As UAE is trying to diversify its economy and end its oil dependency, its leisure and entertainment sector is also projected to grow by 9.74% by 2027.
The estimate has been revealed by MarkNtel Advisors, a leading research firm, which states that the growth is mainly driven by digital companies and their partnership with tourist spots, like organizing Expo 2020. Recently, Dubai also arranged a concert for Beyonce, attracting thousands of people to the country.
The detrimental effects of coronavirus also forced UAE to adopt other ways of generating revenue and invest in non-oil industries. This phenomenon was witnessed all across the Middle East, with Qatar hosting FIFA World Cup, which contributed 13.5% to its GDP, producing over 1.5 million jobs last year.
Similarly, UAE’s entertainment sector will account for 5% of its GDP in 2026 and will produce around 16,000 jobs. UAE’s President, Sheikh Mohammed bin Zayed Al Nahyan, also launched National Media Office, a news platform, to cover and showcase every development happening in the country.
The country expects to attract over 25 million tourists by 2025 and the entertainment industry will play an important role in it.
