Last Updated on: 26th June 2023, 01:14 pm
The Entertainment Industry in The UAE Will Grow By 10% And Create Thousands Of Jobs
As the UAE seeks to diversify its economy and end its dependence on oil, its leisure and entertainment sector is also expected to grow by 9.74% by 2027.
The estimate was released by MarkNtel Advisors, a leading research firm, stating that the growth is mainly due to digital businesses and their association with tourist attractions such as hosting Expo 2020.
Dubai also recently hosted a concert for Beyonce, which drew thousands of people. to the country.
The adverse effects of the coronavirus have also forced the UAE to seek other means of generating revenue and investing in non-oil industries. This phenomenon can be seen across the Middle East, with Qatar hosting the FIFA World Cup which contributed 13.5% to its GDP and created more than 1.5 million jobs last year.
Similarly, the entertainment sector of the UAE will account for 5% of its GDP in 2026 and generate around 16,000 jobs. The President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, has also launched the National Media Office, a news platform to report on and display all events in the country.
The country plans to attract more than 25 million tourists by 2025, and the entertainment industry will play a big part in that.
Also Read: UAE To Increase Investment in Pakistan: Envoy