dubai tourism economy

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Dubai Tourism Statistics

In just a few decades, Dubai has transformed itself from a desert backwater into one of the most vibrant and cosmopolitan cities in the world. And now, the city is aiming to become the most visited tourist destination on the planet, with a new tourism strategy that is targeting 25 million visitors by 2025.

To achieve this goal, the city is investing heavily in infrastructure, hotels, tourist attractions, and shopping malls.

The city has already taken steps to improve its infrastructure and visitor experience.

The extension to the Red Line of the Dubai Metro has made it possible for visitors to reach new areas of Dubai that were previously difficult to reach by public transport.

Dubai is constantly evolving, and there are always new attractions to see and experience.

One of the latest additions to the city is Ain Dubai , which is the world’s tallest Ferris wheel. For those who want to get a bird’s-eye view of the city, this is a must-see attraction. The View at the Palm also offers stunning panoramic views.

The Museum of the Future is a one-of-a-kind institution that explores the latest technological innovations, while Madame Tussauds Dubai brings iconic celebrities to life with lifelike wax figures.

These new attractions are sure to wow visitors and continue to put Dubai on the map as a must-see destination.

The city is home to some of the most luxurious and opulent hotels in the world, and new properties are being built all the time. Hilton Dubai Palm Jumeirah, Atlantis the Royal, and W Dubai Mina Seyahi are just three of the hotels that opened in 2022.

These developments have made Dubai even more appealing to tourists from all over the world. There is no doubt that it is on track to becoming the most visited city on earth.

Number of International Visitors to Dubai – January to June 2022

According to the latest figures from the Dubai Department of Economy and Tourism, the number of international visitors to Dubai in the first six months of 2022 was 7.12 million. This represents an increase of over 182 per cent over the same period in 2021.

However, it is important to note that 2021 and 2020 were both affected by the COVID-19 pandemic, so a more accurate comparison is with pre-pandemic figures.

In the first half of 2019, 8.36 million tourists visited the city. This means that while there has been an increase in tourism since the pandemic began, the number of tourists has not yet returned to its pre-pandemic levels.

Much of the difference between the 2022 and 2019 figures is due to the loss of Chinese tourists. In the first 6 months of 2019, 501,000 Chinese tourists visited Dubai. In 2022, China’s borders remained effectively sealed as the country continued to pursue a zero-tolerance approach to a virus that other parts of the world have accepted as endemic.

However, with vaccines now available and travel restrictions beginning to ease, it is expected that Dubai will soon return to the pre-pandemic growth levels.

Number of International Visitors to Dubai – 2021

After a difficult year in 2020, Dubai’s tourism industry saw a rebound in visitor numbers in 2021. With global travel ramping up and COVID-19 restrictions easing, the city welcomed back tourists from all over the world.

In total, 7.28 million visitors arrived in the city in 2021, compared to 5.51 million in 2020. This was a significant increase of over 32 per cent.

Origin of International Visitors to Dubai – January to June 2022

According to the statistics for the first half of 2022, the top five countries of origin for visitors are India, Oman, Saudi Arabia, the UK, and Russia.

These five countries account for over 40 per cent of all visitors to Dubai. However, it’s worth noting that there are a significant number of visitors from other countries as well.

Origin of International Visitors to Dubai – 2021

India has always been an important market for Dubai’s tourism sector, and that was no different in 2021. India remained the city’s top international visitor source market, accounting for 910,000 visitors. That’s a 5.2% increase from the previous year.

Many factors have contributed to India being the top source of visitors. One is the abundance of direct flights that make it convenient and affordable for Indian travellers to visit Dubai. Another is the wide range of hotel options, which appeals to a broad range of travellers.

Saudi Arabia had the second highest number of visitors in 2021 with 491,000 visitors. This was an increase of over 22 per cent from the previous year. This is a very impressive result, especially considering that Saudi Arabia closed its borders to all travel up to May 2021.

Russia was again one of the city’s largest tourism source markets, with 444,000 visitors in 2021, an increase of 50 per cent from the previous year.

Visitors from Oman, historically one of Dubai’s top five source markets, were significantly reduced in 2021 due to COVID-19 travel restrictions. The Omani government reopened its borders with the UAE to vaccinated travellers in September 2021.

Visitors by Source Market – January to June 2022 and 2021

Western Europe and GCC countries (Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia) were the top source markets for the city in the first 6 months of 2022.

As noted above, Oman and Saudi Arabia have historically been amongst Dubai’s top international visitor source markets. Both of these GCC countries had strict travel restrictions in place for much of 2021.

Purpose of Visit

The data for 2021 and previous years shows that most people travel to Dubai for leisure reasons, whether it be to enjoy the city’s many attractions or to relax in its luxurious hotels and resorts. Business travellers accounted for 12 per cent of all visitors to the city in 2021, which was consistent with 2020. Many business visitors are attracted by events such as GITEX and the Arabian Travel Market.

The proportion of travellers visiting the city to see friends and relatives in 2021 rose to 16 per cent, up 3 per cent from 2020.

Hotels – Room Nights

In 2021, hotels in Dubai bounced back from the pandemic with some of their best results ever.

