Tag Archives: 2023

The growth in the hospitality sector revenue of individual GCC countries is expected to range from a CAGR of 6.9% to 11.0% between 2023 and 2028. Saudi Arabia is projected to grow in line with the GCC average of 7.5%, supported by numerous government-led initiatives as part of its Vision 2030, whereas the UAE is expected to grow at a CAGR of 6.9%, backed by the government’s focus on modernizing infrastructure and easing tourist visa rules. Smaller markets are expected to witness high growth rates during the forecast period, with Qatar at 11.0%, Kuwait at 10.5% and, Oman and Bahrain at 9.0% CAGR. According to Alpen Capital, the GCC hospitality sector revenue is expected to grow at a CAGR of 7.5% from 2023 to 2028, reaching approximately US$ 48.1 billion by 2028. This robust growth is fueled by the unified efforts of the GCC countries in prioritizing hospitality as a key element of their long-term diversification strategies. Furthermore, steady economic growth, increasing tourist arrivals and a multitude of mega MICE (Meetings, Incentives, Conferences, and Exhibitions) and sporting events to be hosted in the region will support the projected growth. “A rising trend towards sustainable tourism and responsible travel is gaining ground across the GCC’s hospitality sector due to increasing ecological awareness among consumers worldwide. The tourism industry is experiencing a surge in the popularity of new segments, such as cultural tourism and health & wellness tourism, reflecting evolving consumer likings and lifestyles. Despite market competition and geopolitical uncertainties, the industry continues to strategically enhance visitor experiences and stimulate demand through innovation and consolidation. We expect to witness healthy domestic and cross-border M&A activity, as the sector advances to respond to the …

Egypt tourism shared that they welcomed record 15 million tourists in 2023. Dr. Ghada Shalaby, Egypt’s Vice Minister of Tourism and Antiquities for Tourism Affairs, said: “Egypt is gearing up to attract a wide range of travelers based on its commitment to diversifying its tourism offerings. The Ministry has worked to unveil a group of new products that meet the evolving preferences of travellers, from health tourism to meetings, incentives, conferences, and exhibitions tourism, all the way to the innovative Umrah Plus product and the attractive Cairo City Break program.” Dr. Ghada noted that cooperation lies at the heart of Egypt’s tourism strategy. By strengthening partnerships between tourism entities in Egypt, the Far East, and GGC countries, among other Arab countries, the Ministry aims to combine efforts in promoting Egyptian destinations and ensuring unparalleled experiences for visitors. Through collaborative endeavours, the tourism sector is ready to flourish and grow. “Egypt’s commitment to infrastructure development remains steadfast. From enhancing transportation networks to enhancing airport facilities and expanding railway systems, significant investments are being made to improve accessibility and connectivity across the country. These initiatives play an essential role in facilitating smooth travel experiences for visitors to Egypt, said Dr Ghada Amr El-Kady, CEO, Egyptian Tourism Authority, mentioned that Egypt is witnessing a qualitative shift in its approach to tourism, as by embracing the dynamism of the private sector, the country is embarking on a journey of liberation and promoting an enabling environment for investment and innovation in the travel sector. From this standpoint, the Arabian Travel Market, held in Dubai, constitutes an essential platform to complete these efforts and raise its status at this level.” Mr. Al-Kady pointed out that the …

