UAE Has Made Significant Achievements in Luxury Tourism
The UAE has become one of the top luxury tourism destinations in the world, due to its advanced infrastructure and world-class services.
As well as its luxurious accommodations that cater to visitors who seek unique and high-end travel experiences.
The UAE has made significant strides in this sector.
As per a report by Grand View Research on the UAE luxury travel market and its forecasts for 2023-2030, revenues from the UAE’s luxury travel market reached $18.6 billion in 2023, with expectations that it will exceed $35 billion by 2030.
About UAE’s Luxury Travel Market Growth Rate
The report predicts that the UAE’s luxury travel market compound annual growth rate will be 9.5% between 2024 to 2030.
This growth rate is surpassing the global average of 7.9%.
Mentioning that the global luxury travel market is expected to grow from $1.38 trillion in 2023 to $2.3 trillion in 2030.
Trinity Group, company formation services provider, believes that luxury tourism revolves around the UAE’s upscaled experiences.
Because the country boasts numerous luxury hotels and shopping centers that attract a huge number of global tourists.
According to Arthur D. Little, a global consulting company, the UAE has not only built some of the most luxurious hotels.
But has also succeeded in combining hospitality with cultural and entertainment experiences.”
The UAE ranked first in the world on the list of the most economically stable countries, ahead of Switzerland and Germany, which ranked second and third respectively, with a GDP of $504 billion, with a per capita share estimated at $83.9 thousand. pic.twitter.com/YY1dn2MLPp
— UAE Voice (@uae_voiceeng) October 25, 2024
Dubai Among The Best World Destinations For Luxury Tourism
Another study conducted by “Cavendish Maxwell, real estate consultancy group indicated that over 2,700 new hotel rooms were opened in Dubai.
This was during the first half of this year, 75% of which were in the luxury category.
In addition to 10,100 rooms which are expected to enter the market by the end of 2025.
The group noted that Dubai’s hospitality sector has flourished, due to the below:
- Dubai’s strong economy
- Increased infrastructure investment
- high focus on experience-based tourism
In 2023, the tourism sector contributed 11.7% to the UAE’s GDP, reaching AED 220 billion.
During this year, its contribution will rise to 12% of GDP, equivalent to AED 236 billion.