Thanks to a strong rise in the number of domestic guests, the city’s hotel industry had the second highest number of room nights sold on record. The remarkable figure of 31.47 million was only slightly down on the pre-pandemic peak of 32.11 million recorded in 2019.

Guests also stayed longer in 2021, averaging 4.6 nights compared to 4.2 nights the year before.

Hotels – Number and Occupancy

In 2021, Dubai offered more hotel choices to travellers, as the city’s hotel room inventory grew. At the end of the year, the city had a total of 755 hotels and hotel apartments with 137,950 rooms available. This is compared to 711 hotels and hotel apartments with 126,947 rooms at the end of 2020.

This increase in the number of hotel rooms provided travellers with more options to find lodging that met their needs and budget.

The average hotel occupancy rate in 2021 was 67 per cent, up from 54 per cent in 2020.

Hotels – Location

Hotels and hotel apartments are found in many areas of Dubai.

The areas with the greatest number of rooms are Deira , Al Barsha , Jumeirah , Downtown Dubai , and Dubai Marina .

The Palm Jumeirah has the highest proportion of 5-star rooms. 87 per cent of available rooms here are in 5-star hotels. Bur Dubai has the lowest proportion of 5-star rooms.

Jebel Ali and Deira are best for budget visitors. In both of these areas, the proportion of rooms in 1 to 3-star hotels is just under 40 per cent.

Top World Cities by Visitor Numbers

According to Mastercard’s Global Destination Cities Index 2018 (published September 2019), Dubai was the fourth most visited city in the world. Only Bangkok, Paris, and London attracted more overnight visitors.

Dubai was the most visited city in the United Arab Emirates and the Middle East.

Dubai topped the list for both total and average daily visitor spending. The average visitor to the city spent $533 (£464.17, €538.95, 1957.76 AED) per day in 2018, much higher than in any of the other cities.

Total visitor spending in Dubai for the year was $30.82 billion.

At the time of writing (September 2022), Mastercard has not published the report for any years after 2018.

Dubai International Airport Passenger Numbers

According to a report from Airports Council International (published in April 2022), Dubai International Airport (DXB) was the world’s busiest airport in 2021 in terms of international passenger traffic.

The busiest airport in terms of total passengers (international and domestic) was Hartsfield–Jackson Atlanta International Airport (ATL).

The UAE is a small country. There are no domestic flights from Dubai International Airport or any other airport in the UAE (Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Quwain, Fujairah, and Ras Al Khaimah).

Airports Council International (ACI) is the trade association of the world’s airports.

Top Tourist Attractions

According to Tripadvisor the most popular tourist attractions in Dubai (September 2022) are:

• Burj Khalifa
• Dubai Fountain
• Dubai Miracle Garden
• Global Village
• Dubai Frame
• Atlantis Aquaventure
• Burj Al Arab
• Dubai Creek
• Dubai Aquarium and Underwater Zoo
• Mall of the Emirates
• The Lost Chambers
• Souk Madinat Jumeirah
• Dubai Marina
• LEGOLAND Dubai

Tripadvisor is a travel website that helps users find hotels, restaurants, and activities for their upcoming trips. The website also includes user-generated reviews and ratings, as well as photos and videos. It is a great resource for travellers who want to get the most out of their trip.

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Dubai's Department of Economy and Tourism Records 11% Surge in Tourist Arrivals for Q1 2024

Dubai welcomed 5.18 million international overnight visitors from January to March 2024, an 11% rise over the 4.67 million tourist arrivals during the same period in 2023, according to data published by Dubai Department of Economy and Tourism (DET) at the 31st edition of Arabian Travel Market (ATM).

Following a record-breaking year in 2023, with Dubai welcoming 17.15 million international overnight visitors, the city's tourism industry continues to thrive in the first quarter of 2024. This growth reflects the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum and aligns with the ambitious goals of the Dubai Economic Agenda, D33 , to solidify Dubai's position as a global hub for business and leisure. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, expressed confidence in Dubai's tourism sector, expecting another exceptional performance this year. He highlighted the importance of aligning with Sheikh Mohammed's vision and the objectives of D33 to ensure sustained growth and prominence in the global tourism landscape.

With the commencement of the Arabian Travel Market 2024, we are pleased to share that Dubai's tourism sector has started the year on a promising note. The city welcomed close to 5.2 million international visitors in the first quarter of 2024, marking an 11% surge from the same… pic.twitter.com/hINULoIpfu — Hamdan bin Mohammed (@HamdanMohammed) May 6, 2024

Visionary leadership

His Highness emphasized Dubai's success as a tourist destination, attributing it to the visionary leadership of Sheikh Mohammed bin Rashid. He praised the effective promotion efforts and the continuous investment in world-class infrastructure, emphasizing the goal of becoming the smartest, most advanced, and most agile city. Sheikh Hamdan commended the Dubai Department of Economy and Tourism (DET) for promoting the emirate globally and providing a distinguished experience for visitors. He highlighted the importance of public-private sector cooperation in maintaining Dubai's lead in global tourism.

Sheikh Hamdan stressed the importance of tourist satisfaction, aiming for each visitor to become an ambassador for Dubai. He reaffirmed Dubai's commitment to enhancing the tourism sector and diversifying options to exceed visitor expectations. Dubai's exceptional performance, including being named the No.1 global destination for the third consecutive year, underscores its global recognition.

