In 2018, the tourism sector in Dubai contributed around 5% to the Emirates’ GDP, generating AED 20.1 billion of added value. It grew by 4.5% faster than the GDP increase of 1.9% while almost 8% of the local workforce was employed in the tourism industry.
The Dubai Chamber indicates that, overall, the UAE tourism sector is scheduled to develop by 6.5% annually between 2011 and 2021.
Expo 2020 ensures continuous development during the next few years. The event is likely to create 94,400 full-time jobs, including 51,100 jobs in the tourism sector. The Expo has increased the demand for hotels in Dubai, creating more opportunities in the industry.
Moreover, tourism affects retail trade in Dubai, attracting more and more visitors to purchase brand-named luxury products. Dubai holds 4th place among global destinations regarding the total expenditure of overnight visitors who attributed to shopping. Simultaneously, it is ranked first regarding the total spending from tourists.
According to the “Tourism Vision 2020”, Dubai aims to increase its visitors and tourism revenue to 20M guests and nearly £36B in 2020. Business events play a vital role in establishing a high-potential tourism industry, taking advantage of the Emirates’ strategic location. As a crucial bridge between the eastern and western markets, the UAE has become one of the primary destinations for meetings, incentives, conferences and exhibitions (MICE). The Dubai World Trade Centre hosted almost 400 dominant MICE and business events in 2018, welcoming nearly 3.4 million delegates while the upcoming Expo 2020 will establish the Emirates’ position as a top MICE destination.
Medical and sports tourism are the new trends in the UAE’s tourism sector, introducing innovative opportunities for development. The region offers short wait times, competitive pricing and unique medical care, having dedicated centres for specific illnesses. Furthermore, the UAE hosts various sport events like Formula 1; the Grand Prix is considered one of the world’s fastest-growing sports tourism destination.
Dubai intends to set up an economically and environmentally sustainable tourism sector, as it affects the local economy in various ways. The Emirates strive to maintain the sectors’ continuous development, considering multiple aspects, like water and the use of electricity, as well as the conservation of environmental and cultural assets.
Business in Dubai Today
Dubai has been rated as one of the top five international cities for entrepreneurs, as the Emirates provide a higher consumer confidence index than cities, such as New York or Tokyo. Dubai delivers easy access to 1.5 billion people in three different regions of the world, offering global connections, sophisticated culture and a competitive business environment.
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