The United Arab Emirates (UAE) is strategically enhancing its tourism sector by implementing a visa-free policy for outbound travel, promoting economic diversification and boosting its global reach. This initiative, coupled with a thriving luxury hospitality sector and robust travel infrastructure, positions the UAE as a leader in the global tourism landscape.
Oman has initiated ‘Governorate Tourism’ to bolster tourism across its governorates. With an investment of RO15mn earmarked for 2025, promising projects within the sector will receive funding. The ‘Governorates’ Competitiveness Index’ was introduced at the ‘Governorates Economics Forum 2024’ to guide investments and prioritize development. H E Dr Mohammed al Saqri, Minister of Economy, announced the Governorate Tourism initiative in collaboration with the Ministry of Heritage and Tourism. This initiative aims to empower the tourism sector by capitalizing on each governorate’s uniqueness, supporting local communities, small and medium enterprises, and creating employment opportunities.
The ‘New Silk Road’ region, encompassing Asia, the Middle East, and North Africa (MENA), is poised for unprecedented growth and connectivity, significantly impacting travel and tourism. This area, home to 4.9 billion people and representing over 40% of the global economy, is experiencing economic diversification and increased collaboration, driven by strategic plans and regional initiatives. The report highlights six major themes driving this growth, including high energy prices, supply chain relocations, clean tech exports, and regional infrastructure development.
The Middle East’s tourism industry is thriving, driven by substantial government support and economic diversification initiatives. In 2023, the region experienced a surge in tourist arrivals, exceeding pre-pandemic levels and leading the global tourism recovery. This growth is fueled by significant investments in infrastructure, with over 250 greenfield projects since 2018, creating thousands of jobs. The Middle East is also emerging as a global leader in tourism investments, hosting the AIM Congress to discuss innovation and women empowerment in the sector. UN Tourism plays a vital role in promoting gender equality and supporting women entrepreneurs through its Women in Tech Startups competition.
As part of its economic diversification strategy, Saudi Arabia is investing heavily in the entertainment sector, aiming to become a top global destination for leisure and entertainment. The country is expected to witness a dramatic surge in consumer spending on entertainment, potentially reaching $5 trillion by 2028.
Las Vegas has experienced a surge in excitement with the recent hosting of major events such as the Formula One race and Super Bowl, boosting revenue for casinos. However, despite its status as a food, entertainment, and sports capital, the city’s educational system ranks poorly, hindering economic diversification. To lure industries and improve education, funding is needed for vocational schools and a new revenue stream. The gaming industry could embrace lottery legislation or increase the gaming tax to support education, mental health, and homelessness, propelling Las Vegas to educational excellence.
Hong Kong’s economic future requires a shift in mindset, with the private sector taking on greater responsibility. The city’s traditional drivers of growth are evolving, and the private sector must identify and capitalize on new economic opportunities. While challenges exist, the growing number of visitors to Hong Kong indicates that the city’s economic fundamentals remain strong. Rather than relying on the government, the private sector needs to actively embrace change and create value for the city and its people.
