Results for: Tourism Investment

The 121st session of the UN Tourism Executive Council focused on promoting the sector’s recovery from the pandemic and fostering innovation and investment. International tourist arrivals increased by 20% in the first quarter of 2024, and receipts rebounded to USD 1.5 trillion in 2023. The Council approved the Work Plan for the UN Tourism Agenda for Europe, endorsed Uruguay’s bid to host the Tourism Law Observatory for Latin America and the Caribbean, and signed an MoU with Greece to establish a Research and Monitoring Centre for Coastal and Maritime Tourism. The agenda also highlighted urban tourism management, with Barcelona sharing its strategy for responsible and inclusive growth.

Saudi Arabia’s Ministry of Tourism highlighted the Kingdom’s growing tourism potential at the 46th Annual NYU International Hospitality Investment Conference. The event showcased Saudi Arabia’s commitment to diversifying its economy and creating a global tourism hub. Keynote speaker Mahmoud Abdulhadi outlined the Kingdom’s plans for new destination development and infrastructure, while representatives from the Ministry of Tourism and Ministry of Investment discussed the benefits of the Tourism Investment Enablers Program (TIEP). The conference also featured a fireside chat with Gloria Guevara Manzo, who shared insights on emerging trends in global tourism.

In a concerted effort to stimulate tourism growth, Iran’s Cultural Heritage, Tourism, and Handicrafts Ministry has introduced over 600 investment packages. This comprehensive initiative aims to attract investors, both domestic and international, through strategic collaborations between government entities and the private sector. The packages span various aspects of tourism, including water-based activities, heritage conservation, and urban development.

Qatar will host the 51st UN Tourism Regional Commission conference, solidifying its position as a global cultural and economic hub. The announcement was made at the ongoing 50th session in Muscat, Oman, where Qatar’s delegation, led by HE Mr. Saad bin Ali Al Kharji, Chairman of Qatar Tourism, discussed collaborations with UNWTO Secretary-General HE Zurab Pololikashvili. The conference will emphasize the tourism sector’s role in economic growth and international cooperation. Qatar’s hosting of the event showcases its commitment to excellence in tourism services and its attractive investment climate for both domestic and international investors.

In 2023, Saudi Arabia’s travel sector has exceeded expectations, leading to a revised target of 150 million visitors by 2030. The Kingdom has witnessed significant growth in tourist arrivals, domestic and international, bolstered by regulatory changes such as the new ‘Visiting Investor’ visa. As part of its economic diversification strategy, Saudi Arabia aims to make tourism its second largest revenue source by 2030. The launch of Riyadh Air and the Air Connectivity Program are key initiatives driving industry growth.

Qatar Tourism will host the 51st meeting of the United Nations World Tourism Organization (UNWTO) Regional Commission for the Middle East, scheduled to be held in Doha. This announcement was made during the ongoing 50th meeting in Muscat, Oman, which emphasizes the country’s role as a regional and global hub for cultural, economic, and political exchange. The 50th meeting focused on fostering cooperation and integration in the tourism sector among participating countries within the Arab and regional levels. Key topics discussed included the implementation of a unified tourist visa for the GCC countries, tourism investments, funding methods, and Qatar’s commitment to service excellence in the tourism industry.

The Ontario government has committed over $8 million for the next three years to bolster cultural tourism in communities throughout the province. This year, $2.4 million from this investment will be channeled through the Ontario Cultural Attractions Fund (OCAF) to assist 40 arts, heritage, and cultural organizations in crafting, promoting, and hosting top-notch events. These endeavors aim to enhance local economies and foster employment opportunities with competitive wages.