Tourism During The Middle East Business News

Saudi Arabia has made tremendous milestones in claiming its deserved position as a renowned world economy. In its bid to take its place among the club of the world’s largest economies, Saudi Arabia has had to make numerous economic development activities since the 1970s. First and foremost was the elevation of the oil mining status to the largest oil reserves or mining countries of the world. Huge amounts of revenue from the sale of oil boosted the establishment of various projects that the country had much desired. The Oil reserves became the countries single largest source of revenue that would drive the country from the underdeveloped sphere to the doorstep of the wealthiest nations. The government of Saudi Arabia has set the development of the country’s economy since the 1970s to conform to a predetermined five-year plans starting with the year 1970-1975 (Al Mallakh & el Mallakh, 2015). These are set as a focus on the long-term goals of the economy set out as achievable goals within a five-year implementation process.This has led to massive economic developments of the country throughout the ages; some of the milestones that the country has made economically are as discussed.

Persian Gulf Development Literature Oil Curse Literature Arab and Islamic Factors Regional Ovemiew and Historical Background Dubai's Development History

I have to admit that we are very blessed with so many beautiful and breathe taking cities in the world. Dubai is just one of the many countries which has advanced from their humble beginnings and today are multi million tourist. Dubai is another city which has moved from having not as much as other countries once did such as money and a stable economy, to one of the richest cities in the world. In 1966 oil was discovered in Dubai and was a catalyst for Dubai’s economic growth. From a country that had come from not having a stable economy and not a lot of money, it has become like I said earlier, one of the richest cities in the

United Arab Emirates continues to develop its interest with missile defense while oil has been the focal point in UAE’s economy and continues to contribute tremendously to economic prosperity. A determined and far-seeing policy of economic diversification has fortified the result of non-oil sectors now account or 69 per cent of funds contributing to the economy with oil supplying the remaining third (“UAEinteract,” 2016). Trade has also played a significant role in the economic life for many centuries. Economic growth has steadily gone up due to a short-lived

Given the important role that the Middle East plays in the World Economy, there is no doubt that the collective economy thereof is very diverse (Paczynka 5). This is brought about by the important role that oil has played in the various economies in the Middle East. Essentially, oil was also considered as one of the main factors behind the impressive development of various countries in the region. Unfortunately, while there are several countries in the Middle East that have developed drastically over years, there is also no question that there are countries that remain to be negatively affected by severe poverty (Paczynka 5).

The shifting political, security, religious and economic climate in the Middle East has put the region at the top of the U.S. radar. Questions continue to rise regarding what role the Middle East will play on the global stage considering the regions history and stability. According to the Organization of Petroleum Export Companies the Middle East is home to 65% of the worlds oil reserves (opec.org). However, over the last two years the supply and demand for oil has gone down thus resulting in

Saudi Arabia is a primarily oil-based economy, with oil being the most important component of the nation’s rapid economic development since World War II. U.S. geologists discovered oil in the region in the 1930s, and since exports expanded most notably in the 1960s, production and rich revenues have been seemingly limitless. The amount of oil in Saudi Arabia’s reserves amounts to close to a quarter of the world’s entire oil resources, and today the country produces about 10,000 barrels a day. As a result, the valuable resource currently accounts for 90% of the country’s exports and contributes to 75% of government revenues annually. During the 1970s, following the Arab-Israeli war, Saudi Arabia’s economy was one of the fastest growing in

Today, tourism has become a global phenomenon being widely recognized in both regional and national levels. In fact, tourism is considered as one of the fastest growing sectors in the world economy, thereby being viewed as a potential sector in raising tax revenues, providing employment opportunities as well as promoting economic diversity (Khizindar, 2012). Goeldner and Ritchie (2006) indicate that the significance of tourism has increased considerably through educational institutions such as universities as well as media, which are conduits of spreading the concept of tourism and hospitality .For instance, Saudi Arabia is one of those countries in the Middle East, which is determined to promote tourism for growth and sustainability despite belonging to those nations that have historically built their economies on oil and natural gas (Eid, 2012).