Helal Saeed Almarri, Director General of DET , attributed Dubai's record-breaking visitation to its commitment to long-term goals outlined in the D33 Agenda. He highlighted the tourism sector's pivotal role in Dubai's positive growth trajectory, driven by international businesses, a healthy MICE sector, and an influx of new talent.

Issam Kazim, CEO of DCTCM, reiterated Dubai's commitment to elevating standards and expanding its tourism offering. He emphasized strong global campaigns, collaboration with stakeholders, and diversified marketing approaches to promote Dubai worldwide. Kazim recognized the contribution of partners in delivering the highest levels of service, making Dubai the best city to visit, live, and work in.

Key source markets

Dubai's diversified approach to tourism, tailored to over 80 markets, has solidified its position as a top travel destination. In the first quarter, Western Europe emerged as the largest source market, contributing 1.138 million arrivals, followed by South Asia with 869,000 visitors, and CIS and Eastern Europe with 817,000 arrivals. The GCC and MENA regions followed closely, with 664,000 and 605,000 arrivals, respectively. North-East Asia and South-East Asia combined contributed 470,000 arrivals, while the Americas accounted for 344,000 visitors. Africa saw 202,000 arrivals, and Australasia contributed 70,000 arrivals to Dubai's tourism sector.

Hotels and hospitality

Dubai's hotel sector maintained an 83% occupancy rate from January to March 2024, despite a 2% increase in room supply to over 152,000. Occupied room nights rose by 2% to 11.2 million compared to 2023. Average Daily Rate increased by 5% to AED638, while Revenue Per Available Room rose 4% to AED527. This indicates hoteliers are maintaining competitive pricing. Dubai had 96,484 rooms in five-star and four-star hotels, with a 64% share. One- to three-star hotels comprised 19% of the market with 29,100 rooms and an 82% occupancy rate. Hotel apartments had 26,578 keys with an 84-85% occupancy rate.

Sustainability initiatives

Dubai's commitment to sustainability extends into 2024 with the 'Year of Sustainability'. The tourism and hospitality sectors lead this effort with ecotourism initiatives like Dubai Can . The 'Refill for Life' campaign reduces plastic waste by promoting reusable bottles and installing water fountains, saving over 18 million single-use bottles since its launch. Another initiative, Dubai Reef, aims to boost marine biodiversity with the world's largest marine reef development project. Recently inaugurated by His Highness Sheikh Hamdan bin Mohammed, the pilot reef modules mark a significant milestone in this endeavor.

Entrepreneurship spur

DET is diversifying Dubai's growth beyond conventional tourism by focusing on investment, entrepreneurship, and global talent attraction. The Dubai College of Tourism (DCT) , under DET, offers vocational training and educational programs to cultivate a skilled workforce for the tourism sector. Additionally, Dubai supports entrepreneurs and SMEs through platforms like Dubai SME , providing financial support and mentorship, and Intelak Hub, the region's sole startup platform dedicated to travel, tourism, and aviation sectors. These initiatives aim to foster innovation and sustainable growth in Dubai's economy.

Global leisure hub

Dubai's culinary scene continues to flourish, with 18 local restaurants featured in the 2024 MENA's 50 Best Restaurants list, reaffirming its status as a global culinary capital. The city's cruise sector is also thriving, as seen with the establishment of the Cruise Arabia alliance, aimed at promoting the Arabian Gulf as a premier cruise destination and enhancing the cruise experience. Moreover, Dubai's reputation as an entertainment hub is further solidified by new attractions like Real Madrid World, the first theme park operating under the football club's branding, and the city's year-round calendar of events, including the ongoing Dubai Food Festival. These developments align with Dubai's tourism strategy and support its economic growth objectives.

News Source: Dubai Media Office

Written by HiDubai Newswire

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Tourism's contribution to Dubai's economy revealed

Tourism contributed US$64 billion to the UAE’s economy in 2016 and this figure is set to almost double over the next 10 years, the latest research by the World Travel & Tourism Council (WTTC) has revealed

The travel and tourism industry has been earmarked as a key growth sector for the UAE as part of its ambitious economic diversification policy.

In 2015, the sector’s total contribution to the country’s GDP was AED133.8 billion (US$36.43 billion) or 8.7 percent, growing by 4.4% in 2016 and then 5.4 percent per annum to hit a predicted AED236.8 billion ($64.47 billion), or 11.2 percent of GDP, by 2026.

These are the latest figures to be shared by the World Travel & Tourism Council (WTTC) in its Travel & Tourism Economic Impact 2016 United Arab Emirates report.

The research provides true insight into the growing value of the country’s travel and tourism industry as it forges ahead with its strategy to boost tourism-related infrastructure development and attract an increasing number of business and leisure travellers from across the globe.

More than AED27.4 billion ($7.46 billion) was pumped into the UAE’s travel and tourism sector in 2015, a significant 7.3 percent of total investment.

This was anticipated to jump 2.8 percent in 2016, and by 6.8 percent every year over the next 10 years to reach AED54.4 billion ($14.81 billion) in 2026, or 8.2 percent of total investment.

