The travel and tourism sector is closing in on its 2019 peak, recovering by more than 95 per cent this year and surpassing the pre-pandemic levels next year, the World Travel and Tourism Council (WTTC) has said.
The industry is projected to reach $9.5 trillion this year, only 5 per cent short of 2019 pre-pandemic levels when travel was at its peak, the global tourism body said in a research report, compiled with Oxford Economics, on Wednesday.
Nearly 34 countries have already exceeded pre-pandemic levels, it said.
The industry “continues to recover at pace, demonstrating the resilience of the sector and the enduring desire to travel”, said Julia Simpson, WTTC president and chief executive.
“By the end of the year, the sector’s contribution will be within touching distance of the 2019 peak. We expect 2024 to exceed 2019.”
Last year, the travel and tourism sector grew almost 22 per cent on an annual basis to reach $7.7 trillion. This recovery represented 7.6 per cent of the global economy last year, the highest sector contribution since 2019.
In 2021, the sector grew 24.7 per cent year-on-year.
Travel and tourism was among the sectors hardest hit by the pandemic in 2020. However, as some countries began to gradually reopen their borders and ease restrictions, global industry bodies called for a harmonised approach to restarting travel.
The collapse in international travel due to Covid-19 led the global tourism industry to lose $1.3 trillion in export revenue in 2020, almost 11 times more than the loss recorded during the 2008 global economic crisis, according to the UN World Tourism Organisation.
Overall, 2020 was the worst year on record, with international arrivals dropping 74 per cent year-on-year, the UN body found.
The WTTC research found that the Ukraine war and prolonged travel restrictions imposed by several countries such as China had a significant effect on recovery.
But the decision by the Chinese government to reopen its borders in January will boost the sector and see it recover to pre-pandemic levels next year, the WTTC said.
“The recovery will speed up this year as Chinese travellers re-enter the market and over the next 10 years, travel and tourism will continue to grow as a sector,” Ms Simpson said.
The recovery will speed up this year as Chinese travellers re-enter the market and over the next 10 years, travel and tourism will continue to grow as a secto
Julia Simpson,
WTTC president and chief executive
From a pre-pandemic high of more than 334 million, the travel and tourism sector was hit by the loss of more than 70 million jobs in 2020.
After a recovery of 11 million jobs in 2021, the sector created 21.6 million new jobs last year to reach more than 295 million globally — one in 11 jobs worldwide, WTTC said.
The tourism body forecasts that travel and tourism sector will grow its contribution to the global economy to $15.5 trillion by 2033, representing 11.6 per cent of the global GDP, and will employ 430 million people around the world.
Meanwhile, spending from overseas visitors grew by a record 82 per cent to reach $1.1 trillion last year, indicating that international travel is back on track.
Dubai topped the list of cities with the highest spending by international visitors last year, pulling ahead of Doha and London in the top three places, the WTTC said in another report.
The Gulf tourism and financial centre raked in $29.4 billion in international visitor spending in 2022, overtaking Doha, where tourists spent $16.8 billion, and London, with $16.1 billion, WTTC said in its report released in the first week of December.
Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
Brave CF 27 fight card
Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)
Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)
Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)
Middleweight:
Tarek Suleiman (SYR) v Rustam Chsiev (RUS)
Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)
Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)
Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)
Featherweight:
Sulaiman (KUW) v Abdullatip (RUS)
Super lightweight:
Flavio Serafin (BRA) v Mohammad Al Katib (JOR)
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
strategies
- The total annual economic cost of cancer is $1.16 trillion
First Person
Richard Flanagan
Chatto & Windus
The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The years Ramadan fell in May
Honeymoonish
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Sholto Byrnes on Myanmar politics
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
