The 31st edition of Arabian Travel Market (ATM) will be held at Dubai World Trade Centre (DWTC) in the United Arab Emirates from Monday, May 6 to Thursday, May 9, 2024. Attendees from all over the world will explore opportunities spanning the full spectrum of travel and tourism, including leisure, business, luxury, and meetings, incentives, conferences, and exhibitions (MICE).
According to Statista’s study, the worldwide travel and tourism business is expected to generate $854.7 billion in revenue this year. The industry is predicted to expand at a compound annual growth rate (CAGR) of 4.42% from 2023 to 2027, surpassing the trillion-dollar threshold in the following four years.
According to Allied Market Research, the market for business travel was estimated to be worth $689.7 billion globally in 2021 and was expected to reach $2.1 trillion by 2031. Meanwhile, research from Coherent Market Insights indicates that by the end of this decade, the worldwide luxury travel market is expected to surpass $440 billion. In GCC nations like the UAE, where DWTC’s most recent Economic Impact Assessment (EIA) Annual Report predicted that the venue’s total economic output – spanning 63 large-scale events – exceeded $3.5 billion in 2022, the MICE segment is still making significant contributions.
The theme of ATM 2024 is “Transforming Travel Through Entrepreneurship,” and participants will discuss how the travel and hospitality industries—including leisure, business, luxury, and MICE—are fostering sustainable development and economic growth in destinations, aviation, and hospitality. This is opening up new business prospects for investors and entrepreneurs from the Middle East and beyond.
“Holidaymakers represent a crucial focus for the Middle East’s travel community, but leisure is only one component of a much bigger picture,” stated Danielle Curtis, Exhibition Director, Arabian Travel Market. Statista projects that the global market for business, luxury, and MICE travel will reach a value of over $1 trillion by 2027, reflecting the substantial contributions these travel segments are making to sustainable development and economic progress.
“Therefore, it should come as no surprise that the travel and tourism industry is offering never-before-seen chances for investors and entrepreneurs, thousands of whom will present their breakthroughs, share ideas, and establish new alliances at ATM 2024,” the speaker continued.
The World Travel and Tourism Council (WTTC) has released estimates showing that the travel and tourism industry is expected to contribute $49.18 billion to the UAE GDP alone in 2023. By 2033, this amount is expected to rise to $64.12 billion, or a remarkable 10.2% of the country’s GDP.
Millions of people from all over the world are anticipated to gain new jobs and income as the travel and tourism sector in the Middle East develops. For example, the UAE government projects that by 2027, the travel and tourism industry would sustain 770,000 jobs in the nation. Simultaneously, the industry is anticipated to yield consistently rising profits for local economies; Gulf visitors spend roughly 6.5 times more than visitors from other regions of the world, according to the UN World Tourism Organization (WTO).
ATM 2024 will have a strong emphasis on sustainable development as it builds on the net-zero promises made during its historic 30th edition. As ATM’s destination partner, Dubai’s Department for Economy and Tourism (DET) will highlight its continuous initiatives to save the environment and ensure a more sustainable and green future for the emirate. In addition to the city’s hosting of COP28 later this year, innovative initiatives like Dubai Sustainable Tourism, Dubai Can, and Dubai Carbon Calculator will offer the perfect backdrop for ATM attendees looking to identify opportunities related to responsible tourism in the UAE and the wider Middle East.
According to a research by InterNations, the Gulf Cooperation Council (GCC) countries made up five of the top ten global destinations where expatriates find it easiest to settle. These countries can be attributed to their business-friendly governance, tax-free salaries, and continuous visa changes. According to a Q1 2023 Magnitt analysis, the United Arab Emirates topped the count of exits, while Saudi Arabia lead the area in venture capital investment for startups. Therefore, the next ATM edition will provide the ideal setting for panelists, presenters, and audience members to discuss business and investment opportunities for entrepreneurs in the Middle East’s travel and tourism industry.
Strategic partners of ATM 2024, which is being held in association with Dubai World Trade Center, include the Department of Economy and Tourism (DET), which is the destination partner; Emirates, which is the official airline partner; IHG Hotels & Resorts, which is the official hotel partner; and Al Rais Travel, which is the official DMC partner.
Source- Travel daily
Link- https://www.traveldailymedia.com/atm-2024-to-explore-the-full-spectrum-of-travel-and-tourism/