Day: November 3, 2023

Travel & Explore

The head of Dubai Airports calls the single GCC tourist visa a “fantastic development” for the area.

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According to the president of Dubai Airports, plans for just one GCC tourist visa will be a “fantastic development” for the industry, increasing the region’s appeal to tourists and businesses.

Paul Griffiths, the CEO of state-owned the United Arab Emirates Airports, which is told The National newspaper while on the fringes of the global summit of the World Tourism and Travel Council in Rwanda that “it’s one of those pillars in the tourism arsenal which will be bigger than the whole of its parts.”

“The Middle East as a whole will become more appealing and attract more businesses as tourism develops in other countries.”

The head of the busiest airport in the world by volume of foreign travel said he was frequently questioned about competition from Saudi Arabia, a neighbor.

Nonetheless, he cited the development of tourism in Europe, where visitors frequently visit multiple destinations in one journey.

Additionally, there are a wide variety of sights and activities to enjoy in the Middle East. The challenge, of obviously, is that Middle Eastern tourism isn’t even close to reaching its full potential in comparison to European tourism, according to Mr. Griffiths.

“And it will be better for every single country within the GCC the more Middle Eastern locations that can be added to the’must-sees’ on the tourism map.”

According to him, people’s impressions of the Middle East will improve the more places that appear on the tourist map that entice travelers to travel there.

The goal of creating a single, united tourist visa system is to facilitate travel inside the Gulf Cooperation Council (GCC) and increase tourism. It is planned for the new system to go live in 2024 or 2025.

The action is a major component of the GCC 2030 tourism plan, which aims to boost hotel occupancy rates and regional visitation to raise the sector’s economic contribution.

By 2030, it aims to increase the total amount of visitors to the nations of the GCC to 128.7 million. That represents an increase from 39.8 million in the previous year, or 136.6% more than in 2021. Experts in hospitality and tourism predict that the new initiative will revolutionize the industry in the area.

Business

UAE’s GDP expand by 3.7% in the first half of 2023.

head dubai November 3, 2023 No Comments

The growth of the non-oil sector significantly outpaced total growth in the primary half of the year, according to the economy minister of the United Arab Emirates, whose GDP increased by 3.7%.

Speaking at an economic conference in Dubai, Abdulla bin Touq Al Mari stated that non-oil growth increased by 5.9% in the first half of the year.

He stated that the UAE’s economic success was evidence of its adaptability, diversification, openness, and dedication to international cooperation. He also mentioned that the nation was growing less dependent on oil and more on knowledge-based sectors.

Over 70% of the nation’s GDP is generated by the non-oil industry.

Considering how much of their income comes from hydrocarbons, the Gulf states are all planning to diversify their economies.

The United Arab Emirates (UAE) is a leader in this process, having established industries including financial services, trade, and tourism in addition to enacting corporate and social reforms.

The UAE’s economy expanded 7.9% in real terms last year, helped by both a surge in oil prices and a quick recovery in commerce and tourism following the COVID-19 outbreak, particularly in Dubai, the center of the region’s business and tourism.

However, growth is anticipated to abruptly slow down throughout the area in 2023 due to reduced oil prices, OPEC+ member countries’ oil output restrictions, and adverse global economic conditions.

The UAE is expected to beat the larger GCC region this year, with an overall GDP growth of 3.5% predicted by the IMF, with non-hydrocarbon growth expected to surpass 4%.

However, the picture “remains vulnerable to heightened global uncertainty,” according to a report it released.

“A decrease in demand for oil and decreased global trade and visitor arrivals from weaker worldwide expansion, higher-for-longer interest rates, reduced liquidity, or developments in geopolitics would weigh on growth and put stress on fiscal and foreign balances,” the report, which was released on Oct. 16, stated.