The UAE is determined to become one of the world’s leading tourism destinations and WTTC’s report reveals that in 2015, it was ranked 28 th out of 184 countries in terms of the relative importance of travel and tourism’s total contribution to GDP.

In terms of the sector’s size and GDP contribution, it ranked 105 th , but its 2016 growth forecast ranked the country 42 nd out of 184.

Looking at the 10-year growth forecast, WTTC says the UAE ranks in 48 th place.

Of course, the growth of the industry generates more job opportunities, and the key beneficiaries are hotels, travel agents, airlines and other passenger transportation services.

The WTTC reveals that in 2015, travel and tourism directly supported 330,000 jobs (5.7 percent of total employment). This was expected to rise by 3.8 percent in 2016 and 4.3 percent per annum to 520,000 jobs (or 7.6 percent of total employment) in 2026.

However, restaurants and leisure industries benefit from tourism too and therefore supports jobs in both.

Therefore, in 2015, the total number of jobs the sector supported amounted to 9.6 percent of the UAE’s total workforce (557,000 jobs). This is expected to rise by 3.8 percent in 2016 to 578,000 jobs and by 3.9 percent per annum to 850,000 jobs in 2026, some 12.4 percent of the total.

The individual emirates within the UAE have all set out ambitious arrivals targets.

Leading the pack is Dubai, which aims to attract 20 million arrivals by 2020.

During the same year, Dubai will host the World Expo, marking the first time the famous event has been staged in the Middle East. At least 25 million visitors are anticipated, more than 70 percent of whom will hail from outside the UAE.

By 2026, the number of international tourists visiting the UAE will hit 30.94 million and they will spend AED167.7 billion ($45.66 billion), the WTTC reveals.

This represents a 5.4 percent per annum increase in terms of spend over the next decade.

In 2015, visitors to the UAE spent AED95.5 billion ($26 billion). This was expected to grow by 3.3 percent last year when 15.76 million international tourist arrivals were anticipated.

Leisure travel spending (inbound and domestic) generated 79 percent of direct travel and tourism GDP in 2015 or AED97.9 billion ($26.65 billion), compared to 21 percent for business travel spending or AED26 billion ($7.08 billion).

Leisure travel spending is expected to grow by 4.4 percent in 2016 to AED102.2 billion ($27.82 billion), and jump by 5.4 percent to AED173.2 billion ($47.15 billion) in 2026.

Business travel spending is expected to grow by 0.3 percent in 2016 to AED26.1 billion ($7.11 billion), and nudge up by 4.4 percent annually to AED40.3 billion ($10.97 billion) in 2026.

This demonstrates the growth trajectory and potential of the UAE’s travel and tourism sector as it continues to roll out mega projects with leisure visitors in mind.

Recent announcements for new theme parks, in addition to the recently opened IMG Worlds of Adventure and the Dubai Parks & Resorts (DPR) multi-themed destination, are likely to render these tourism growth forecasts conservative.

Newly-announced projects include IMG Worlds of Legends, Six Flags at DPR, and a Formula One themed park at Dubai’s Motor City, as well as SeaWorld Abu Dhabi on Yas Island.

Developments such as these, along with plans for new tourism destinations, cultural venues, shopping malls, and leisure and entertainment activities, could see the UAE shoot up the rankings further in the next travel and tourism impact report by WTTC.

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Local addressable Market

• The UAE accounted for more than one-quarter of the Middle East and Africa’s tourism FDI projects between 2015 and 2019.
• Investment in the travel and tourism sector is forecast to rise by 11% per annum over the next 10 years to USD 20.3bn in 2027, 11.2% of total investments.

Recent trends

• According to UNWTO, by 2030 the total number of tourist trips is expected to reach 37.4billion  international and domestic.
• Revenue is expected to show an annual growth rate (CAGR 2021-2026) of 17.13%, resulting in a projected market volume of USD 949,579 million by 2026.
• Sustainable Investments in the tourism sector has been oriented towards Green Transitions suggesting frameworks to shift from a growth-paradigm to a sustainable-paradigm in the long term in order to develop financial instruments for resilience and renewal of the tourism sector.

Growth Opportunities

• Over the last 10-15 years, the UAE government and state-owned enterprises have developed a range of tourist attractions to attract visitors from around the world.
• Events are another engine for tourism growth in the UAE. Supported by the UAE government, these events attract thousands of tourists visiting the UAE.
• Major companies (state-owned and family conglomerates) have developed exciting retail offerings and hotels/resorts which also serve as tourist attractions.
• The UAE launched multiple-entry tourist visas in May 2021 for all nationalities, valid for five years, and The initiative enables tourists to enter multiple times on self-sponsorship and remain in the country for 90 days on each visit, further extendable for another 90 days.

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Retail & e-commerce, smart cities and autonomous transportation, entertainment streaming & gaming, manufacturing, renewable energy, communication channels.

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Direct tourism contribution of Dubai to GDP of the UAE 2006-2026

Direct tourism contribution of dubai to the gross domestic product of the united arab emirates from 2006 to 2026 ( in billion u.s. dollars).

