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FinancialNews
15-06-20
UAE's international tourism profits projected to reduce by 70 percent
(MENAFN)
The UAE's international tourism returns will decrease by 15 billion U.S. dollars to 6.4 billion U.S. dollars in 2020, compared to 21.4 billion U.S. dollars in 2019 due to the coronavirus pandemic, decreasing by 70 percent.
The number of tourists arriving in Gulf Cooperation Council countries is projected to decrease in millions between 34 percent and 70 percent in each country, with Saudi Arabia and the UAE to report the lowest levels in a decade, according to a report by AT Kearney cited by Zawya.
The firm commented that the region could eye an over 40 billion U.S. dollars shortage in global tourism receipts in 2020.
For most of the GCC countries, the tourism sector greatly influenced by their non-oil economic development during ambitious strategies to lower reliance on crude oil exports and diversify the region's economies.
MENAFN1506202000450000ID1100324878
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