Business | General
Spending on leisure projects in Mideast to hit $3tr over 20 years
Spending on leisure and tourism projects in the Middle East will reach $3 trillion over the next 20 years, and visitor spending at parks and attractions will quadruple to over $200 million in 2011.
- By Cleofe Maceda, Staff Reporter
- Published: 00:41 January 23, 2008
Dubai: Spending on leisure and tourism projects in the Middle East will reach $3 trillion over the next 20 years, and visitor spending at parks and attractions will quadruple to over $200 million in 2011.
The figures were disclosed at a panel discussion on Sunday, on the occasion of the Tourism Development Projects and Investment Market (TDIM), a major trade show in Dubai that features over Dh700 billion worth of tourism projects.
Charlie Bray, president and chief executive of the International Association of Amusement Parks and Attractions, said the Middle East is already witnessing a boom in the attractions, entertainment and leisure segment, with revenues reaching $10 billion and growth rate hitting 20 to 25 per cent every year.
"These projections are bolstered by reports from our industry of five to 10 per cent of all-new retail space being dedicated to family entertainment and amusement offerings, and by the several billions of dollars in investment already committed to building Middle East parks and attractions," Bray said.
Bray said the potential for more visitors to the region was also high, as PricewaterhouseCoopers estimated that guest spending at parks and attractions will hit $50 million in 2009 and swiftly grow four times to $200 million in three years.
"The reason, clearly, is the sheer number of exciting and incredible projects on the horizon," Bray said.
In the next few years, Bray said Dubai will witness the opening of Dubailand and "all its dazzling elements, including Restless Planet and Universal Studios", a Paramount Pictures-branded theme park and Aquaventure waterpark at The Palm's Atlantis.
Elsewhere, more attractions will also open, including the Ferrari World in Abu Dhabi, Entertainment City in Qatar, a Warner Brothers-themed park in Abu Dhabi and a theme park in Ras Al Khaimah called Wow RAK.
Attractions that recently opened were the Lost Paradise of Dilmun waterpark in Bahrain and the E-Zone entertainment centre at the CityStars complex in Cairo.
Super destinations
"Most, if not all, of these projects are part of super-destinations and mega-resorts, whose rise within our industry have taken themed immersion to a whole new level and will likely influence its development for years to come," Bray said.
Globally, Bray said, consumer spending on theme parks will increase by nearly five per cent annually through 2011, resulting in a $28.5 billion industry.
"This increase will be led by the two fastest-growing attractions markets today: the Middle East and Asia. According to PricewaterhouseCoopers, the annual growth rate for the amusement sector in the Middle East, Europe and Africa region is slated to be over five per cent through 2011, raising yearly attendance to 154 million in just four years, with much of that growth coming in the Middle East," Bray said.
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