DUBAI, 25 October 2023: Travel executives worldwide will explore opportunities spanning leisure, business, luxury and meetings, incentives, conferences and exhibitions (MICE) – at the 31st edition of Arabian Travel Market (ATM), which will take place at Dubai World Trade Centre (DWTC) in the UAE from Monday 6 to Thursday 9 May 2024.
Revenue in the global travel and tourism market is projected to reach USD854.7 billion this year, according to research conducted by Statista. The sector is expected to grow at a compound annual growth rate (CAGR) of 4.42% from 2023 to 2027, passing the trillion-dollar mark within the next four years.
Arabian Travel Market exhibition director Danielle Curtis said: “Holidaymakers represent a crucial focus for the Middle East’s travel community, but leisure is only one component of a much bigger picture. Business, luxury and MICE travel are also making significant contributions to economic growth and sustainable development, with Statista predicting a global market volume of more than USD1 trillion by 2027.
“It is, therefore, no surprise that the travel and tourism sector is creating unprecedented opportunities for entrepreneurs and investors, thousands of whom will showcase their innovations, exchange ideas and forge new partnerships at ATM 2024,” she added.
The travel and tourism sector is on course to contribute USD49.18 billion to the UAE economy alone in 2023, according to figures released by the World Travel and Tourism Council (WTTC). This figure is predicted to reach USD64.12 billion by 2033, accounting for an impressive 10.2 per cent of the nation’s GDP.
As the Middle East’s travel and tourism industry continues to mature, it is expected to create new jobs and income for millions of people from across the globe. The UAE Government, for instance, estimates that the country’s travel and tourism market will support 770,000 jobs by 2027. At the same time, the sector is expected to generate ever-increasing revenues for regional economies – Gulf travellers spending approximately 6.5 times more than tourists from other parts of the world, according to the UN World Tourism Organization (WTO).
Sustainable development will represent another key focus at ATM 2024 as the show builds on the net-zero commitments outlined during its milestone 30th edition.