Wednesday, November 25, 2020

Kuwait


Structural investments
March 2013 1189

Kuwait is planning to launch a raft of entertainment, sports and tourism projects valued at up to $460 million to boost its regional status, Khaled Al Ghanim, deputy chairman and managing director for Kuwait Tourism Co said recently.


The country will also invest $13 billion in its transport infrastructure. Recognising Kuwait’s potential, Alpen Capital reported growth in CAGR for the hospitality sector at 8.1 per cent over the period 2011-16. Alpen’s October 2012 GCCHospitality Industry Report, estimates 2012-13 GDP growth of three to five per cent and a strong business travel base.

The development of Kuwait’s existing leisure and business infrastructure is also set to drive new inbound business, with steady tourism growth over the last decade, leading to an increase in international tourist arrivals of 13 per cent for the period 2001-2011, and tourism receipts of $5.3 billion in 2011.

By 2015, the country hopes to welcome one million tourist arrivals per annum.

Other investment include the $6 billion plan to expand the capital’s airport, with a second terminal by 2016, and a new $7 billion metro system which will be operational by 2020.

Al-Ghanim added that the country is determined to achieve qualitative progress in tourism by taking significant steos to consolidate its position on the regional and international map.

“The possibility of launching sea cruises from Kuwait to the Arabian Gulf is also being discussed,” he commented to state-owned daily Kuwait News Agency.

Tourist arrivals are also expected to increase at a CAGR of 4.9 per cent between 2012 and 2022. Kuwait has the highest proportion of budget hotels in the region (around 22 per cent) and the potential to capture a broad international target audience offers exciting prospects for leisure project developers looking at opportunities in and around Kuwait City.




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