Louvre Abu Dhabi has welcomed more than 1.2 million visitors in 2023 following a series of exhibitions that complemented the museum’s permanent collection.  International visitors represented 72 per cent of footfall, with the majority coming from key growth markets including Russia, India, France, the US, China, Germany, Italy, Kazakhstan and the UK. The remaining 28 per cent of visitors were UAE residents. The museum also hosted visits by more than 500 officials and dignitaries, including Heads of State, ministers, ambassadors, internationally recognised artists and world-renowned celebrities. The museum also witnessed an increased number of visitors to the Children’s Museum and greater engagement with its school and university programmes. His Excellency Saood Abdulaziz Al Hosani, Undersecretary of the Department of Culture and Tourism – Abu Dhabi, said: “Louvre Abu Dhabi was established as part of our duty to deliver exceptional cultural institutions and experiences for all residents and visitors to the emirate. We are proud to see the impact that this museum has had in its six years of operation, with continually increasing visitor numbers reflecting the strength of its collection, special exhibitions, and community programmes.” Manuel Rabaté, Director at Louvre Abu Dhabi, said: “It is inspiring to witness such growth in visitation, a testament to how Louvre Abu Dhabi is showcasing Abu Dhabi’s rich and diverse cultural landscape. Our museum weaves together the power of collaboration and intercultural dialogue, offering our visitors a glimpse into diverse civilisations and artistic traditions. The interest from our visitors, reflected in the numbers achieved, combined with our unique storytelling, showcases our commitment to excellence in the global cultural landscape.” 2023 saw the opening of five exhibitions at Louvre Abu Dhabi, including Bollywood Superstars: A …

With an impressive 15% increase in overnight stays from GCC travellers in 2023, totalling 1,297,256, Germany reinforces its position as a premier global destination. The fourth quarter of 2023 alone showcased a remarkable resurgence to near pre-pandemic activity levels, with 263,985 overnight stays, mirroring 97.44% of the figures from 2019. The German National Tourist Office (GNTO) announced a stellar performance for Destination Germany, reflecting a robust recovery trajectory and heightened appeal among travellers from the Gulf Cooperation Council (GCC) countries.  2023’s success builds on the momentum from 2022, when GCC visitors to Germany more than doubled, underscoring the region’s growing fascination with Germany’s cultural and sustainable tourism offerings. Germany’s rich calendar of events, including the eagerly anticipated European Championship 2024 from June 14 to July 14, promises to further elevate its status as a premier cultural travel destination. The championship, along with more than 300 cultural events themed around football, exemplifies Germany’s innovative approach to blending sports, culture, and sustainability, aiming to attract even more international visitors in the current year. Yamina Sofo, Director of the Marketing & Sales Office – GNTO GCC, shares her optimism: “Our 2023 performance is a testament to Germany’s magnetic appeal and our steadfast commitment to hospitality. Our growth from the GCC region, our third-largest overseas market, highlights the multifaceted appeal of Germany. “Germany’s allure for travellers from GCC is multifaceted, offering an enriching blend of stunning natural scenery, exclusive shopping experiences, and dynamic urban environments. This diversity not only underscores Germany’s universal appeal but also speaks volumes of our commitment to hospitality and inclusiveness.” Building on the momentum of the previous year’s remarkable performance, GNTO is eager to advance its sustainable tourism initiatives under …

Saudi Arabia has received international recognition and applause from UN Tourism and the World Travel & Tourism Council for its remarkable achievement of welcoming over 100 million tourists in 2023. This accomplishment significantly surpassed the previous target set for 2030, positioning Saudi Arabia as an emerging global tourism powerhouse. The Ministry of Tourism announced that the Kingdom has achieved this milestone seven years ahead of the initial goal according to the latest data. Motivated by this success, the Kingdom has now set a new ambitious target of welcoming 150 million tourists by 2030. Tourism has proven to be a significant contributor to the nation’s economy, with domestic and international tourists spending over 250 billion riyals in 2023. This expenditure represents over 4% of GDP and 7% of the non-oil GDP reflecting the crucial role of tourism in diversifying Saudi Arabia’s economy. H.E. Minister Ahmed Al Khateeb, commented: “This announcement demonstrates the scale of our transformation since the National Tourism Strategy was launched five years ago. Tourism is a key pillar in the nation’s economic transformation under Vision 2030, creating jobs and revenue for the Kingdom. We thank both UN Tourism and WTTC as valued partners in our journey for their shared commitment to a sustainable and prosperous tourism sector.” “The tourism ecosystem continues to operate in line with the national tourism strategy by developing diverse tourist destinations. Our aim is to enrich the experiences of tourists, diversify options for both local and international visitors, and enhance hospitality facilities along with other services provided. We are committed to aligning with top-tier international experiences and practices. This approach contributes to shaping a prosperous future for our tourism industry, improving the quality of …

