Page 222 - MOE ENGLISH PR - APRIL 2024

Diriyah Group; and Aireen Omar, President and CEO of RedBeat Capital, Capital
A (AirAsia).

Acknowledging the tourism sector’s key role in boosting global economic growth,
Bin Touq said that it also serves as a key pillar in the achievement of SDGs by
2030. This is due to its significance and broad impact on delivering sustainable
development for nations through increasing revenues, attracting FDI, creating job
opportunities, establishing varied tourism ventures, and enhancing transport
infrastructure.

Bin Touq explained that in addition to contributing to the growth of related
services and industries such as hospitality, transport services, leisure and retail
sectors, tourism contributes to creating job opportunities for people of all ages,
reducing unemployment rates. He further pointed out that by 2033, this dynamic
sector is projected to boost its contribution to the global GDP to US$15.5 trillion,
accounting for 11.6 percent of the world economy. It is expected to provide
employment for around 430 million individuals globally, which makes up almost
12 percent of the global workforce, as per the World Travel and Tourism
Council's projections.

During the session, Bin Touq emphasised that sustainability is key to boosting
the tourism sector’s growth in the immediate future, particularly given the current
global environmental and social challenges. It calls for strengthening the
collaborative efforts across all fronts and levels to attain harmony between
economic and environmental progress as well as social accountability.

Furthermore, Bin Touq highlighted the UAE's commitment to enhancing the
regional and global tourism infrastructure to ensure the sustainability of the
sector. He indicated that there are challenges ahead for sustainable tourism,
most notably the necessity to upskill the workforce, improve their performance
and expertise in tourism, and foster innovation and creativity across various
tourism fields and activities.

The Minister of Economy said: “The UAE is committed to promoting
sustainability, not just in the tourism industry but across diverse economic and
environmental sectors, safeguarding resources, wealth, and natural reserves,
especially following the announcement by His Highness Sheikh Mohamed bin
Zayed Al Nahyan, President of the UAE, extending the ‘Year of Sustainability’ to
the year 2024 with the aim of building on the success of this initiative last year.”

National initiatives & strategies to promote sustainable tourism growth

Bin Touq emphasised that the UAE attaches significant importance to the tourism
sector, recognising it as a key contributor to national economic growth and

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