Muscat: UN Tourism (UNTWO) will conduct the 50th edition of the regional conference, including a high-level ministerial meeting, at Al Bustan Palace Hotel between May 22 and 25.
The conference will include key data, insights, and discussions about trends and opportunities for the sector in the region.
In 2023, the Middle East was leading the recovery, being the only region to surpass the pre-pandemic levels with arrivals 122 percent above 2019 levels, reaching 87.1 million international tourists.
With the strong forecast growth in global tourism to 2030, significant investment will be required to provide the accommodation, transport, and other tourism-related services and infrastructure necessary to meet expected demand, while enhancing economic, social, and environmental outcomes.
According to UN Tourism, this will require an integrated approach across many sectors (e.g. transport, environment, agriculture, innovation, education, tourism) and levels of government (national, regional, local), with input and support from industry. Investment will also be critical in managing this growing tourist flow sustainably.
Between 2018-2023, the countries in the region were the destination of 254 announced greenfield projects in the tourism cluster, with a total investment of $15.2 billion, creating around 33,629 new jobs
In addition, the region serves as a vibrant hub for inward and outward tourism investments, with investors strategically investing in the sector in other parts of the world.
As the global tourism landscape evolves, the region plays a pivotal role in shaping the future of the sector through its vision, investment initiatives, and strategic partnerships.
In this sense, between 2018-2023, Middle East countries have announced 109 greenfield FDI projects abroad in the cluster of tourism, with a total investment of $6.8 billion.
UN Tourism Middle East member states are Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen.
Moreover, non-traditional investments are receiving increased attention as innovation and entrepreneurship are becoming ever more important enablers to support an inclusive economic recovery and building resilience.
In that context, venture capital funding in travel and tourism reached more than USD 341 million 4 between 2018-2023 in the region. Investment and financing are an essential part of this. The possibilities are wide-ranging and include public and private investment in low-carbon transport options and the construction of resource-efficient tourism infrastructure, as well as initiatives to support innovation, promote the adoption of responsible business practices, and encourage the integration of tourism businesses into low-carbon and sustainable tourism supply chains.
