the Gulf Cooperation Council (GCC) countries was 6.5 times more than the worldwide average.
On the other hand, according to the statistics by the World Bank, international tourism expenditure in Saudi Arabia, Qatar, and Kuwait, in the year 2019 was recorded to be USD 16.415 billion, USD 12.528 billion, and USD 17.131 billion respectively. Further, this expenditure in the United Arab Emirates (UAE) grew from USD 18.004 billion in 2018 to USD 33.372 billion 2019.
New report presents detailed synopsis of the outbound travel and tourism market of Saudi Arabia, UAE, Qatar, and Kuwait. The report focuses on the latest market trends, opportunities, growth drivers, and restraints associated with the market growth over the period 2019-2028.
The travel and tourism industry in the GCC nations has witnessed massive growth over the past few years. This growth can primarily be attributed to the growing income of individuals in these nations, along with the rising need among individuals for travel related to businesses, leisure, or religious purposes to different countries around the globe.
In other statistics by the World Bank, the gross national income (GNI) per capita in Saudi Arabia, United Arab Emirates, and Qatar grew from USD 19,990, USD 39,290, and USD 56,920 respectively in the year 2017 to USD 22,840, USD 43,470, and USD 61,180 respectively in the year 2019. Further, in Kuwait, this increased from USD 31,400 in 2017 to USD 36,290 in 2019.
The GCC outbound travel and tourism market is estimated to grow with a significant CAGR over the forecast period, i.e., 2021 – 2028. The market in Saudi Arabia is estimated to garner a revenue of USD 27,030.19 million by 2028, up from USD 15,100.83 million in the year 2019 by growing at a CAGR of 18.21% over the forecast period. Further, the market in the UAE, which attained a value of USD 19,448.49 million in 2019, is further expected to reach USD 30,484.37 million by 2028, by growing at a CAGR of 18.73% during the forecast period. Moreover, the Qatar outbound travel and tourism market is projected to grow by a CAGR of 18.66% over the forecast period and further gain revenue of USD 3989.34 million by 2021. The market in Kuwait, on the other hand, is anticipated to generate substantial revenue of USD 17,392.50 million by 2028, by growing at a CAGR of 18.40% over the forecast period.