With all this exponential development comes the funds required to subsidize it. UAE possesses approximately 10% of the world’s petroleum and natural gas reserves. Which makes trading with UAE a necessity since the world uses around 85 million barrels of oil each day. Dubai utilizes an international airport for exporting but additionally uses the ports in the Persian Gulf. This is a potential hazard because hostilities within the gulf could eradicate the commerce exchange routes. Even with perilousness,

This report will briefly raise awareness of what the Arab Spring therefore to be able to have a much better understanding on how it affected tourism and still has a big effect. A country’s tourism can also be affected by neighbor countries contemporary issues, so it is essential to be aware of what

Justification: The United Arab Emirates is one of the fastest developing nations in the world in terms of infrastructure. One of the key elements contributing to the development of the UAE is the country’s booming tourist industry, whose growth can be attributed to several leaders in the country. However, one leader stands out in particular, and that is the UAE’s Minister of State for Foreign Affairs, Dr Anwar Mohammed Gargash. Dr Anwar’s achievements as a leader have been given a great deal of significance as they have resulted in changing the face of the UAE.

The economy in the United Arab Emirates has experienced substantial increases in the last 40 years. The UAE’s capabilities with the pearling and oil industries have given the region its necessary budgets to expand so rapidly. The economic policies in the UAE have gone through stages, since the birth of the region in 1971. Changes in economic welfare of the markets, and privatization policies are also key aspects in understanding the UAE’s economic liberalization and growth. In order to understand the UAE’s economic standard, economic liberalization must be analyzed. The argument of this paper will discuss how economic liberalization has occurred in the United Arab Emirates and is continuing to grow.

The UAE is one of the riches nations in the world as measure by per capita GNP. The economy is primarily based on the oil

These were the new bourgeoisie that were created as a result of the openings in the early 70’s, these families were the relations of power government insiders who were dubbed awlad as-sultah or the children of power. This new bourgeoisie served as a counter-balance to the old and made money the same way as they did, but they also made their fortunes by connecting with other insiders in both the party and the bureaucracy forming the present day system of patronage that typifies the Syrian political economy. The most powerful of these new businessmen was the so-called “troika”: ‘Uthman ‘A’idi, Sa’ib Nahhas, and Rami Makhlouf. ‘A’idi was the CEO of the company the Arab Syrian Company for Touristic Establishments (ASCTE), which was a holding company dedicated to the cultivation of Syria’s tourist sector that was opened in the late 1970’s (Pölling 1994: 14-5; Hopfinger and Boeckler 1996: 185). His company owns the Cham Palace Hotels and Tourism chain along with 17 hotels and other tourist amenities in the deluxe category located at the country’s best tourist spots, as well as subsidiaries associated with the tourist sector, his big break came in 1987-8 when the state de-monopolized its remaining shares in the tourist industry in anticipation of the Mediterranean Games in Latakia in which the ASCTE managed to build a 3,000 bed hotel complex in 12 months, which made the company the most relied upon in the country. By 1993 the company had over 19,000 shareholders with 6,000

Abu Dhabi is taking steps to reassess its 2030 economic vision, acknowledging slower economic and population growth due to the impact of the global financial crisis (Arnold, 2010). The plan is trying to diversifying the emirates economy away from oil (Arnold, 2010). The idea behind Abu Dhabi’s economic diversification is that if oil prices go down there will be other sources for income (Kumar, 2011). Abu Dhabi Council for Development declared that Emirate’s 2030 strategy will not degrade oil and gas’s importance (Kumar, 2011). Instead it is focusing in which it has traditionally been strong, like wholesale and retail, international and domestic trade, transport and storage and tourism (Sekhri, 2010). Also Abu Dhabi had made many projects into petrochemicals, steel and aluminum sectors and created investor-friendly industrial zones to insure its future growth (Kumar, 2011). The UAE seems unlikely to catch up with the level of economic expansion displayed in the leading emerging market economies such as China and India, which benefit from bigger populations and more diversified economies (Arnold, 2010). According to the annual economic report for the emirate of Abu Dhabi 2010, Abu Dhabi plans to raise the foreign direct investment to 23 per cent of GDP by 2030 (Kumar, 2011).