GCC TOURISM’S CONTRIBUTION TO GDP TO SHOOT UP BY 2030: FITCH

A sample of GCC airports showed that traffic in 2023 was 8% above 2019 levels and was up by about 20% from 2022. The GDP contribution from Gulf Cooperation Council’s (GCC) tourism sector is expected to increase from around $130 billion in 2023 to above $340 billion by 2030, equivalent to more than 10% of GDP in the region, said Fitch Ratings. Having set ambitious goals for the tourism sector that will help reduce their dependence on oil, the GCC countries expect the aviation industry to play an essential role and Fitch Ratings expect air passenger traffic to show material growth. The region already has some of the world’s most modern airports, including Dubai International Airport (UAE, 87 million passengers), Hamad International Airport (Doha, Qatar: 45.9 million) and King Abdulaziz International Airport (Jeddah, Saudi Arabia: 42.9 million). Source: Zawyak