The UAE is a country known for its luxurious lifestyle, modern architecture, and diverse culture. It is one of the most visited tourist destinations in the world, attracting millions of visitors every year. With such a thriving tourism industry, it is natural to wonder how much of the UAE’s GDP comes from this sector.
What is GDP?
Before we dive into the specifics of tourism’s contribution to the UAE’s GDP, let us first understand what GDP means. GDP or Gross Domestic Product is a measure of a country’s economic output. It represents the total value of all goods and services produced within a country’s borders in a specific period.
Tourism’s Contribution to UAE’s GDP
According to recent statistics, tourism contributes significantly to the UAE’s economy. In 2019, the travel and tourism industry contributed AED 160.8 billion or 11.5% to the country’s GDP. This figure highlights how important this sector is for the country’s financial stability.
Furthermore, tourism has been one of the fastest-growing industries in the UAE over recent years. The government has invested heavily in developing world-class infrastructure and attractions such as theme parks, shopping malls, luxury hotels, and cultural landmarks like Burj Khalifa and Sheikh Zayed Grand Mosque.
Employment Opportunities
Moreover, with an increasing number of tourists visiting Dubai and other emirates every year, there has been an increase in employment opportunities within the hospitality sector. The travel and tourism industry accounted for approximately 9% of total employment in 2019.
Diversification Strategy
The UAE government has recognized that diversifying its economy away from oil-dependency is crucial for long-term growth and stability. Tourism plays an essential role in this diversification strategy as it not only generates revenue but also creates job opportunities for locals while promoting cultural exchange between different countries.
Conclusion
In conclusion, tourism is a significant contributor to the UAE’s GDP. The government’s commitment to investing in world-class infrastructure and attractions has resulted in the country becoming one of the most popular tourist destinations globally. The growth of the tourism industry has also led to an increase in employment opportunities, making it a vital component of the country’s diversification strategy.
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