The Middle East is witnessing the development of hotel and residential projects with a total value of $ 1.9 trillion, of which Saudi Arabia, the UAE, and Egypt account for 90 percent of these investments worth $ 1.7 trillion, in line with the region's plans to attract 160 million tourists annually by 2030.
According to data released by Knight Frank, the Middle East has fully recovered from the impact of the Corona pandemic on the hospitality and travel sector, as revenues and employment rates exceeded pre-Corona levels. The sector's contribution to the region's GDP rose 47 percent in 2023 to $107 billion, the highest compared to the rest of the world. This growth was attributed to the increase in the number of jobs by 14.5 percent, to about one million new jobs.
Source (Al-Arabiya.net Website, Edited)
