Oil and Tourism
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This paper discusses how Middle Eastern countries like the United Arab Emirates, who are so rich in oil, still depend on tourism to boost their economy. The paper takes a look at how the petroleum producing and exporting nations of the Arabian Peninsula recognize that their countries are growing. And, as their populations expand, oil does not generate the same amount of wealth per-capita as it once did. The paper further discusses how terrorism and catastrophic events such as those of September 11, 2001 conjure up images of potentially devastating attacks on existing oilfields and facilities.
From the Paper:"Yet the infrastructure of tourism demands a great many instances of high capital investment. The capital-labor ratio is high compared to such businesses as insurance or real estate. Tourist accommodations - luxury hotels especially - require a high ratio of staff to consumer. The same goes for restaurants, shopping malls, and entertainment complexes - all of which are necessary to provide the services expected by international travelers. Nevertheless, while hotels and restaurants, for example, provide a return on investment well below the actual funds invested, other industries that bear subsidiary relationships to tourism and hospitality are especially remunerative. Trade, construction, and even handicrafts, all provide returns far in excess of one hundred percent. Each one of these fields can respond directly to a growth in tourism. Construction workers build the hotels, restaurants, and malls that cater to travelers and locals alike, while handicrafts have always been part of the stock-in-trade of the tourism industry. Handicrafts contribute to the "local color" and to foreign perceptions of the people of the United Arab Emirates. The relationship between trade and tourism is somewhat more complex. But it begins with the kinds of business conventions, sporting and cultural events that are adjuncts to many a traveler's visits to a foreign city or nation. Businesspeople can discover Dubai as tourists, and vice-versa. "
Sample of Sources Used:
- Abdelgalil, Dr. Eisa. "Dubai Macroeconomic Report: Multi-Sectoral Approach." Macroeconomic Report Series, 06-02-01-05, pp. 7-9. Dubai Chamber of Commerce and Industry, Data Management and Research Dept., March 2005.
- Crookston, Martin. "14 Conservation and Regeneration: Two Case Studies in the Arab World." Embracing and Managing Change in Tourism: International Case Studies. London: Routledge, 1998. 264-278.
- Dubai Tourism and Commerce Marketing. "Fact Sheet." 125 Pall Mall, London, SW1Y 5EA, November 2005. URL: www.dubaitourism.ae.
- Dubai Tourism and Commerce Marketing. 125 Pall Mall, London, SW1Y 5EA, September 2004. URL: www.dubaitourism.ae.
- Farzin, Y.H. "Importance of Foreign Investment for the Long-Run Economic Development of the United Arab Emirates." World Development, Vol.21, No. 4. Great Britain: Pergamon Press, Ltd., 1993.
Cite this Research Paper:
Oil and Tourism (2007, February 06) Retrieved September 23, 2019, from https://www.academon.com/research-paper/oil-and-tourism-91824/
"Oil and Tourism" 06 February 2007. Web. 23 September. 2019. <https://www.academon.com/research-paper/oil-and-tourism-91824/>