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51846
Mon, 03/23/2009 - 13:42
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https://oananews.org//node/51846
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Capital to invest US$230bn in tourism in next five years
Abu Dhabi is expected to pump nearly US$230 billion (Dh844bn) into tourism projects in the next five years within an ongoing drive to diversify its oil-reliant economy, a government official said yesterday according to a report in "Emirates Business."
The investments are in line with the emirate's ambitious long-term development plan, Vision 2030, which focuses on expansion of non-oil sectors and attraction of capital, said Azhari Issa, an economic researcher at the Abu Dhabi Department of Economy and Planning (DPE).
"Over the next five years, around US$230bn will be invested in the tourism sector in the emirate," he said in a lecture at DPE.
"This illustrates the significance of this sector in the domestic economy… Tourism's contribution to the GDP now accounts for nearly 2.1 per cent and provides 4.3 per cent of the jobs in the emirate… Its contribution to the non-oil GDP is estimated at 6.4 per cent," he said.
Azhari said Abu Dhabi hotel earnings surged to Dh4.3bn in 2008 from Dh2.5bn in 2007 despite the decline in most economic and financial sectors in the region in the last quarter of 2008.
The number of hotels and rest houses exceeded 105 at the end of 2008, providing 12,727 rooms compared with 10,192 rooms in 2007, he said. Hotel inmates peaked at 1.5 million last year compared with 1.4 million in 2007 and around 1.1 million in 2006. "Hotel room occupancy rates grew nearly 84 per cent in 2008 from 67.5 per cent in 2007," Azahri added.
The investments are in line with the emirate's ambitious long-term development plan, Vision 2030, which focuses on expansion of non-oil sectors and attraction of capital, said Azhari Issa, an economic researcher at the Abu Dhabi Department of Economy and Planning (DPE).
"Over the next five years, around US$230bn will be invested in the tourism sector in the emirate," he said in a lecture at DPE.
"This illustrates the significance of this sector in the domestic economy… Tourism's contribution to the GDP now accounts for nearly 2.1 per cent and provides 4.3 per cent of the jobs in the emirate… Its contribution to the non-oil GDP is estimated at 6.4 per cent," he said.
Azhari said Abu Dhabi hotel earnings surged to Dh4.3bn in 2008 from Dh2.5bn in 2007 despite the decline in most economic and financial sectors in the region in the last quarter of 2008.
The number of hotels and rest houses exceeded 105 at the end of 2008, providing 12,727 rooms compared with 10,192 rooms in 2007, he said. Hotel inmates peaked at 1.5 million last year compared with 1.4 million in 2007 and around 1.1 million in 2006. "Hotel room occupancy rates grew nearly 84 per cent in 2008 from 67.5 per cent in 2007," Azahri added.
