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UAE GDP to rise by more than 15% by 2022

WTTC report finds that UAE tourism attracted capital investment of $20.78 billion in 2012

The UAE’s gross domestic product could rise by more than 15% by 2022.

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The UAE’s gross domestic product will rise more than 15% by 2022, according to a report by the World Travel and Tourism Council (WTTC).

The total contribution of tourism to UAE’s GDP is expected to increase from $49.5 billion in December 2012 to $75 billion by 2022, a rise by 4.3% annually or an equivalent of 14.6% of the country’s GDP.

WTTC said that UAE tourism attracted capital investment of $20.78 billion in 2012. This  number is projected to increase further in the coming ten years to $37.9 billion yearly. Tourism projects will amount to 26.7% of the total national investment by 2022.

The report showed that tourism has generated 166,000 jobs directly in 2012, 4.6% of total employment in the UAE. The report forecasts that travel and tourism will provide 236,000 direct jobs by 2022, an increase of 3.2% over the next 10 years.

Abu Dhabi has attracted 2.3 million hotel guests in 2012, it is expected that the number will rise to 2.5 million in 2013, with higher occupancy rates according to TCA.

This year the UAE is expected to welcome 11.3 million international tourists, with that figure forecast to rise to 18.8 million by 2022, to generate expenditure of $45 billion.

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