It has been projected that the UAE leisure and entertainment sector will grow by 9.74% by 2027 as the UAE aims to diversify its economy and reduce its reliance on oil.
A study released by MarkNtel Advisors, a leading research firm, suggests that the growth in tourism can be attributed mainly to digital companies and their partnership with tourist spots, such as the organizing of the Expo 2020. In addition, Dubai also organized a concert for Beyonce recently, attracting thousands of people to the country as a result of the event.
Coronavirus also had the detrimental effect of forcing the UAE to look for alternative means of generating revenue and to invest in non-oil industries as a way of generating revenue. As a result of this phenomenon, we have seen it all over the Middle East, as Qatar held the FIFA World Cup last year, which contributed 13.5% to the country’s economy and created more than 1.5 million jobs.
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In the same way, the entertainment sector in the UAE is predicted to contribute 5% to the nation’s GDP by 2026 and will provide around 16,000 jobs as a result. The UAE’s President, Sheikh Mohammed bin Zayed Al Nahyan, launched a news platform called National Media Office, which will cover and feature all of the country’s progress and developments.
With an estimated 25 million tourists expected to arrive in the country by 2025, there is no doubt that the entertainment industry will play a vital role in this growth.