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UAE tourism sector at 11% of GDP

UAE tourism sector at 11% of GDP
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Abu Dhabi - Mubasher: Tourism and travel sector in the UAE accounts for 11.3% of the country’s GDP for 2017, which is equivalent to more than AED 154 billion, according to a report from the World Travel and Tourism Council.

The share is expected to increase up to 4.9% by the end of 2018, accompanied by a compounded annual growth rate (CAGR) of 3.9% until 2028, according to the Emirati economic ministry.

The report also pointed out that the sector accounts for 9.5 % of the country’s labour market in 2017, with expectations of a 3.2% increase this year or up to 604,500 jobs.

Meanwhile, the expected spend of visitors for this year is forecasted to increase by 5.3% this year, surpassing the AED 123.5 billion posted in 2017.

Tourism investments in the country reached AED 25.4 billion in 2017 or the equivalent of 8% of the total investments in the country.