According to a study by the World Travel & Tourism Council (WTTC), the contribution of tourism in the UAE’s economy in 2016 remained US$ 64 billion and it is expected to double in the next 10 years. Comparatively, the share of tourism in the economy of UAE in 2015 was US$ 36.43 billion. This clearly reveals that tourism industry in UAE is rapidly growing and the growth rate will increase in the coming decade.
The same report says that the rank of UAE among the world’s leading tourist destinations is 28 out of total 184 countries. The industry was supporting 330,000 jobs in 2015 and it is expected to reach at 520,000 jobs in 2026. UAE will also host the World Expo in 2020 in Dubai and they are expecting the arrival of 25 million visitors during this world expo that will be held in the Middle East for the first time. The number of visitors in UAE is expected to reach around 35 million by 2026. These visitors will spend more than US$ 45 billion in the gulf country.
The businesses that are benefiting from rise of tourism industry are hotels, restaurants, leisure industries, airlines, travel agents etc. and they are providing tourism business opportunities for foreign investors.
Hotel business in UAE is the direct beneficiary of tourism industry in the country. Most of the foreign tourists select hotels for their accommodation during their visit. There are several world class hotels including chains of international hotels in UAE but these luxury hotels are chosen only by extremely wealthy tourists while most of the tourists look for economical hotels for longer stay. You can take maximum benefit for hotel business in UAE by either taking share of a large hotel chain or by constructing your own hotel in mainland or in free zones of UAE.
If you are short of money and can’t provide accommodation for tourists then you can provide them with delicious food for their enjoyment with the business of restaurants. As the numbers of tourists are expected to grow, the restaurant business in UAE will also take benefit as these foreign tourists will like to dine for delicious meal in restaurants during their shopping or picnic tour. You can establish various types of restaurants that provide western, Chinese, Arabic, Pakistani or Indian foods as people from all part of the world visit UAE in large numbers. You are provided with opportunities to establish restaurants in various parts of UAE either in mainland UAE or in free zones.
Leisure industry is directly related to tourism as it provides sports, recreation, entertainment and other tourism related services and products. UAE hosts several sports events in the country that attract sports lovers from all around the globe. An industry related to sports will fulfill the requirements of these sports lover. Parks and other recreational spots are liked by both children and adults of both local and foreign citizens and they provide best business opportunities for foreign investors. Business related to film, TV and music are also included in leisure industry. Similar to various types of foods, you can also take advantage with entertainment industry of various countries and cultures like subcontinent, European, Arabic etc. due to diversity in local and foreign population of UAE.
Increase in number of visitors will automatically increase number of air traffic that will boost the business of travel agency. Travel agency business provides information and services related to airlines, railways, package tours, travel insurance, hotels etc. You can also establish travel agency related to foreign travel companies that allow the entrepreneur to keep offices in other countries apart from the country where there headquarters are related. You can expect to earn on enormous level by spending very little on the establishment of travel agency related to visitors of UAE.
Language Translation Services:
It is easier for foreign tourists to stay in UAE after knowing Arabic language that is spoken by majority UAE population. You can easily setup language translation business in UAE for which you can hire persons that know local (Arabic) language and one of the foreign languages like English, French, German, Chinese etc. It will attract not only foreigners but also local citizens who would like to understand other languages. The increase in number of foreign citizens will increase the possibility of growth of language translation services in UAE.