SGIE Report 2024/25: Innovation, regional connectivity propel Muslim-friendly tourism
The travel industry across OIC (Organisation of Islamic Cooperation) countries continues to grow, propelled by tourism offerings, enhanced connectivity, and digital transformation.
Muslim consumer spending on outbound travel surged by 43.2%, reaching $217 billion in 2023, with projections to hit $384 billion by 2028 at a CAGR of 12.1%, according to the State of the Global Islamic Economy (SGIE) 2024/25 Report.
The study identified 17 deals across either mergers and acquisitions, private equity and venture capital funding during 2023/24. Transactions rose 30.77% on previous year’s 13 deals.
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