The Finance World Magazine| Edition: September 2023

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Investing in Tourism Reviving Soar: UAE Tourism Investment Surges The United Arab Emirates (UAE) is poised for a remarkable resurgence in its tourism sector, with investments set to surge by nearly 10 percent in 2023, according to a comprehensive global report. In a strong indication of the nation’s rebound to pre-pandemic boom levels, the report, published by the London-based World Travel and Tourism Council (WTTC), forecasts tourism and travel investments to reach approximately 28.1 billion UAE dirhams ($7.65 billion) this year. 84 www.thefinanceworld.com September 2023
The establishment of a new federal ministry of investment underscores the nation’s strategic approach to managing economic competition and ensuring longterm growth. This is a substantial increase from the AED 25.6 billion ($6.97 billion) recorded in 2022. The study, published in the semi-official UAE daily Alittihad, also projects a steady growth trajectory, estimating investments to rise to a staggering AED 47.3 billion ($12.88 billion) by the year 2033. This uptick in tourism investments is anticipated to have a significant impact on the overall capital structure of the UAE economy. The report highlights a projected increase in the share of tourism investment within the total capital, expected to rise to 9.1 percent in 2023 from the previous year’s nearly 8.3 percent. Such growth not only demonstrates the resilience of the UAE’s tourism industry but also underscores its strategic importance in the country’s economic landscape. In addition to its impact on capital distribution, the flourishing tourism sector is poised to contribute substantially to the UAE’s Gross Domestic Product (GDP). The report estimates that the sector’s contribution to GDP will rise by approximately 8.3 percent, reaching AED 180.6 billion ($49.2 billion) in 2023. The resurgence in tourism investments aligns with the findings of the WTTC’s Travel & Tourism Economic Impact 2023 Global Trends Report, which paints an optimistic picture of the sector’s resurgence after the setbacks caused by the COVID-19 pandemic. The report reveals that global investment in Travel & Tourism is rebounding impressively after a 24 percent decline in 2020 and a further 8 percent drop in 2021. In 2022, spurred by pent-up demand, investment surged to $856 billion, marking an 11.1 percent increase from the previous year and a significant step toward recovery. The UAE’s commitment to diversifying its economy and attracting foreign investment remains unwavering. The establishment of a new federal ministry of investment underscores the nation’s strategic approach to managing economic competition and ensuring long-term growth. As the UAE pioneers sectors such as financial services and tourism ahead of its neighbors, it stands as a testament to effective governance and foresight in the face of changing economic landscapes. Flight bookings to the UAE for the latter half of 2023 offer further validation of the country’s tourism resilience. With bookings ahead by 29 percent, the UAE is poised to harness the momentum of this upward trend. Amid a global push for tourism investment and the country’s strategic initiatives, the UAE’s tourism sector is carving an exciting trajectory toward sustained growth and prosperity. According to the World Travel and Tourism Council (WTTC), Dubai’s tourism sector orchestrated a substantial contribution of US$29.4 billion to the UAE’s economy in the year 2022. This year’s promising trajectory is further solidified by the fact that Dubai welcomed over 4.75 million tourists in the first quarter of 2023 alone – a remarkable 17 percent surge compared to the same period in the previous year. The spotlight on Dubai is set to intensify as the city gears up to host COP28 for the first time, slated to take place from November 30 to December 12. With the climate change convention poised to draw world leaders, ministers, negotiators, and environmental enthusiasts to Expo City Dubai, hoteliers are bracing for heightened interest in accommodations. The event’s timing, coinciding with the UAE’s National Day celebrations on December 2, is expected to drive up hotel room bookings even further. The industry’s focus on diversity, arts, culture, and corporate responsibility is spurring a paradigm shift, elevating Dubai’s hospitality sector to newfound maturity. Bolstered by a forward-thinking governmental vision, the UAE’s hospitality landscape has emerged stronger than ever. Dubai’s hospitality market stands out as a testament to resilience, achieving the world’s highest occupancy rates and underlining its global allure. With sustainability, innovation, and strategic planning at the forefront, Dubai is not just recovering but thriving, setting an inspiring example for the industry worldwide. As the UAE continues to diversify its economy and prioritize responsible growth, its tourism sector’s upward trajectory remains steadfast, promising a resilient and promising future. September 2023 www.thefinanceworld.com 85
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UAE Central Bank Allocates Dhs650 B
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SUBSCRI B E N O W August 2023 July
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Contents September 2023 PERSONAL FI
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Personal Finance Navigating Financi
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UAE Banking UAE Central Bank Alloca
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UAE Banking News Abu Dhabi Islamic
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UAE Reforms Global Economists and F
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Fintech September Spotlight: Fintec
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Fintech News Saudi FinTech Mozn Ear
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Fintech Application QLUB The QR Pay
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Business Building Resilience: Risk
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Business News Emirates Group & PwC
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Cover Story Middle East’s Green R
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Cover Story Towards a Sustainable F
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Cover Story Future Horizons: ESG’
Page 33 and 34: Samsung Galaxy Watch 6 The Samsung
Page 35 and 36: and new anti-roll bars. With accele
Page 37 and 38: Remitr At the helm of Remitr is CEO
Page 39 and 40: Revolutionary changes in transporta
Page 41 and 42: Abu Dhabi’s New Net-Zero Building
Page 43 and 44: Beats Studio Pro Beats by Dre lates
Page 45 and 46: Harnessing healthcare analytics in
Page 47 and 48: One of the major challenges in cros
Page 49 and 50: Ma’aden to Secure 10% Stake in Br
Page 51 and 52: Before diving into the latest innov
Page 53 and 54: Minimize real estate risk, embrace
Page 55 and 56: Bahrain’s Real Estate Sector Sust
Page 57 and 58: offering impressive driving range a
Page 59 and 60: As the Middle East continues to inn
Page 61 and 62: Disprz Secures $30M in Series C Fun
Page 63 and 64: UAE’s financial landscape embrace
Page 65 and 66: Unlock the power of diversification
Page 67 and 68: The introduction of the Corporate T
Page 69 and 70: Saudi National Bank Q2’23 Net Pro
Page 72 and 73: Travel 4 Cultural Gems to Unearth A
Page 74 and 75: Sport as a Business The Future of S
Page 76 and 77: Sport News UAE’s Fahad Al Hammadi
Page 78 and 79: Tourism Unveiling the Future of Tou
Page 80 and 81: Investing in Art Art Investment: A
Page 82 and 83: Global News World Rice Price Index
Page 86 and 87: Local News Paraguay President Holds
Page 88: Proudly Celebrating the success of
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