Air Arabia announced record financial results for the full year ending December 31, 2023. The airline has achieved double-digit growth in profitability and passenger numbers, showcasing its commitment to growth plans and exceptional financial and operational performance. Air Arabia has reported a record net profit of AED 1.5 billion for the full year ending December 31, 2023; representing a 27 per cent increase compared to the AED 1.2 billion recorded in 2022. Moreover, the airline’s turnover for the same period reached AED 6 billion, reflecting a 14 per cent increase compared to the AED 5.2 billion registered in 2022. Full Year 2023 Performance: AED FY 2023 FY 2022 % Revenue AED 6 billion AED 5.2 billion 14% Passenger Numbers*all hubs* 16.7 million 12.8 million 31% Seat Load Factor 80% 80% – Net Profit AED 1.54 billion AED 1.2 billion 27%   Air Arabia’s Board of Directors proposed a dividend distribution of 20 per cent of share capital, which is equivalent to 20 fils per share. This proposal was made following a meeting of the board of directors of Air Arabia and is subject to ratification by Air Arabia’s shareholders at the company’s upcoming Annual General Meeting.   Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said: “2023 has been a remarkable year for the airline. Air Arabia has successfully maintained its growth momentum from the previous record-breaking year and achieved exceptional financial and operational results. The significant milestones attained in terms of growth, revenue, and profitability serve as a testament to Air Arabia’s robust business model, competent management team, and effective growth strategy.” He continued: “Despite the numerous geopolitical and economic challenges faced by the global aviation industry, the …

In 2023, Dubai hotels occupied room nights soared to a record high of 41.70 million, marking a 11% increase compared to 2022 (37.43 million). This growth also represents a substantial 30% rise from the pre-pandemic figures of 2019, which saw 32.11 million occupied room nights. Reflecting the commitment of the city and hospitality sector to offer competitive pricing, the 2023 ADR of AED536 matched the ADR in 2022. The hotel sector’s robust performance is also evident in its RevPAR growth – an increase of 6% compared to 2022 (AED415 vs. AED391) and a growth of 33% over the pre-pandemic period of 2019 (RevPAR of AED312). Guests’ Length of Stay was 3.8 nights in 2023, a 10% increase from 3.4 nights in 2019. His Excellency Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing (DCTCM), said: “As Dubai continues its exponential growth in alignment with the D33 Agenda set forth by our forward-thinking leadership, we remain committed to further elevating our standards and to advancing with innovative and distinctive world-class infrastructure, experiences and attractions. The extensive range of offerings and Dubai’s reputation as a secure, inclusive and accessible destination have been consistently recognised across multiple global indices, culminating in the city being crowned the No.1 global destination for an unprecedented third year in a row in the Tripadvisor Travellers’ Choice Awards 2024.   Hotels outperform pre-pandemic levels across all metrics Dubai’s hospitality sector, which is integral to the emirate’s destination promise and overall growth of the tourism industry, continued to perform strongly, surpassing pre-pandemic levels across all hospitality metrics – Occupancy, Occupied Room Nights, Guests’ Length of Stay, Average Daily Rate (ADR), and Revenue Per Available Room (RevPAR). Occupancy remains …

