In this Business Africa episode, you'll get to meet the head of Benin's first 5-star hotel. Also on the program, funding cultural and creative industry and we'll look at how Morocco built an investor-friendly climate.
Benin: Tapping the potential of luxury tourism [Business Africa]
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The global luxury tourism market was worth around $1.2 trillion in 2021. Benin is looking to position itself in this niche.
Morocco has centred its economic strategy around the development and the diversification of investment flows.
The kingdom has for over a decade now successfully maintained a spot among the most attractive African countries for foreign investors. Rabat is therefore the focus of several charm offensives, The latest being from French President Emmanuel Macron.
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Finally, more and more African financial institutions are seeking to address the financing gap in the creative industries.
The luxury tourism sector hasn't reached its full potential in Africa. Citing market studies in the global sector of luxury travel, consulting firm Deloite projected a compound annual growth rate of 7.6% until 2030.