- The global tourism industry is set for a huge boost, with major investments expected following a partnership between United Nations World Tourism Organisation (UNWTO) and Middle East Based Annual Investment meeting (AIM).
- Under the partnership, UNWTO and AIM have committed to jointly support the effective implementation of the Agenda 2030 and the 17 Sustainable Development Goals through tourism investments, and the promotion of innovation and technology.
- The MoU will also see UNWTO spearhead the “Tourism Investment Forum” to be held on the framework of the upcoming AIM Global 2023 in Abu Dhabi, United Arab Emirates on May 8-10, 2023.
The global tourism industry is set for a huge boost, with major investments expected following a partnership between United Nations World Trade Organisation (UNWTO) and Middle East Based Annual Investment meeting (AIM).
The two organisations have signed a Memorandum of Understanding aimed at driving up global development by harnessing the power of tourism amidst disruption in the ongoing geopolitical environment and inflationary global economy.
Latest report from the UNWTO indicates that the disruption of international supply chains magnified by Russia – Ukraine war, increasing workforce shortages and growing pressures on consumers’ cost of living has put capital expenditure plans across the tourism sector on hold.
Under the partnership, UNWTO and AIM have committed to jointly support the effective implementation of the Agenda 2030 and the 17 Sustainable Development Goals through tourism investments, and the promotion of innovation and technology.
The collaboration will see both entities share and disseminate knowledge regarding investment policies among their stakeholders and networks and maximize foreign direct investments’ positive economic impact on the sector.
The MoU will also see UNWTO spearhead the “Tourism Investment Forum” to be held on the framework of the upcoming AIM Global 2023 in Abu Dhabi, United Arab Emirates on May 8-10, 2023.
UNWTO is the leading international organization in the field of tourism. It promotes tourism as a driver of economic growth, inclusive development, environmental sustainability and aims to drive the digitalization of tourism and to create an innovation and entrepreneurship ecosystem. The Organization offers leadership and support to the sector in advancing knowledge and tourism policies worldwide.
“UNWTO has recognized investments as our key priorities for tourism right now and into the future. Investments are essential for the tourism sector to grow. And in turn, a thriving tourism sector can also attract investors. UNWTO is proud to collaborate with AIM around our shared goal of boosting investments into tourism and into the projects that will deliver greater sustainability and resilience for the sector,” said UNWTO Secretary-General Zurab Pololikashvili.
AIM provides opportunities for public and private entities to come together to achieve their shared vision of growth and sustainability through their yearly investment forums.
Anchored around the theme of “The Investment Paradigm Shift: Future Investment Opportunities To Foster Sustainable Economic Growth, Diversity and Prosperity,” this year’s AIM edition will focus on 10 key sectors that include Tourism and Hospitality. Other key focus sectors are Agriculture, Energy, Technology, Infrastructure, Manufacturing, Transportation & Logistics, Finance, Healthcare, and Education.
AIM President Dawood Al Shezawi said: “It has been AIM’s mission to provide an interactive platform where investment opportunities can be formed, thereby not only strengthening economic relations among nations but also addressing issues that have profound effects on a global scale.”
He added, “AIM takes pride in its belief that keeping abreast of the latest changes and issues while at the same time making available the best venue where the brightest minds, from all sectors, can converge to find solutions and scale up development ideas is of utmost importance. We welcome this great chance to cooperate with the UNWTO and we are certain that this collaboration will be Fruitful.”
AIM Global 2023 has engaged in several technologically driven initiatives as part of its commitment to build the global economy roadmap and bolster the five key pillars, which include Foreign Direct Investment, Small and Medium Enterprises, Future Cities, Startups, and Foreign Portfolio Investments.
The Tourism Investment Report 2022 by fDi Markets and UNWTO found that while the tourism sector has been showing signs of recovery, foreign direct investment (FDI) into the sector remained low in 2021 and continued a downward trajectory in the first half of 2022.
The data suggests, global tourist arrivals increased by 5.3 percent in 2021 from the previous year and were almost three times higher in the first quarter of 2022 as they were in the first quarter of 2021.
Furthermore, in Europe alone, airport traffic increased by a factor of 3.5 in the first half of 2022 compared to the same period of 2021. Nevertheless, while passenger traffic has picked up and international tourism continues to recover, this pent-up demand has not yet translated into a recovery in tourism investments.
In 2021 foreign investors announced a total of 250 foreign direct investment (FDI) projects worth about $9.5billion in the tourism cluster, a decrease of 8% from the 271 projects worth $17billion that were announced in 2020.
