TAG: Tourism
Oil and gas finds in 2015 lead to the modest growth of the Guyanese economy in 2019, driving total GDP over the $3.6bn mark. 2020 will mark the beginning of the country’s transformation from being a raw materials exporter - and among the least developed countries in the Western Hemisphere - to becoming an oil and gas powerhouse, setting the country up for substantial foreign investment and growth opportunities. The service and energy sectors are best poised for rapid development off the back of oil and gas production, and traditional sectors such as agriculture, timber and tourism are expected to grow in both levels of sophistication and market strength.
Medical tourism is on the rise across the world, driven by the increasing cost of health care services in many developed economies, coupled with falling costs for international travel. The global market was valued at $16.8bn in 2018 and at the time was expected to grow to $27.2bn by 2024.
The city of Medina plays an important role in the cultural and historical make-up of Saudi Arabia. It is the final resting place of the Prophet Muhammad and is home to the Prophet’s Mosque, which the Prophet helped build after his flight from Makkah in 622 AD. Today, the Prophet’s Mosque is one of the largest mosque in the world and is the second-holiest site in Islam after the Great Mosque in Makkah. As such, Medina is an important religious centre for the world’s 1.9bn Muslims, with millions of pilgrims visiting the city and its holy sites annually. Saudi Arabia’s far-reaching development strategy, Vision 2030, has earmarked tourism – specifically Islamic heritage tourism – as an engine for growth in the Kingdom’s non-oil economy, with Medina set to play a central role in these efforts.