SGIE Report 2023/24: Travel industry records strong comeback
Investment in the travel industry spanning Organization of Islamic Cooperation (OIC) countries grew at a promising pace over the past year. This was propelled by the expansion of tourism products, enhanced connectivity and strategic campaigns encouraging year-round travel.
According to the State of the Global Islamic Economy (SGIE) Report 2023/24, Muslim spend on travel was valued at $133 billion in 2022, following an increase of 17% over the previous year. By 2027, it is forecast to reach $174 billion, at a CAGR of 5.5%.
In terms of investments, 13 deals related to the Muslim-friendly travel industry were recorded in 2022/23, nine of which were disclosed and valued at $3.4 billion. Most of them were pertinent to digital travel-related solutions, such as booking apps.
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