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December 2017

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Middle East Tourism: Roundup From the First Half of 2024

Josh Corder , Skift

August 9th, 2024 at 10:10 AM EDT

While global travel begins to see the first signs of a slowdown, key Middle East destinations have been performing well.

Josh Corder

This earnings season, global travel leaders have agreed that the industry is in a slowdown . An exception to that, however, has been the Middle East, which bosses like Accor’s Sebastien Bazin noted was the operator’s best-performing region in the second quarter.

Mounting regional tensions could undo the Middle East’s growth in travel, but for the first half of 2024, performance was strong.

Here’s a look at the half-year tourism numbers for some of the region’s biggest tourism destinations.

Saudi Arabia

Saudi Arabia saw a combined 60 million international and domestic tourists in the first six months of the year. The kingdom did not share the split between international and domestic numbers.

Tourists in the period contributed $38.1 billion in expenditure during the first half of 2024.

Closed off to international tourism up until 2019, Saudi Arabia targets 150 million tourists by the end of the decade, 70 million of those coming from overseas. The country also wants tourism to become its second largest industry behind oil.

Dubai continued its upward trajectory in tourism, recording 9.31 million international overnight visitors from January to June 2024. This marks a 9% increase compared to the 8.55 million arrivals in the same period in 2023, according to data from the Dubai Department of Economy and Tourism (DET).

Visitor statistics breakdown:

• GCC and MENA Markets: 26% of total visitors, with 1.27 million (14%) from GCC and 1.09 million (12%) from MENA
• Western Europe: 20% share, totaling 1.89 million visitors
• South Asia: 1.62 million visitors (17%)
• CIS and Eastern Europe: 1.37 million visitors (15%)
• North-East and South-East Asia: 10% share (896,000 visitors), driven by recovery from China
• Americas: 617,000 visitors (7%)
• Africa: 404,000 visitors (4%)
• Australasia: 154,000 visitors (2%)

Qatar saw 2.63 million international tourists in the first half of 2024, 28% higher than the same period in 2023.

Saudi Arabia continued to be the top contributor to international arrivals with 755,000 visitors – 29% of total visitors coming in by June of 2024.

The remaining top 10 visitor markets were India (8%), Bahrain (5%), UK (4%), Kuwait (4%), Oman (4%), Germany (4%), USA (3%), UAE (3%), Italy (2%).

Egypt brought in 7.069 million tourists in the first half of 2024, surpassing the previous record of 7.062 million set in the same period of 2023.

Key figures:

• Tourist Nights: 70.2 million, up from 67.6 million in 2023 and 65.7 million in 2010
• Tourism Revenue: $6.6 billion, a 5% increase from $6.3 billion in 2023, and an 18% growth from $5.6 billion in 2010
• 2028 Target: Aiming for 30 million tourists

Turkey had a 13.9% annual increase in visitor numbers, reaching 26.1 million in the first half of 2024. Tourism revenues during the same period rose by 9.3% to $23.7 billion.

• Russia: 3% increase to 2.7 million visitors
• Germany: Over 9% growth to more than 2.5 million visitors
• United Kingdom: 19% rise with nearly 1.8 million visitors
• China: 111% growth, reaching 187,000 visitors
• Japan: 96% increase with over 56,000 visitors

Turkey remains committed to its ambitious year-end target of 60 million visitors and $60 billion in tourism revenues.

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Tags: egypt , qatar , saudi arabia , tourism , travel , turkey , uae

UAE economy to grow robustly on back of real estate, tourism: OPEC

OPEC highlighted the steady expansion of the UAE’s economy, supported by strong domestic and international economic activities

The UAE continues to demonstrate robust economic growth, particularly in its non-oil sectors such as real estate, tourism, and manufacturing, according to the Organisation of the Petroleum Exporting Countries (OPEC).

In its August 2024 Monthly Oil Market Report ( MOMR ), OPEC highlighted the steady expansion of the UAE’s economy, supported by strong domestic and international economic activities.

In June, the UAE saw a slight uptick in housing, water, electricity, gas, and other fuel costs, which make up over 40 per cent of the Consumer Price Index (CPI).

These costs increased by 6.7 per cent year-on-year, up from 6.6 per cent in May. Food and beverage inflation remained relatively stable, with a marginal increase to 2.4 per cent in June from 2.3 per cent, in May.

On the international front, the UAE Central Bank recently signed currency swap agreements with Ethiopia, the Seychelles, and Indonesia.

These agreements are designed to enhance cross-border transactions and improve payment system cooperation. Additionally, the UAE finalised a Comprehensive Economic Partnership Agreement (CEPA) with Mauritius, aimed at eliminating tariffs and boosting trade, thereby strengthening the UAE’s economic and diplomatic ties with Africa.

As part of the GCC grouping, the UAE also held talks with Turkey towards a free-trade pact.

IMF forecast

OPEC’s optimistic outlook for the UAE aligns with earlier forecasts by the International Monetary Fund (IMF), which predicted a 4 per cent expansion of the UAE’s gross domestic product (GDP) in 2024.

The IMF attributed this growth to robust activity in the tourism, construction, manufacturing, and financial services sectors. The IMF also noted that strong foreign demand for real estate, coupled with the UAE’s safe-haven status, has driven rapid increases in housing prices and rents, contributing to domestic liquidity.

