some countries in today's world do not rely on gasoline or petroleum for their economic growth. Such a case is in Dubai which relies on tourism for their economic growth. Tourism on the basis of financial approach, is studied to help companies manage income and cost relations and how to find the balance between the two. Through this, the companies are able to be productive and effectively help in nation building.
Some opportunities include;
- Employment opportunities- Tourism offers employment opportunities to various sectors like transportation services, accommodation, cultural and natural attraction sites, and travel agencies
- Bring foreign currency- Tourism enhances the exchange of different currencies from different countries thus ensuring a gain to the value of an asset to the local country.
- Generate income- Tourists spend additional money as payments to services offered contributing to country's economy. They include transportation, amusements, medical and food services..
Some future challenges and problems include;
- High taxation- The high rates of taxation levied to hotel rooms and airline tickets negatively impact tourism. Offering fair and competitive prices is important for attracting tourists thus improving tourism.
- Low wages paid to the workers and the high crime rates that are continuing to be experienced are leading to further future challenges to tourism industries.
- Virtual Reality tours are offering customers with outdoor attractions, hotel interior and restaurant interiors experiences all at home comfort reducing the urge to practically visit these places.
- Environment factor - Tourism is based on the sustainability of the environment. The challenge is to sustain the environment to support tourism. The government should enact strict measures that ensure the environment is preserved.