ATM 2024 will cover the entire gamut of travel and tourism industry
As the global travel and tourism industry is set to surpass USD 1 trillion in market value over the next four years, the next edition of the Arabian Travel Market, ATM2024, will explore the entire gamut of the vibrant industry when attendees gather at the Dubai World Trade Centre from May 6-9, 2024.
In a press statement, the organisers say that attendees of the 31st edition, will explore opportunities spanning the full spectrum of travel and tourism, including leisure, business, luxury and meetings, incentives, conferences and exhibitions (MICE).
The statement adds that revenue in the global travel and tourism market is projected to reach USD 854.7 billion in the current year, to research conducted by data aggregator, Statista. The sector is expected to grow at a compound annual growth rate (CAGR) of 4.42 pc during the period 2023-27, passing the USD 1 trillion mark within the next four years.
The organisers say that research firm, Allied Market Research, valued the global business travel market at USD 689.7 billion in 2021, predicting that the segment would grow to USD 2.1 trillion by 2031. The global luxury travel market, meanwhile, is on course to pass USD 440 billion by the end of this decade, according to research from Coherent Market Insights.
The MICE segment also continues to make valuable contributions in GCC countries such as the UAE, where DWTC’s most recent Economic Impact Assessment (EIA) Annual Report estimated that the venue’s total economic output, from 63 large-scale events, exceeded USD 3.5 in 2022.
The statement adds that in line with ATM 2024’s theme of Transforming Travel Through Entrepreneurship, attendees will consider how the segments of leisure, business, luxury and MICE are driving economic growth and sustainable development across destinations, hospitality and aviation, creating fresh opportunities for entrepreneurs and investors from across the Middle East and beyond.
Danielle Curtis
“Holidaymakers represent a crucial focus for the Middle East’s travel community, but leisure is only one component of a much bigger picture. Business, luxury and MICE travel are also making significant contributions to economic growth and sustainable development, with Statista predicting a global market volume of more than USD 1 trillion by 2027,’’ says Danielle Curtis, Exhibition Director, Arabian Travel Market.
“It is therefore no surprise that the travel and tourism sector is creating unprecedented opportunities for entrepreneurs and investors, thousands of whom will showcase their innovations, exchange ideas and forge new partnerships at ATM 2024,” she added.
The organisers say that the travel and tourism sector is on course to contribute USD 49.18 billion to the UAE economy alone in 2023, according to figures released by the World Travel and Tourism Council (WTTC). This figure is predicted to reach USD 64.12 billion by 2033, accounting for an impressive 10.2 pc of the nation’s GDP.
As the Middle East’s travel and tourism industry continues to mature, it is expected to create new jobs and income for millions of people from across the globe. The UAE Government, for instance, estimates that the country’s travel and tourism market will support 770,000 jobs by 2027. At the same time, the sector is expected to generate ever-increasing revenues for regional economies, Gulf travellers spending approximately 6.5 times more than tourists from other parts of the world, according to the UN World Tourism Organisation (WTO).
The statement adds that sustainable development will represent another key focus at ATM 2024 as the show builds on the net-zero commitments outlined during its milestone 30th edition. Dubai’s Department for Economy and Tourism (DET), ATM’s Destination Partner, will showcase its ongoing efforts to protect the environment and secure a greener and more sustainable future for the emirate. Pioneering initiatives such as Dubai Sustainable Tourism, Dubai Can and Dubai Carbon Calculator, coupled with the city’s hosting of global climate change summit COP28 later this year, will provide the ideal backdrop for ATM attendees looking to identify opportunities related to responsible tourism in the UAE and the wider Middle East.
