Page 38 - Trends

Cover Story

Tourism; getting resilient

195 million
Region is expected to host 195 million international tourists –
almost triple the present volume of 72 million – by 2030

550 projects
GCC hospitality industry is expanding with
currently over 550 projects underway

It becomes important for governments in the region to provide the right kind of IRU WHFKQRORJ\ FRPSDQLHV WR EH RQ D ÀUP
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environment and stimulate the investment required in digital infrastructure. ,QGXVWULDO 5HYROXWLRQ
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comprising 160 million digital users by the Middle East nations are going digi- 5HSRUW UHJLRQDO VWDUW XSV VHFXUHG
2025, who could contribute up to 3.8 per- tal, be it with the creation of smart cities, PLOOLRQ LQ IXQGLQJ ODVW \HDU 7KH UH
cent annually in GDP — amounting to ap- the automation of services or the use of gion has emerged as a perfect launch pad
proximately $95 billion. To create an econ- DUWLÀFLDO LQWHOOLJHQFH $, RU GDWD DQD IRU QHZ FRVW HIIHFWLYH ÀQWHFK VROXWLRQV
omy out of this digital-savvy population, lytics. They are creating an ecosystem and the growth of tech start-ups. Nearly
500 start-ups in the region are growing in
a very supportive environment.
$475 MILLION $100 MILLION 100 MILLION 0HDQZKLOH WKH SDFH RI ÀQWHFK LQQRYD
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According to the Mena An- The Middle East region has In UAE, entrepreneurship and been rapid over the past couple of years,
nual Venture Report 2017, the amassed more than this start-ups will create new jobs primarily on the back of investors’ unmov-
regional start-ups amount in the fintech and absorb a large chunk from LQJ FRQÀGHQFH LQ VWDUW XSV 7KH 0LGGOH
secured funding worth this start-up funding in the this number of new jobless East has amassed more than $100 million
amount last year. past ten years. people in Arab world. LQ ÀQWHFK VWDUW XS IXQGLQJ LQ WKH SDVW WHQ
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38 TRENDS | February 2018