The Finance World Magazine| Edition: April 2023

Travel News
Aviation Industry in Middle
East to see significant
growth by 2030
The Middle East’s aviation industry
has a promising future, with
significant growth projected in
the coming years. Oliver Wyman’s
recent study indicates that the regional
fleet is expected to expand by 5.1%
annually over the next ten years, while
the MRO sector is forecast to grow at a
CAGR of 4.9% during the same period.
Although the industry depends heavily
on international travel, the region’s air
traffic increased around events such
as the World Cup in Qatar last year.
The report also reveals that the Middle
East’s share of the global fleet will rise
from 4.9% in 2023 to 6% in 2033, with
narrowbodies driving the fleet’s growth
in the next decade.
Saudi Arabia’s $550B
Tourism Plan sets
sights on new heights
Saudi Arabia’s tourism industry
has seen a significant boost, with
a record 93.5 million domestic
and international visits in 2022,
marking a 121% increase in international
tourism compared to pre-pandemic levels.
As the world’s fastest-growing tourism
destination in the G20, Saudi Arabia has
committed $550B to developing new
destinations by 2030. At this year’s ITB
Berlin, a record number of partners are
promoting trips, hotels, packages, and
cruises in Saudi Arabia. The country aims
to increase international air connectivity
from 140 to 250 cities by 2030 to attract
more visitors. The preservation of heritage
and history is one of the highlights of the
Saudi tourism experience, with a master
plan to transform Diriyah, a 300-year-old
city and birthplace of the nation.
UAE Winter Tourism
Campaign Spurs $490M
in Hotel Revenue
The UAE’s “World’s Coolest
Winter” campaign has proven
successful, with a recorded 1.4
million domestic tourists, an
8% increase from the previous edition.
The campaign, which received positive
interaction from 100% of the global
audience, also saw over 5.8 million
social media interactions and more
than 18,000 photos and videos on social
media using the #WorldsCoolestWinter
hashtag. The campaign’s success in
enhancing the national economy and
supporting domestic tourism aligns
with the UAE Tourism Strategy 2031,
which seeks to attract AED 100B as
additional investments for the tourism
sector and raise its contribution to the
GDP AED 450B in 2031.
Abu Dhabi airport named
world’s best for arrival
experience by passenger
surveys
Abu Dhabi International Airport
has been named the best airport
for arrival experience in the
annual Airport Service Quality
Awards. The awards, organized by the
Airports Council International, are based
on live surveys of the experience and
overall satisfaction levels of travellers
departing and arriving at airports.
Hartsfield-Jackson Atlanta International
Airport in the US and Kempegowda
International Airport in India were also
recognized for their customer experience.
Jamal Salem Al Dhaheri, managing director
and chief executive of Abu Dhabi Airports,
said the award was a testament to the
team’s hard work and dedication in
making the airport a welcoming and
comfortable space for all.
April 2023 www.thefinanceworld.com 87