Gulf Region Outbound Travel and Tourism Market to Soar by 2028

Regionally, the Saudi Arabia outbound travel and tourism market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa, out of which, the Europe segment, is estimated to garner the largest revenue of USD 13,161 million by 2028. In the year 2019, the market was valued at USD 7,361.7 million. The growth of the market can be attributed to the increasing leisure travel to European countries, as Saudi Arabia experiences extremely warm temperatures in the summer, and people prefer the colder climate for vacations. 

In other statistics by the UNWTO, interregional arrivals in the Europe Union from the Middle East is expected to grow by 2.6% a year by the end of 2030. On the other hand, the UAE, Qatar and Kuwait outbound travel and tourism markets are segmented on the basis of region, into Saudi Arabia, United Kingdom, Germany, Italy, Switzerland, United States, India, Australia, Malaysia, Singapore, South Africa, and rest of the World. Out of these, in the UAE, the Saudi Arabia segment is estimated to record the largest revenue of USD 3551.1 million in 2021, and further reach a value of USD 11,410.3 million in 2028 owing to the increasing business travels amongst the two countries. Further, in Qatar, the Saudi Arabia segment registered the largest revenue of USD 3919.9 million in the year 2019, and is expected to grow by the highest CAGR of 19.01% during the forecast period. Moreover, in Kuwait, the United States segment is expected to grow with a significant CAGR of 18.43% throughout the forecast period.

Based on age group, the market is segmented into generation Z, millennials, generation X, and baby boomers. Out of these, the generation X segment is expected to garner the major market share in all the countries. In the Saudi Arabia outbound travel and tourism market, the generation X segment is estimated to attain a revenue of USD 3,458.2 million by 2021. Further, in the UAE, the segment is anticipated to touch USD 18190 million by 2028. Furthermore, in Qatar, the same segment is anticipated to grow with the highest CAGR of 19.25% throughout the forecast period and attain USD 6989.4 million in terms of revenue by 2028. Alternatively, in Kuwait, the segment is estimated to garner USD 2890.1 million by the end of 2021.