The UAE’s travel and tourism division is expected to make 245,000 jobs precisely by 2023, registering yearly increase rate of 4.1%, according to the research analysis published by the Dubai Chamber of Commerce and Industry.
The study also found that capital venture in the sector is assumed to rise per annum by an average of 4.5% to achieve Dh143.4 billion in 2023. This would strengthen travel and tourism’s share of the UAE’s total private savings to about 23.2% up from 22.8% in 2013.
The UAE is placed 28th along with 139 countries and 1st in the Middle East in the World Economic Forum’s. Dubai is holding a 66% share of the UAE’s tourism economy while Abu Dhabi is having 16% and Sharjah 10%.
Based on the World Travel & Tourism Council, or WTTC, in 2012 the estimated total value added made by the UAE travel and tourism sector, whichever directly or indirectly, attained about Dh193.6 billion compared to Dh176 billion in 2011, almost a 14.3% share of GDP.
The UAE travel and tourism sector value-added profit share is expected to arrive at about 16.4% of total GDP and to record an average annual growth rate of 5%, to reach Dh325.4 billion by 2023.
According to the same study, the UAE travel and tourism division GDP in 2011 was larger than that of the automotive manufacturing, chemical manufacturing and education divisions. In terms of its direct GDP, travel and tourism is somewhat smaller than the size of the financial services sector in the UAE.