Business | Tourism
Gulf states set aside $380b for tourism
The Gulf Cooperation Council states have so far allocated a total of about $380 billion for implementing tourism projects up to 2018, an official at the Federation of the GCC Chambers of Commerce and Industry said.
- By Mariam Al Hakeem, Correspondent
- Published: 00:17 April 23, 2008
Riyadh: The Gulf Cooperation Council states have so far allocated a total of about $380 billion for implementing tourism projects up to 2018, an official at the Federation of the GCC Chambers of Commerce and Industry said.
"It is expected that this vital sector would contribute substantially in the Gross Domestic Product of the Gulf states in addition to activating the process of achieving economic balance in the member-countries," said Saeed Al Aseeri, chairman of the GCC Tourism Committee.
In a working paper presented at the Gulf Social and Tourism Forum, which kicked off in Madinah yesterday, Saeed Al Aseeri said tourism has become a concrete reality and a real lucrative industry in the GCC countries over the past five years. "It has become an economic activity that contributed substantially in diversifying sources of national income as well as to enhance GDP and creating more job opportunities," he said.
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