The UAE’s economic growth is expected to be further bolstered by higher hydrocarbon GDP growth, partly due to increased crude oil production following the UAE’s OPEC+ quota adjustment.

Inflation is forecasted to remain contained at around 2 per cent, while fiscal and external surpluses are expected to remain strong, supported by relatively high oil prices.

The general government surplus is projected to be around 5 per cent of GDP in 2024, with public debt on track to decline further towards 30 per cent of GDP. The current account surplus is projected at approximately 9 per cent of GDP in 2024.

In the broader oil market, OPEC reported that oil price movements in Asia have seen the Tapis premium over Dubai widen, as the value of sour crude increased at a slower pace compared to light sweet crude. The Brent-Dubai differential also rose, reflecting a stronger position for light sweet crude amid limited west-to-east arbitrage.

In July, the Tapis-Dubai spread widened by $2.56 month-on-month to an average of $4.92 per barrel.

Oil futures prices strengthened last month, with all major crude benchmarks showing steeper backwardation, indicating an improved global oil supply and demand outlook. The forward curve of NYMEX WTI also strengthened, driven by a decline in US commercial crude oil stocks, which contributed to a steeper front end of the forward curve.

Despite these positive indicators, OPEC revised its forecast for global oil demand growth in 2024, citing weaker-than-expected data from the first half of the year and softer expectations for China. The organisation also reduced its outlook for the following year, reflecting concerns about the global economic environment.

The UAE’s strategic economic policies and international partnerships continue to position the country strongly, as it seeks to sustain its growth trajectory and further diversify its economy amidst global oil market uncertainties.

Read: OPEC cuts 2024 oil demand growth forecast, citing China

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More From Forbes

Dubai real estate sets the pace for luxury living and tourism.

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Dubai is quickly becoming a prominent destination for business and tourism. Real estate investors are helping transform Dubai into a 21st-century global city with eye- catching and sustainable skyscrapers that serve as a worldwide model for luxury living.

Dubai Marina from a high view showing the boats, sea, and the city scape.

Why is Dubai So Special?

While Dubai has been a notable trading destination for centuries, it has transformed into a thriving global city in recent decades. The ultramodern metropolis is a beacon for international business, tourism, and luxurious lifestyles that other cities across the globe can look to as international affluence increases.

For instance, Dubai has many awards as the best global destination , including:

• Tripadvisor Travellers' Choice Best of the Best Destinations Awards (the first city to
• receive this honor for three consecutive years)
• Remitly's Best City in the World to Relocate To
• Savills' Best City in the World for Remote Workers
• Euromonitor's International second-best city destination

Dubai's transformation from a quaint fishing village in the 1800s to a haven for luxury itineraries sets a precedent for future global cities. There are many urban activities, including high-end shopping and indoor attractions. The famous beaches and dunes are also considered the best for outdoor enthusiasts.

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Best covid travel insurance plans.

The emerging luxury real estate market also has several economic tailwinds. First, prime residential space is cheaper per square foot than well-established destinations such as London, Monaco, and New York. Second, Dubai residents and investors can avoid ordinary real estate taxes on capital gains, rental revenue, property taxes, and income taxes.

These various factors attract investors, tourists, and residents alike.

Dubai's Sustainable Urban Living

The Dubai real estate sector has the advantage of incorporating advanced technology to build structures that increase the standard of living without sacrificing the local ecosystem, as is often the case when building modern cities and high-rise residential projects.

These eco-friendly practices parallel Dubai's goal of maintaining its title as The Sustainable City, which includes becoming carbon net zero by 2050.

Amer Al Zoubi, CEO of United Arab Emirates-based Tiger Properties , and his father-founder, Waleed Al Zoubi, are a cornerstone of Dubai's emergence as a "Pearl of the Middle East" with over 270 successful projects. Dubai is known for its breathtaking skyline, low crime rate, and opportunities for opulence.

Specifically, Tiger Properties emphasizes sustainable luxury developments through innovative architecture and the latest technology. This focus contributes to Dubai's status as a 21st-century must-visit destination as travelers yearn for new experiences and look beyond traditional destinations.

Tiger Sky Tower

Tiger Sky Tower is one of Tiger Properties' latest and most iconic landmarks in Dubai. It challenges the status quo among the world's modern skyscrapers. Some of its feats include the highest rainforest, roller glider, infinity pool, penthouse, and restaurant worldwide. Additionally, it's one of the world's highest residential buildings, with 122 floors and a height of 1,745 feet (532 meters).

"My vision for luxury living combined with a commitment to cutting-edge technology has guided our team in creating iconic landmarks that redefine the Dubai skyline," says Al Zoubi.

Continuing, "I'm dedicated to pushing forward our mission of blending architectural excellence with environmental stewardship, ensuring each project contributes positively to our communities and sets new standards in urban development."

Eng. Amer Al Zoubi and his company, Tiger Properties, desire to create engaging architecture with sustainable design principles. This combination offers residents and guests unparalleled residential experiences, redefines urban living that's eco-friendly, spurs economic growth, and maintains Dubai's rich legacy.

