The government of Kuwait is pressing ahead with multiple plans that will see billions of dollars invested in projects and a further $1 billion budget earmarked to promote the Gulf state by 2024. Exhibiting at Arabian Travel Market (ATM) 2017, which takes place at Dubai World Trade Centre 24-27 April, Kuwait stand is a must visit to learn opportunities in details.
This year, ATM will host a number of exhibitors from Kuwait, including the Ministry of Information – Tourism Sector, Holidays Arabia, Kuwait Hotel Owners Association, Kuwait Tourism, and Services.
Simon Press, Senior Exhibition Director, ATM, said: “Kuwait is evolving into a multifaceted destination with many things to offer both corporate and leisure visitors. The government is making huge investments at a crucial time for the country’s development and, in channeling significant funds into tourism infrastructure, leisure developments and lifestyle destinations, in the long-term Kuwait is telling the world it’s very much open for business.”
A number of mega-projects will share the multi-billion dollar development budget, including Madinat Al Hareer and Silk City, a proposed mega-development in the country’s north; the expansion of Kuwait International Airport, reaching 25 million passengers per year capacity by 2025; and cultural attractions such as Sheikh Saad Al-Abdullah Islamic Centre.
The latest Colliers International Kuwait Hospitality Market Snapshot, reports 70% of visitors arrived in Kuwait as corporate travelers in 2016, with the country’s leisure industry comprising only 6% of total arrivals – hotel performance declined 6% overall for the year as a result. Business spending also suffered losses, falling 2.4% over the course of the year.
Key hotel performance indicators showed slight declines in 2016 with ADR down 2.3%, RevPAR down 4.8% and occupancy down 2.6%.
Performance is forecast for strong recovery in 2017 with continued growth to 2026, reaching values of KWD501.3 million. Leisure travel spending is expected a rise by 4.5% per annum to KWD1,939.1 million in 2026, following an annual growth rate of 8.7% in 2016.