Dubai International Airport (DXB) is set to get a AED 6 billion-AED 10 billion ($1.6 billion-$2.7 billion) mega expansion in the next 5-7 years.
25.08.2023 - 14:34 / skift.com / Rashid Al-Maktoum / Peden Doma Bhutia
In a bid to boost tourism’s contribution to the national gross domestic product to $122 billion a year by 2031, the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, launched the UAE Tourism Strategy 2031 on Friday. Eyeing an annual increase of $7.4 billion, the tourism startegy aims to attract new investments of $27.2 billion to the tourism sector in the country, and attract 40 million hotel guests in 2031. The strategy includes 25 initiatives and policies to support the development of the tourism sector in the country, according to the government media office. With the return of tourists, the United Arab Emirates’ tourism revenues surpassed $5 billion in the first half of this year.
Macro headwinds notwithstanding, airlines based in the Middle East and Africa region would return to profit by the end of the year as demand outstrips capacity, Kamil Al-Awadhi, International Air Transport Association’s regional chief said during a conversation with The National. Reporting its earnings for the first half of the fiscal year, Dubai state carrier Emirates Airline reported a net profit of $1.08 billion for the period ending September 30, compared to a loss of $1.6 billion for the same period last year. The shift in capacity from cargo to passenger operations, saw the airline carry 20 million passengers between April 1 and September 30, up 228 percent from the same period last year. Air Arabia, the region’s largest low-cost carrier, also reported solid operational and financial performance for the third quarter ending September 30. Air Arabia reported a net profit of $113 million for the three months ending September 30; an increase of 99 percent compared to $57 million registered in the corresponding third quarter of 2021.
As Oman looks to expand visibility across regional source markets, the destination has signed a partnership agreement with Saudi Arabia-based Almosafer to boost leisure tourism. Under the partnership, Almosafer’s consumer business will run a 360-marketing campaign throughout 2023 to promote Oman to the travel platform’s customer base in Saudi Arabia, Kuwait and the United Arab Emirates.The campaign will aim to increase awareness of Oman as a tourist destination. Oman is a fast-growing destination for Almosafer’s consumer business, with hotel bookings increasing exponentially in 2022. A release from the company stated that between January to October 2022, there has been a steep increase in bookings compared to the same period previous year. Hotel bookings from Saudi Arabia have increased by 370 percent and from the UAE by 432 percent for the year-to-date, compared to the same period in 2021, while bookings from Kuwait have increased by an astounding 1,070 percent. Almosafer’s parent
Dubai International Airport (DXB) is set to get a AED 6 billion-AED 10 billion ($1.6 billion-$2.7 billion) mega expansion in the next 5-7 years.
The Central Bank of the United Arab Emirates this week revised the nation’s gross domestic product (GDP) growth for 2022 from 6.5 percent to to 7.6 percent. Explaining the reason for the renewed forecast, the bank cited stronger than anticipated performance of non-oil sectors, including tourism, hospitality, real estate, transportation and manufacturing. In its review report for the third quarter, the Central Bank noted that it expects non-oil gross domestic product to grow by 6.1 percent in 2022, compared to its previous estimate of 4.3 percent, while it expected oil gross domestic product to grow by 11 percent in 2022. Explaining the reasons for the steady growth in gross domestic product, the report cited the removal of most Covid-related restrictions, in addition to recovery of the tourism sector, real estate and construction boom, expansion of manufacturing activities, as well as the hosting of global events.
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Integrated resort operator Wynn Resorts confirmed that it would be operating a casino at its resort in Ras Al Khaimah.
Qatar will allow visitors without football World Cup tickets to enter the country from December 2 after the group stage matches end.
The United Arab Emirates government on Sunday announced the lifting of all precautionary measures implemented in the country during Covid-19. With the lifting of restrictions, wearing of masks has now been made optional in all open and closed facilities, including places of worship and mosques. However, those categorized as “people of determination” would be required to wear mask while visiting health facilities and centers. The Al Hosn app would now only be required to furnish proof of vaccination and for test results inside and outside the country, when required. The green pass on the app would no longer be required to enter public facilities and sites. The requirement of a polymerase chain reaction test would also no longer be made mandatory for those attending or participating at sporting events. The authorities said they have decided to ease the restrictions after studying the epidemiological situation in the country and having monitored occupancy rates in hospitals and intensive care for Covid cases.
Looking to position itself as a leading tourism destination in the Middle East, Dubai has scrapped the 30 percent municipality tax on alcohol for what has been called a trial period of one year, till December 31. Also, tourists and expats will no longer need to pay a fee to secure a personal liquor license to purchase alcoholic beverages. However, an Emirates ID, or passport for tourists, will still be required. The change that came into effect from Sunday, was confirmed by Maritime and Mercantile International, one of the biggest alcohol retailers in the United Arab Emirates and a subsidiary of the state-owned Emirates Group.
Dubai-based property developer Nakheel announced it has secured $4.6 billion in strategic financing deal to drive what it calls, “the new phase of growth.”
Registering a record performance for the first six months of the financial year, Dubai state carrier Emirates Airline on Thursday reported a net profit of $1.08 billion for the first half of the financial year, compared to a loss of $1.6 billion for the same period last year.
Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, launched the Dubai Economic Agenda — D33 with the ambitious goal of doubling the size of Dubai’s economy over the next decade. With economic targets of $8.7 trillion over the next 10 years, the agenda also aims to establish Dubai’s position among the top three global cities. A key priority of the D33 Agenda is to make Dubai one of the top three international destinations for tourism and business by providing a globally competitive environment for business and driving down the cost of doing business across a number of sectors. The agenda also includes the launch of innovative projects to help make Dubai the world’s best city to live and work in as well as drive sustainable economic growth through innovative approaches. “Dubai will rank as one of the top four global financial centers with an increase in foreign direct investment to over $177 billion over the next decade and an annual $27.2 billion contribution from digital transformation,” the Dubai ruler said.
Having witnessed a stronger than expected recovery in 2022, the Middle East could see international tourist arrivals return to pre-pandemic levels this year, according to the United Nations World Tourism Organization (UNWTO). Data from the UNWTO World Tourism Barometer noted that while all regions enjoyed significant increase in international arrivals in 2022 over the previous year, the Middle East recorded the strongest relative increase as international tourist numbers climbed to 83 percent of pre-pandemic numbers last year. “The region welcomed large events such as Expo 2020 Dubai and the FIFA World Cup in Qatar, as well as a highly attended Hajj pilgrimage in Saudi Arabia,” noted UNWTO in its report. “UNWTO anticipates a strong year for the sector even in the face of diverse challenges including the economic situation and continued geopolitical uncertainty,” Secretary General Zurab Pololikashvili said. UNWTO noted that over 900 million tourists travelled internationally in 2022, which was double the number of those who travelled in 2021 though still 37 percent below 2019.