UN Tourism hosts a conference on sustainable finance in tourism, highlighting the Middle East’s global investment growth.
In acknowledgment of the region’s emergence as a major hub for global investments, UN Tourism convened prominent leaders for the exclusive “Investing in Tourism: Opportunities and Challenges for Sustainable Financing” conference. This event was organized as part of the UN Tourism 50th Regional Commission for the Middle East and provided a forum for discussing sustainable finance in the tourism industry, emphasizing innovation, technology, and education.
Tourism Investments in the Middle East
The conference highlighted the significant traction tourism investments have gained in the region, as evidenced by UN Tourism statistics:
From 2018 to 2023, the Middle East saw the announcement of 254 greenfield projects, totaling an investment of USD 15.2 billion (averaging USD 59.8 million per project), and these projects were projected to generate over 33,600 jobs (33,629 to be exact).
Oman announced 13 of these projects, including seven in Muscat and three in Zufar, with investments summing up to USD 1.83 billion.
Additionally, Middle Eastern nations have declared 109 greenfield FDI projects in the tourism sector abroad, with a collective investment reaching USD 6.8 billion.
At the opening of the conference, H.E. Salim Mohammed Al Mahruqi, Oman’s Minister of Heritage and Tourism, stressed the vital role of investments in enhancing the tourism sector’s growth and resilience, both within the Sultanate and throughout the Middle East.
UN Tourism Executive Director Natalia Bayona, who gave a keynote speech outlining investment trends and opportunities in the region, said: “The Middle East now stands as a beacon of tourism innovation and investments. The region invested almost USD 14 billion in the sector over the past 5 years, with USD 341 million of this invested in tourism tech, demonstrating the region’s commitment to building a more digital and impactful sector.”
During the conference, finance and tourism leaders engaged in panel discussions to identify and tackle key priorities for boosting tourism investments in the region. These discussions emphasized the importance of forging effective partnerships, building financial trust with guarantees, and injecting more innovation into financing strategies.
The event featured high-profile participants, including Tourism Ministers from Oman, Egypt, and Jordan, as well as the President of Qatar Tourism. Other notable attendees included leaders from various sectors such as destination management, investment, and financing. The gathering saw representation from several influential organizations, including the Sharjah Commerce and Tourism Development Authority, Petra Development and Tourism Region Authority, Oman Development Bank, the Central Bank of Oman, Investments of Future Fund Oman, Oman’s Authority for SME Development, the Fujairah Adventure Center, and Ahli Islamic.
At the conference’s commencement, UN Tourism unveiled the latest addition to its series of Tourism Doing Business investment guides. This new edition focuses on Jordan, providing a detailed roadmap for investors interested in the kingdom’s tourism potential, along with crucial insights into foreign investment considerations.
Middle Eastern Tourism Investment and Growth
In 2023, Bahrain invested over $10 billion in its tourism sector, resulting in a 51% surge in inbound tourists and generating $2.5 billion in tourism revenue. Egypt also saw a record $15 billion in tourism revenue in 2023 and has set ambitious goals to attract 30 million tourists by 2028. Kuwait approved $60 billion for various tourism projects, signaling a strategic shift towards tourism as a significant revenue source. Qatar experienced a dramatic 143% rise in visitors in 2023 and invested $17.5 billion in major projects to boost its tourism sector. Dubai in the UAE reached a new milestone with 17.15 million international visitors in 2023, while the UAE plans to invest $23 billion in tourism infrastructure. Saudi Arabia welcomed over 100 million tourists in 2023, surpassing its target seven years ahead of schedule, and has invested more than $800 billion in tourism development.
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