ATM 2024 to explore full travel and tourism spectrum, as global market expected to exceed $1 trillion over next four years

Delegates hailing from various corners of the globe will convene to delve into a comprehensive spectrum of travel and tourism facets, encompassing leisure, corporate, opulent, and the Meetings, Incentives, Conferences, and Exhibitions (MICE) sectors. This congregation is set to take place during the 31st installment of the Arabian Travel Market (ATM), scheduled from Monday, May 6 to Thursday, May 9, 2024, at the Dubai World Trade Centre (DWTC) in the United Arab Emirates.

The global travel and tourism market is poised to reach a revenue of $854.7 billion in the current year, as per research conducted by Statista. It is anticipated that this sector will maintain a steady compound annual growth rate (CAGR) of 4.42 percent within the 2023-2027 period, thereby surging past the trillion-dollar mark within the next four years.

In 2021, Allied Market Research valued the global business travel market at $689.7 billion, with projections forecasting a growth to $2.1 trillion by 2031. Meanwhile, research from Coherent Market Insights indicates that the global luxury travel market is on track to surpass $440 billion by the end of this decade. Notably, the MICE segment continues to make substantial contributions in Gulf Cooperation Council (GCC) countries, particularly in the UAE. The DWTC’s recent Economic Impact Assessment (EIA) Annual Report estimated that the venue’s cumulative economic output, stemming from 63 large-scale events, exceeded $3.5 billion in 2022.

Aligned with the theme of ‘Transforming Travel Through Entrepreneurship’ at ATM 2024, attendees will delve into the economic growth and sustainable development propelled by leisure, business, luxury, and MICE across various destinations, the hospitality sector, and aviation. This symposium offers fresh opportunities for entrepreneurs and investors hailing from the Middle East and beyond.

Danielle Curtis, Exhibition Director at Arabian Travel Market, underscores the importance of diverse travel segments such as business, luxury, and MICE. These sectors are instrumental in contributing to economic growth and sustainable development, with forecasts indicating a global market volume of over $1 trillion by 2027, as projected by Statista. The travel and tourism sector is currently primed to contribute $49.18 billion to the UAE economy in 2023, and this figure is anticipated to reach $64.12 billion by 2033, constituting an impressive 10.2 percent of the nation’s GDP.

As the Middle East’s travel and tourism industry matures, it is expected to generate job opportunities and income for millions of people worldwide. The UAE Government, for instance, estimates that the country’s travel and tourism market will support 770,000 jobs by 2027. Simultaneously, the sector is poised to drive ever-increasing revenues for regional economies. Gulf travelers, as per the UN World Tourism Organization (WTO), tend to spend approximately 6.5 times more than tourists from other regions.

Sustainable development is another crucial focal point at ATM 2024, building upon the net-zero commitments declared during the 30th edition. Dubai’s Department for Economy and Tourism (DET), the Destination Partner of ATM, will spotlight its ongoing initiatives to safeguard the environment and work towards a greener and more sustainable future for the emirate. Pioneering projects like Dubai Sustainable Tourism, Dubai Can, and Dubai Carbon Calculator, in conjunction with Dubai’s hosting of COP28 later in the year, provide an ideal backdrop for ATM attendees to explore opportunities related to responsible tourism in the UAE and the broader Middle East.

Thanks to the region’s favorable business policies, tax-free earnings, and ongoing visa reforms, GCC countries account for five of the top 10 global destinations where expatriates find it easiest to settle, as reported by InterNations. In the first quarter of 2023, a Magnitt report revealed that Saudi Arabia led the region in venture capital investments for startups, while the UAE topped the list in terms of the number of exits. Consequently, the forthcoming edition of ATM will serve as an invaluable platform for speakers, panelists, and audience members to delve into entrepreneurial and investment opportunities within the Middle East’s travel and tourism domain.

Held in conjunction with the Dubai World Trade Centre, ATM 2024 enjoys strategic partnerships with key entities, including the Department of Economy and Tourism (DET), Destination Partner; Emirates, Official Airline Partner; IHG Hotels & Resorts, Official Hotel Partner; and Al Rais Travel, Official DMC Partner.