The Gulf Cooperation council is also known as cooperation council for the Arab States of the Gulf which is an economic union and regional intergovernmental political consisting of all the Arab states of the Persian Gulf but not Iraq. Moreover, the member states are Oman, Qatar, Kuwait, Bahrain and the United Arab Emirates. However, to decrease their dependence on oil in the forecasted period, the GCC states are continuing unprecedented structural reform initiatives. The companies and investors of the GCC countries are active in mergers and acquisition however; the group of investors involves in particular a number of Sovereign Wealth Funds. In addition, the investor and key players are not active in the national deals or within GCC, meanwhile also as an important investor in cross-border M&A abroad. The travel and tourism by GCC countries is done on a large scale as many of residents travel to the other countries for job purpose and developing innovative travel concepts which includes hotel meetings with different tastes and budgets. Moreover, the present scenario of GCC countries suggested that the travel and tourism is growing more significantly as GCC is made up of the some wealthiest nations in the Middle East.
According to the report analysis, ‘TOURISM SOURCE MARKET INSIGHTS: GULF COOPERATION COUNCIL – ANALYSIS OF TOURIST PROFILES, TRAVELER FLOWS, SPENDING PATTERNS, MAIN DESTINATION MARKETS, RISKS AD OPPORTUNITIES IN BAHRAIN, KUWAIT, OMAN, QATAR, SAUDI ARABIA, AND THE UAE’ suggests that some of the major companies which are currently functioning in this domain in an active manner to provide better opportunities to the customers and acquiring the highest amount of share includes Qatar Airways, Wataniya Airways, Four Seasons Hotels & Resorts, Hilton, Hyatt and several others. Moreover, on the basis of study the decline in global oil prices in the present years has resulted in sluggish growth for the highly oil-dependent member regions. Meanwhile, the slight decrease in their economic functioning, GCC travelers remain among the highest spender across the globe which is presenting a favorable cohort for business premises.
In particular, the countries of GCC make up only 12.6% of the total citizenry of the Middle East but still they comprise 64.2% of the total international departures from the state. This majorly signifies importance and great strength of the regions of the Arabian Peninsula as a source industry for the tourism market across the globe. The outbound tourism boost is operated both by the growth in the traditional luxury GCC travel sector as well as the emergence of the middle class. Moreover, the Saudi Arabia is the largest outbound market in the GCC, meanwhile the Qataris are the highest spenders around the world. However, in the GCC countries the domestic tourism is anticipated to grow as the regions are diversifying their product offerings.
The outbound tourism flows are set to grow more significantly, although the intra-regional travel encounters international travel and the Saudi Arabia is the most visited region in the GCC. Moreover, the VFR travel is primarily common given the huge number of expats residing in the Gulf state and the religious tourism is also major facilitators to traveler flows in the countries. Therefore, in the coming years it is expected that the tourism will going to increase with the leisure as it is the key purpose for traveling abroad with activist such as visiting theme parks, shopping and several others over the decades.
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications