UAE - Mubasher: The UAE's international tourism returns will slump by $15 billion to $6.4 billion in 2020, compared to $21.4 billion in 2019 due to the coronavirus (COVID-19) outbreak, decreasing by 70%.

The number of tourists arriving in GCC countries is expected to drop in millions between 34% and 70% in each country, with Saudi Arabia and the UAE to record the lowest levels in a decade, according to a report by AT Kearney cited by Zawya.

The firm remarked that the region could witness an over $40 billion loss in international tourism receipts this year.

For most of the GCC countries, the tourism sector greatly contributed to their non-oil economic growth amid ambitious plans to lower reliance on crude oil exports and diversify the region's economies.

In the UAE, the sector contributed 11.2% of the gross domestic product (GDP), while its economic contribution in Saudi Arabia recorded 9.3% of the GDP.

Due to COVID-19, the sector was heavily impacted, as several major events have been cancelled or postponed, including Art Dubai 2020 and the Dubai Expo 2020, which were forecast to attract millions of visitors.

Globally, tourist arrivals will retreat between 58% and 78%, reducing international proceeds by $874 billion and $1,175 billion and putting up to 75 million jobs at risk.

"Even using conservative estimates, there’s no doubt that international tourist arrivals—and the associated income from spending and jobs—will suffer in the short term, both globally and across the GCC," the report noted.