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The strong demand for travel in 2023 has set high expectations for a bullish appetite for short and long vacation breaks, adventure holidays, and immersive experiences — especially amid a rising appeal for less-traversed landscapes and countries.
Globally, travel is set to become a $15.5tn industry by the end of the year, accounting for nearly 12 per cent of the global economy and representing a 50 per cent increase in value since 2019.
A significant wave of growth is also evident in the GCC region and the broader Middle East and North Africa region where the sector is poised for a transformative year. The ongoing geopolitical realities have not dampened the travel demand, especially in core markets in the region, and prices and occupancy continue to be on the high end.
In the fourth quarter of 2023, the Middle East shifted to growth mode with international arrivals up by 4 per cent, much ahead of the global average of 3 per cent.
In Saudi Arabia, we are…