However, this dream isn't challenge-free, as each project must overcome regulatory hurdles and secure funding amidst economic uncertainty. Acquiring expert project managers and strategic relationships with stakeholders is also necessary.

What's the Future of Urban Development?

Many countries are facing the challenge of achieving sustainable urbanization. According to the World Bank Group , approximately 56% of people live in cities, and the ratio will increase to seven out of 10 citizens by 2050.

Sustainable high-rise projects and eco-friendly building practices continue to become more common in Dubai and globally to meet population trends. A corresponding rise in global household wealth encourages developers to reject stale architecture and minimal amenities that are efficient yet need help to improve the region's standard of living.

The Dubai 2040 Urban Master Plan anticipates population growth from 3.3 million to 7.8 million residents by 2040. One of the plan's initiatives to responsibly absorb the population boom includes integrated housing options to meet citizens' needs for the next 20 years through optimal mobility by developing service centers. Comprehensive and flexible urban planning laws also strive to promote responsible development.

In addition to remaining a leader in Dubai real estate, Tiger Properties is pursuing an international footprint expounding on its five decades of sustainable construction experience.

"We are committed to enhancing quality of life through thoughtful design, fostering vibrant neighborhoods, and leaving a lasting positive impact on the environments we touch," states Al

Zoubi. "With each project, we aim not only to exceed expectations but also to shape the future of urban living, making Tiger Properties synonymous with excellence, sustainability, and visionary leadership in the real estate industry."

Tiger Properties can excel in thriving global cities through these core tenets:

• Architectural Significance: Design innovative residential towers that reshape cityscapes and elevate living standards with signature traits desirable to residents and guests for memorable experiences.
• Community: Create vibrant neighborhoods and bolster local economies through employment opportunities and essential contributions to the underprivileged.
• Strategic Development: Establish a long-term presence to thrive in prominent districts with healthy rental demand and provide investors with a diverse portfolio.
• Sustainability: Utilize advanced technology to enhance efficiency to facilitate world-class leisure lifestyles and eco-conscious construction for a minimal carbon footprint.

These priorities assist real estate developers in collaborating with worldwide urban planners to maximize sustainable community growth as Dubai is accomplishing.

Final Thoughts

Dubai real estate provides many opportunities and lessons for urban planners and investors to benefit from as the world adapts to new trends and a changing environment. Tourists, business leaders, and international citizens flock to this desert oasis for its affordable innovation.

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Travel and Tourism

Travel and tourism sector to contribute $49bn to UAE’s economy this year, WTTC says

The industry is expected to create 7,000 new jobs in emirates.

17 May, 2023

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Travel updates and inspiration from the past week

DIEZ boosts its contribution to Dubai’s economic growth with record trade results in 2023

19 hours ago

The Dubai Integrated Economic Zones Authority (DIEZ) achieved record results in 2023 in terms of its total trade across its economic zones, including the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity, reaching AED 282 billion. This marks a remarkable growth of 33% compared to 2022.

DIEZ’s economic zones played a major role in Dubai's non-oil trade, contributing 13.5% in 2023 compared to 11.4% in 2022. Imports via DIEZ recorded a remarkable surge of 48% to reach AED 157.6 billion, with the increase surpassing AED 51 billion for the second consecutive year.

Furthermore, DIEZ witnessed a historic milestone in 2023 with exports exceeding AED 1 billion for the first time, reaching an impressive AED 7.8 billion, which is well over a seven-fold increase from 2022. In addition, the total re-exports reached AED 116.1 billion.

A historic leap His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said: “DIEZ is progressing with deliberate and strategic steps to strengthen its exceptional contribution to Dubai's trade, elevate performance, and solidify its vital role in achieving the goals of the Dubai Economic Agenda D33. This aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to double Dubai’s economy by 2033 and elevate its leading position as one of the top three urban economies globally within the next decade.” His Highness highlighted that the remarkable and unprecedented results achieved by DIEZ on multiple levels reflect Dubai's prestigious and growing status as the destination of choice for companies and investors worldwide.

Emphasising the Emirate’s pivotal role in the global trade system, Sheikh Ahmed bin Saeed said that Dubai serves as an advanced commercial, industrial, service, and professional hub at both the regional and international levels. Furthermore, he noted that DIEZ's integrated approach continues to prove effective in supporting the national and local economy, positively impacting all strategic sectors, and enhancing Dubai's attractiveness and competitiveness.

Steady growth Commenting on DIEZ’s outstanding results, His Excellency Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, said: “The exceptional results recorded by the Authority during 2023, along with its comprehensive growth, distinguished achievements, and the historic increase in the value of its commercial transactions and exports, motivate us to achieve even more year after year. We remain steadfast in our commitment to progress, comprehensive development, and innovation across all DIEZ’s economic zones. This drives us to launch more competitive initiatives and projects, strengthen cooperation with various parties, and offer the best benefits, incentives and services to realise Dubai’s ambitious aspirations over the next few years, thanks to the guidance and support of our wise leadership and the efforts of our staff.

