The GCC Gold Rush - Dubai & Riyadh 2023 Luxury Hotspots

Buoyed by rising oil prices and massive government spending, the Saudi Arabia market is making up for lost time in establishing itself in the luxury domain, with spots like Al Aula and projects like Neom and New Murabba poised to be gamechangers in the years to come.

The UAE, driven by its business friendly and lifestyle appealing city of Dubai, gained great traction through the Covid period thanks to its free borders and open for business approach. Dubai has been very successful in attracting away talent?from higher cost cities like London, Singapore and Hong Kong. Its Golden Visa has seen record take up?by wealthy individuals looking for another residence, to add to their list of homes overseas.

The massive focus on building new, larger airports and terminals and orders for planes to satisfy a growing demand, shows a promising trend. We continue to monitor the data and impact it has on consumption.

With Dubai being a global hub, it is well poised to attract wealthy travelers with new luxury hotels, exclusive entertainment and experiences. Recent openings, like the Royal Atlantis, are pulling out all the stops to attract high-end tourists willing to spend and splurge on luxury experiences. One only needs to see the consumption at high-end luxury boutiques in one of the many city malls to realize that spend is real and tourists from around the region are flocking to buy up the latest luxury products.

A mere two and a half hours away from many cities in India, Dubai offers a comfortable, easy and familiar option that appeals to wealthy Indian tourists.

Data from Agility's TrendLens? 2023 shows higher spend across all sectors in this market and it's an interesting one from a tourist arrival standpoint as the segments?vary?from each inbound destinations and what appeals to them.

For more information on TrendLens? 2023, or to talk to a consultant for a confidential assessment to determine your business needs, contact [email protected]