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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

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UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Travel and tourism sector contributes 11.4 percent to Gulf’s GDP

Tourism sector's contribution to the Gulf's GDP is expected to reach 13.3 percent in 2034. (AFP)
  • The growth rate of the sector's contribution to the Gulf's GDP increased by approximately 31.9 percent compared to the figures recorded in 2019.
  • Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf GCC-Stat said the sector's contribution to the global GDP in 2024 amounted to 2.2 percent.

Muscat, Oman — Travel and tourism sector’s contribution to the Gulf’s GDP by the end of 2024 reached approximately 11.4 percent, with a value of $247.1 billion.

The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) indicated that the growth rate of the sector’s contribution to the Gulf’s GDP increased by approximately 31.9 percent compared to the figures recorded in 2019.

The center revealed that the sector’s contribution to the global GDP in 2024 amounted to 2.2 percent. It also suggested that the sector’s contribution to the Gulf’s GDP is expected to reach 13.3 percent in 2034 insomuch as $371.2 billion. The average annual growth rate of the sector’s contribution from 2024 to 2034 is expected to exceed 4.2 percent.

On the other hand, statistics indicated that the average annual growth rate in the number of tourists traveling between GCC countries from 2019 to 2023 reached 41.5 percent, which accounted for 26.5 percent of the total international tourists arriving in GCC countries in 2023.