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Tourism sector still cornerstone of Gulf diversification effort

The tourism sector's importance in the UAE and Gulf Cooperation Council (GCC) stems from the fact that it diversifies national income sources, develops financial resources, creates new job and attracts additional foreign investment.

  • WAM
  • Published: 23:50 October 14, 2008
  • Gulf News

Madrid: The tourism sector's importance in the UAE and Gulf Cooperation Council (GCC) stems from the fact that it diversifies national income sources, develops financial resources, creates new job and attracts additional foreign investment.

These points were the highlights of the speech delivered by Mohammad Omar Abdullah, Deputy Director of the Abu Dhabi Economy and Planning Department at the "Investment fields in GCC countries" seminar, conducted at the Madrid Chamber of Commerce, as a part of the 'Gulf days in Madrid'.

Investment

Abdullah added that a total of Dh858 billion is in tourism investments in the UAE. The expectation for the UAE's tourism sector by the International Tourism and Travel Council in the UAE is to reach Dh46.5 million in 2016.

He added that the UAE regards the tourism sector as a crucial economic activity.

"The gross national product (GNP) in the GCC will reach $1.333 trillion while it is $1.8 trillion for 2008. The annual rate of growth is 8.5 per cent," he added

"Total investments in the hotel and restaurant sector increased from Dh 8.6 billion in 2006 to Dh 10.5 billion in 2007, with a rate growth of 22.1 per cent."

There was also an increase in the number of hotels from 290 hotels in 2005, to 366 hotels in 2006, for a growth rate of 26 per cent.

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