The UAE theme park visitor spending is set to grow six-fold from $105 million in 2016 to $637 million by 2020 as the country opens several new parks as it chases ambitious tourism targets, according to a new PWC report.
Leisure and entertainment industry in the UAE will reach 45 million visitors by 2021. Estimates made by International Expo Consults, suggest the Dubai theme parks industry could generate $5 billion annual revenue by 2020.
The Malls sector is large in the Middle East region and one that tourists identify with as part of the Middle Eastern experience, especially when it comes to UAE.
According to a research by Euromonitor International, the retail industry in the UAE is currently worth $55 billion and is forecast to steadily rise to $63.8 billion by 2023.
Eminent speakers across the Middle East’s entertainment and retail industry will converge at the 5th edition of Theme Parks & Entertainment Development Forum to highlight the UAE’s tremendous growth in the sectors and discuss the way forward. The two-day event will kick off on 16th April and continue till 17th April at The Meydan Hotel, Dubai, and will focus on the upcoming projects in the multi-billion dollar theme parks and entertainment industry.
Malls alone contributed 11% of the GDP of UAE, amounting to $11.55 billion. They are not just places to shop and spend a few leisure hours with the family; they have become drivers of the economy.
An Alpen Capital retail report states that the size of the GCC retail sector is expected to grow by 25%, from $250.5 billion (AED919.33bn) in 2016 to $313.2bn (AED1.15 trillion) by 2021, driven by economic and population growth, and increase in tourist arrivals. With billions being invested in up-coming malls projects, the region is driving the latest technologies and experiences for customers to enjoy with the all-under-one-roof concept.