The rapid emergence of markets and new trends in the travel industry are significant aspects in influencing businesses today.

There are several factors that new destinations and companies need to consider to keep pace with the industry. Offering valuable insights on these factors is Richard Stolz, principal at Roland Berger, an experienced strategy consulting professional with over 13 years of experience. He is a regular contributor to the media on the latest tourism & travel industry trends, with authored columns, comments, and interviews in leading magazines, newspapers, and other media outlets.

Based in Dubai, Stolz is developing and helping businesses grow in emerging markets across the tourism, travel, transport, airlines & aviation, leisure, hospitality, entertainment, education, and healthcare sectors.

In a recent interview, Stolz as a judge in the TDM Travel Trade Excellence Awards Middle East 2024, highlighted the future of the Middle East’s travel industry as he delved into the business’s adaptation to the evolving industry.

Solid and detailed project and business planning are crucial for the growth and sustainability of tourism businesses and destinations in evolving markets. “For large scale tourism development projects such as new destination developments, it is paramount that a consolidated stakeholder approach is taken on board to ensure all relevant private and public stakeholders align their respective initiatives and resources accordingly,” he said.

The future of Middle East travel industry

Stolz noted that over the past year, the Middle East travel industry has experienced a favourable post-COVID-19 recovery, particularly in key GCC destinations such as Dubai, Abu Dhabi, and KSA. It is anticipated that key overnight visitor growth will emerge in the future. “Workforce in the tourism sector has grown and will further substantially grow towards 2030,” he added.

The Middle East stands out as a compelling destination for travellers bolstered by its distinctive factors that the tourism industry can capitalise on effectively. These factors are: high level of safety in the GCC; favourable weather conditions most time of the year; world-class tourism, hospitality, and transport infrastructure; excellent customer service levels; vast air traffic connectivity; and state-of-the-art and new hotel brands.

Stolz’s passion for travel has led him to visit 110 countries and to have also lived, worked, and studied in Southeast Asia, the Middle East, North Africa, and Europe. Looking to the future, he expects more diverse tourism source markets, source market movement in terms of volumes of travellers from West to East, and striving to be at the forefront to build and establish new high-quality hotel and tourism infrastructure, which are amongst the factors that companies can regard in adapting to the evolving industry.

“Maintaining the world-class customer service levels will be key,” he said.

Longevity and positive impact

As a judge in the TDM Travel Trade Excellence Awards Middle East 2024, Stolz prioritises several criteria. He evaluates innovative entries based on their continual performance in the long run, sustainability and commercial viability of innovations, and positive impact on job creation and GDP contribution.