
Per diem rates up as GCC budget surplus fuels massive infrastructure projects – puts executives back in the air, says organiser of GIBTM
High oil prices, a growing non-oil economy and major investment in transport and power infrastructure projects are driving business travel in the Gulf region once again.
“According to analysis by the Emirates Centre for Strategic Studies and Research, GCC budgets doubled in 2011 producing a $106.7 billion budget surplus, and that was after a 19.3% increase in public spending over the previous year,” said Lois Hall, Exhibition Manager, for GIBTM, the leading platform for the incentive, business travel and meetings industry in the Middle East, which takes place at the Abu Dhabi National Exhibition Centre (ADNEC) on 25-27 March 2013.
“Clearly money is available to fund these and future infrastructure projects, driving the non-oil economy, which is now generating around 14% of total GCC revenues and helping to diversify its economies,” added Hall.
One such non-oil economic sector that is clearly benefiting from increased commercial activity is aviation and hospitality, particularly from corporate travelers, keen to tap into region’s business markets as business opportunities in some of the more mature economies dry-up.
Now in its seventh year, the Gulf Incentive, Business Travel and Meetings Exhibition (GIBTM) attracts in excess of 2,400 industry professionals each year. New for the 2013 edition, and in response to increasing demand for business travel services in the region, GIBTM has launched its first dedicated Business Travel Pavilion.
The show also hosts 300 regional and international senior level buyers with a combined budget of over $827 million, who through 7,600 pre-scheduled appointments over the two and a half-day exhibition, meet with more than 350 exhibitors from 36 different countries.