“DIEZ is committed to continuing these exceptional results, especially in light of its new strategy and ambitious goals to strengthen Dubai’s position as a leading regional and global investment destination. We aim to contribute to the Emirate’s strategic priorities regarding integrated economic zones by continuously improving the quality of services provided to business sectors, investors, and companies of all sizes. Our goal is to reach higher levels of quality and efficiency, thereby building a sustainable economy based on knowledge and innovation. This will consolidate Dubai’s position as a leading global partner and a pivotal, attractive, and influential international trade hub,” Dr. Al Zarooni added.

Strategic partnerships The list of the most prominent strategic partners of DIEZ in 2023 included China, which tops the list with total trade amounting to AED 89.9 billion, a growth rate of 32.8% compared to 2022. India follows with a total of AED 15.9 billion and a growth rate of 51.7%, and Iraq with AED 15.5 billion, a growth rate of 7.7%. Other notable DIEZ partners include Vietnam, with a transaction volume of AED 15.4 billion and a growth rate of 172%, the United States of America with AED 12.3 billion and a growth rate of 110%, and Turkey at AED 10.5 billion and a growth rate of 83.6%.

Vital role In 2023, DIEZ saw a remarkable 15.3% increase in the number of companies registered under its umbrella, with the total number of employees exceeding 70,000. Previously, DIEZ announced an exceptional leap in performance for 2023, with a 64.6% increase in operating profits and an 8.1% increase in total revenues compared to 2022. The growth rate in DIEZ’s net profits reached 5.1% during 2023, while earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 49.2%.

DIEZ aims to further increase its contribution to Dubai’s economy through a new strategy focused on empowering businesses, enriching economic life, and building a sustainable economy. This strategy targets limitless economic opportunities in a rapidly evolving global market.

DIEZ offers an advanced and integrated system that facilitates access to regional and international markets through its three economic zones, DAFZ, DSO and DCC, supported by a global network with high-level logistical, administrative, and technical capabilities. DIEZ exemplifies the comprehensive experience of living, working, and entertainment, enhancing Dubai's attractiveness as a major investment hub in the region. It provides world-class infrastructure, supportive legislative and regulatory frameworks, and modern living options, services, and advanced facilities necessary for modern life.

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IGCF 2024 in Sharjah: Global experts to explore adventure tourism as soft power

September event to explore futuristic perspectives in emerging, evolving economic sectors

Sharjah: Emerging and evolving economic sectors, including metals, adventure, space, and the ‘silver’ economy, will take centre stage at the International Government Communication Forum (IGCF 2024), slated for September 4-5 at Expo Centre Sharjah.

The forum will bring together government officials, economic experts, and decision-makers from the public and private sectors to present forward-thinking economic perspectives that will forecast shifts and trends in the global developmental landscape, particularly in the economic sphere, the organisers stated in a press release.

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Themed ‘Agile Governments… Innovative Communication,’ the 13th edition will offer a robust agenda with in-depth discussions on these critical topics at a crucial juncture for the UAE. The nation celebrates significant achievements in economic diversification and the enhanced contribution of non-oil sectors to its GDP, furthering sustainable and inclusive development locally and globally.

Adventure tourism sector

A report by Allied Market Research indicates that the global adventure tourism market is expected to reach $2 trillion by 2032. This emerging economic sector aligns with the global shift towards adventure and outdoor activities, promising significant opportunities for growth and innovation.

In response to this growing trend, this year’s forum will focus on the ‘adventure’ economy, covering a broad spectrum of activities, products, and technologies.

The session ‘When Adventure Turns into a Soft Power’ will explore how this emerging sector can enhance a country’s global image and competitiveness, transforming it into an influential soft power. The discussion will also cover opportunities for growth and innovation, employment of talents and creative ideas, and creating an interactive environment that encourages exchanging expertise and ideas between entrepreneurs and investors. This would boost the adventure economy’s contribution to GDP and create employment and business opportunities.

Communication and resilient economy

In light of recent global economic fluctuations, slowdowns, and booms in various sectors, the forum will address the challenges and opportunities these market shifts present.

A session titled ‘From the Core of a Resilient Economy to Communication Arts’ will discuss the strategic importance of fostering economic resilience to establish a stable market foundation, achieve balanced growth across sectors, and promote sustainable development.

Experts and specialists will also examine how effective communication can drive resilience across different economic sectors and explore practical strategies for advancing partnerships and cooperation, integrating local communities into development and production processes. Additionally, the session will assess the broader impacts of resilience on sustainability, social development, and overall living standards.

Focus on silver economy

IGCF 2024 sessions are grounded in forward-looking studies and data, particularly the silver economy. This concept stems from significant demographic changes over the past three decades, with projections indicating that senior citizens will comprise over 17 per cent of the global population by 2050.

This demographic shift has prompted governments and decision-makers to rethink seniors’ quality of life and ongoing productivity, leading to new economic models, notably the silver economy.

The ‘Gov. Talks’ platform will host ‘How Does Aging Become the Core of the Silver Economy?’

It will examine the role of communication in advancing this critical economic sector. Discussions will include effective strategies for attracting investments, fostering an environment conducive to startups and SMEs within the silver economy, and exploring collaborative initiatives between governments and the private sector. The session will highlight global best practices and ways to leverage them for maximum benefit.

Registration for attendance and participation in IGCF 2024 is available on the website of the International Government Communication Centre (IGCC).

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