The UAE will account for nearly 86 percent of tourism-related construction projects in the Gulf over the next eight years, it was reported on Sunday.
A study by industry researcher RNCOS found that approximately Dhs858bn ($234bn) is set to be invested in tourism-related construction projects over the next eight years, according to a report by Emirates 24/7.
The study added that the UAE will account for 86 percent of the total investment planned in the region by 2018, with Abu Dhabi government-backed projects expected to lead the way.
Visitors to the UAE capital increased sixteen percent in July and high profile events, such as the launch of Formula One, have led to the rise in the emirate’s tourism profile.
"The UAE has one of the fastest growing tourism industries in the Middle East. As a result, several new projects have been announced to tap the opportunity created by the growing demand for hotels and amusement and theme parks," the RNCOS report stated.
It also added that the UAE is expected to invest more than fourteen times the investments made by Oman, its nearest tourism competitor.