• Home
• /
• Business

Tourism now major contributor to Gulf economies

RAS AL KHAIMAH - Tourism is emerging as one of the most important contributors to growth of AGCC economies given the huge tourist potential and attractions.

"The tourism sector is gaining increasing momentum and attention as one of the highest earner of hard currency and contributor to the GDP. Tourism's share in the GCC's GDP is put at 3 per cent and this figure can go up if investments were pumped into its development," said Shaikh Saud bin Saqr Al Qasimi, Ras Al Khaimah Crown Prince and Deputy Ruler.

In a keynote address to the "Tourism Investment in the GCC countries" conference, Shaikh Saud affirmed that tourism sector could place the AGCC in a leading place of the global tourism map.

"Huge investment should be injected into the development of the sector and genuine efforts are needed to promote the AGCC attractions as an attractive tourist destination," he said.

"As the world is undergoing changes in economic front, the AGCC countries have to boost their productive base, diversify their sources of income through the sectors that have competitive edge," he added.