According to Phocuswright, the Middle East travel market is on a clear upswing with a 13% year-over-year growth recorded in travel gross bookings in 2023
Sep 6, 2024
The latest edition of Phocuswright’s annual Middle East Travel Market Report forecasts 40% growth in the region’s travel industry, with bookings expected to exceed $127 billion by 2027. This growth is being driven by significant investment in travel infrastructure and rising consumer demand.
Key takeaways
- United Arab Emirates: In 2023, the UAE will cement its position as the leading market in the Middle East travel sector, with gross bookings reaching $44.5 billion, a 12% increase year-on-year;
- Saudi Arabia: Driven by ambitious projects and strategic investments, Saudi Arabia’s travel industry saw a significant boost in 2023, with gross bookings reaching $17 billion, a 16% growth from the previous year;
- Qatar: Building on the global attention generated by the 2022 FIFA World Cup, Qatar’s travel sector continued to expand in 2023, with gross bookings approaching $16 billion, an increase of 8% over the previous year;
- Egypt: Surpassing forecasts, Egypt’s tourism industry thrived in 2023, welcoming 14.9 million visitors and exceeding pre-pandemic revenue levels in Egyptian pounds;
- Digital maturity and transformation: The digital evolution of the Middle East travel market reached a critical point in 2023, with online bookings accounting for an impressive 46% of total gross bookings.
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