Kuwaits Tourism Industry To Be Worth 1 Billion Dollor By 2027
Kuwait has said it will spend $1bn promoting tourism over the next seven years as it aims to increase visitor numbers to 440,000 a year by 2024. A Supreme Commission for Tourism is being established to initiate the country’s tourism strategy and oversee a number of mega-projects that will receive billions of dollars in investment. They include Madinat Al Hareer and Silk City, a proposed mega-development in the country’s north; the expansion of Kuwait International Airport to accommodate 25 million passenger per year by 2025; and cultural attractions such as Sheikh Saad Al Abdullah Islamic Centre.
The World Travel and Tourism Council estimates that travel and tourism investment in Kuwait is set to rise 1.5 percent per annum over the next 10 years to $445m annually in 2027.
Seventy percent of visitors to Kuwait in 2016 were corporate travellers, according to Colliers International’s Kuwait Hospitality Market Snapshot. The country’s leisure industry comprised only 6 percent of total arrivals.
The report also found hotel performance declined 6 percent overall for 2016. Business spending also suffered losses, falling 2.4 percent over the course of the year. Key hotel performance indicators showed slight declines in 2016 with ADR down 2.3 percent, RevPAR down 4.8 percent and occupancy down 2.6 percent.