It was revealed that Spain recorded 56% increase of GCC travellers in 2023 compared to 2019 with a 33% increase compared to 2022. Saudi Arabia can be presented as the prime example of this growth, with more than 100% increase 19-23 and with a 92% increase in 23-22, the total number of Saudi tourists has surged up to 182 thousand, surpassing UAE as the main GCC market for Spain, and consolidating its status and the country’s vision for 2030. United Arab Emirates, Qatar and Kuwait follow after with this trend. The total number of GCC residents visiting Spain in 2023 reached 434 thousand, with an average stay of 8.6 days and a notable increase in expenditure. Factors such as good weather, family-friendly environments, and cultural resonance including the great arab legacy attract GCC travelers to Spain. Looking ahead to 2024, Spain aims to further consolidate its position as a top destination for Middle Eastern travelers through marketing campaigns, strategic alliances and multiple events. In line with this, Spain Tourism recently concluded a successful roadshow across Saudi Arabia, Kuwait, and the UAE, showcasing various regions and offerings of Spain to travel trade partners. The event facilitated networking and collaboration opportunities, emphasizing Spain’s commitment to providing unforgettable experiences for Middle Eastern travelers. Commenting on the success of the roadshow,Daniel Rosado, Director/Tourism Counsellor at Spain Tourism, expressed enthusiasm, stating, “We are delighted with the positive response and engagement we received during our roadshow in Saudi Arabia, Kuwait, and the UAE. These regions hold immense potential for Spanish tourism, and our collaboration with travel trade partners has strengthened our commitment to providing unforgettable experiences for Middle Eastern travelers.” The roadshow aligns with Spain Tourism’s broader …

Dubai welcomed more tourists than ever before in 2023, attracting 17.15 million international overnight visitors over the course of the year, according to the latest data published by Dubai’s Department of Economy and Tourism (DET). Representing a 19.4% YoY growth over the 14.36 million tourist arrivals in 2022, last year’s figure also exceeded the previous record of 16.73 million visitors registered in 2019. The growth aligns with the goals of the Dubai Economic Agenda D33 launched just over a year ago by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to further consolidate Dubai’s position as one of the top three global cities for business and leisure, and the best city to visit, live and work in. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, said: “The best ever performance of Dubai’s tourism sector in 2023 is a testament to the foresight of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. His Highness’s commitment to fostering resilience, excellence and innovation across economic sectors and encouraging meaningful public-private partnerships that deliver value has had a transformative impact on tourism development in the emirate. Dubai’s ability to constantly generate diverse and refreshingly novel travel and tourism experiences catering to a wide range of visitors has been a key factor behind this exceptional performance. With several indicators outperforming pre-pandemic levels, this year’s results mark Dubai out as a vibrant focal point of growth in the global tourism landscape.” Celebrating a record-breaking year in 2023, Dubai further …

Saudi Arabia has accomplished an extraordinary achievement in tourism, achieving a full recovery and recording a 156% growth in international arrivals in 2023 compared to 2019(pre-pandemic year). This impressive recovery is highlighted in the World Tourism Organization’s (UNWTO) Barometer report released in January 2024. This achievement has not only contributed to the Kingdom’s economic growth but also positioned it as a key driver in the Middle East’s tourism recovery. The region, led by Saudi Arabia, is the only one to exceed pre-pandemic tourism levels, with a 22% growth in 2023 compared to 2019. Globally, the tourism sector is steadily rebounding. By the end of 2023 the global average achieved 12% below pre-pandemic levels in international arrivals, with about 1.3 billion international arrivals. The sector’s international revenues neared $1.3 trillion, reaching 93% of the 2019 figure of $1.5 trillion. The direct contribution of tourism to the global GDP was estimated at 3%, or $3.3 trillion, in 2023, based on the UNWTO’s preliminary indicators. Looking ahead, the UNWTO forecasts a complete recovery of global tourism from the COVID-19 pandemic by 2024, with an expected growth of 2% compared to 2019. Saudi Arabia’s tourism sector stands out in the UNWTO reports, leading the G20 nations in the growth rate of international arrivals in 2023 and ranked 2nd as the world’s fastest-growing tourist destination for Q1-Q3 2023. The Kingdom has seen remarkable growth in various tourist destinations, achieving a record in international visitor spending. The first three quarters of 2023 recorded an international visitor spending exceeding 100 billion Saudi riyals, according to the Saudi Central Bank (SAMA). The travel item of the balance of payments showed a surplus of approximately 37.8 billion Saudi riyals …