SIDELINES
FORBES MIDDLE EAST
6
Ready To Book Of all the industries to be thrown into havoc by the global pandemic, travel and tourism is undoubtedly one of the hardest hit. According to data from the World Travel & Tourism Council, the sector contributed 10.4% to global GDP in 2019, but in 2020 this dropped to 5.5% after it suffered losses of almost $4.5 trillion worldwide. Around 62 million jobs were lost, and international visitor spending declined by 69.4%. So, as some countries make moves to wave goodbye to the last of their COVID-19 restrictions, leaders in travel must be collectively breathing a sigh of relief. While it’s too early to claim we are in the post-pandemic stage—the WHO not yet giving any indication of down-grading the global status—we are now looking at recovery. Strategy& forecasts that it may take three to five years for countries with an established tourism sector to regain the numbers they saw in 2019, but the world’s busiest airport, Dubai International Airport, is already back to 100% operations, reporting 29.1 million in annual traffic in 2021. As someone that loves traveling and always heads to the airport over 3hrs early, I must say I’m very excited at the prospect of this vital element of life returning to normal. For the Middle East, travel and tourism is about more than profit or lifestyle; it’s fundamental to economic diversification plans. Saudi Arabia arguably has some of the region’s most ambitious plans when it comes to international tourism, but then in many ways it had the most ground to make up, having only created an eVisa option for tourism in 2019. With its borders now open to foreign tourists, the kingdom is again working towards increasing its numbers of domestic and international tourists to 100 million a year by 2030, boosting the tourism sector’s contribution from 3% to 10% of GDP. It has a number of major developments underway to achieve this, including the Red Sea Project along its western coast and Diriyah Gate outside of Riyadh, but Saudi is far from the only Middle East country building tourist-tempting destinations. Other notable developments include Egypt’s Grand Egyptian Museum, which is set to be the world’s largest archaeological museum and is currently under construction in Giza. And the U.A.E. just opened its Museum of the Future, a stunning silver calligraphy-adorned structure in Dubai. In this issue, we take a look at some of the biggest tourism projects currently underway in the Middle East —you may find they inspire you to start planning a trip. Against this context, this month we also rank the top regional leaders in the travel industry, looking across hotels and hospitality, aviation, and tourism-driven organizations. These business heads have perfected the art of resilience over the last two years and, despite the odds, many are now reporting growth. Enjoy learning more about them, and I hope you’ll be heading to the airport soon. —Claudine Coletti, Managing Editor
F O R B E S M I D D L E E A S T.C O M
MARCH 2022
