Latest news with #AED217
Filipino Times
4 hours ago
- Business
- Filipino Times
UAE ranks in world's top 7 for tourist spending
The United Arab Emirates ranked among the world's top seven destinations for international tourist spending in 2024, according to a report by the World Travel and Tourism Council (WTTC). Visitors spent AED217.3 billion (US$59.2 billion) in the UAE, a 5.8% increase from 2023 and over 30% higher than pre-pandemic levels. His Highness Sheikh Mohammed bin Rashid Al Maktoum said, 'The WTTC report highlights the exceptional achievements of the UAE tourism sector. International visitor spending exceeded AED217 billion last year, with domestic tourism expenditure reaching AED57 billion. 'The UAE ranks among the world's top seven destinations for international tourist spending, surpassing countries that have been in this industry for centuries,' His Highness added. The report also showed that domestic tourism contributed AED57.6 billion (US$15.7 billion), bringing the total travel and tourism sector's impact on the UAE's GDP to AED257.3 billion. That amount represents 13% of the national economy and is one of the highest growth rates globally. The rise in visitor spending came from a wide mix of tourists, mainly from India (14%), the United Kingdom (8%), Russia (8%), China (5%), and Saudi Arabia (5%). The rest came from other parts of the world, showing the UAE's global appeal. Minister of Economy and Tourism Abdulla bin Touq Al Marri said the country's achievements are the result of strong strategies, infrastructure upgrades, and international partnerships. He added that these efforts help create jobs and attract more investment in tourism.
Sharjah 24
a day ago
- Business
- Sharjah 24
Mohammed bin Rashid: UAE in top 7 for tourist spending
GDP The sector contributed AED257.3 billion (US$70.1 billion) to the national GDP, accounting for 13% of the economy. This marks a 3.2% increase from 2023 and a remarkable 26% growth compared to 2019, one of the highest growth rates globally and regionally in terms of tourism's contribution to economic development. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, praised the sector's achievements, stating, 'In a new indicator of the strength and diversity of our national economy, the WTTC report highlights the exceptional achievements of the UAE tourism sector. International visitor spending exceeded AED217 billion last year, with domestic tourism expenditure reaching AED57 billion. The UAE ranks among the world's top seven destinations for international tourist spending, surpassing countries that have been in this industry for centuries.' He added, 'We welcome tourists, delight in attracting investors, embrace talent, and build the best environment for living, tourism, and visitation. Welcome to the world.' Abdulla bin Touq Al Marri, Minister of Economy and Tourism and Chairman of the Emirates Tourism Council, emphasised that the UAE has placed tourism at the heart of its strategy to drive economic diversification and sustainable growth. He credited the nation's success to proactive initiatives and strategic tourism plans that have positioned the UAE as a unique and attractive global destination. These efforts include strengthening infrastructure across the seven emirates, enhancing the appeal of tourism-related investments, and showcasing the country's rich cultural and experiential diversity. Significant improvements in airport and travel infrastructure have also contributed to the country's elevated standing in global travel and tourism. UAE achieved a historic milestone in the tourism sector Al Marri also noted, 'Just days ago, the UAE achieved a historic milestone in the tourism sector with the election of Shaikha Nasser Al Nowais, Secretary-General of the United Nations World Tourism Organisation (UNWTO). Today's WTTC results reaffirm the wisdom of our leadership's vision in enhancing the competitiveness of our tourism sector, creating employment opportunities for Emiratis, and further cementing our position as a global tourism powerhouse.' 'These achievements underscore that the UAE tourism sector is confidently progressing toward the goals set out in the UAE Tourism Strategy 2031. The strategy aims to increase the sector's contribution to the national GDP to AED450 billion and raise the number of hotel guests to 40 million annually by the next decade.' He noted that national efforts are ongoing to develop a fully integrated tourism ecosystem, guided by international best practices. These efforts include strengthening engagement with key regional and international tourism markets, expanding the range of tourism offerings, and enhancing service quality to provide comprehensive and enriching experiences for visitors from around the world. 'These initiatives are in line with the UAE vision We the UAE 2031, and they aim to elevate the country's status as one of the world's leading tourism destinations in the coming decade,' he concluded. UAE continues to assert its position as one of the world's leading travel destinations Regarding international tourism, the WTTC report highlighted that the UAE continues to assert its position as one of the world's leading travel destinations. In 2024, the country welcomed international visitors from a diverse range of key markets, including India: 14%, United Kingdom: 8%, Russia: 8%, China: 5%, Saudi Arabia: 5%, and rest of the world: 60%. This broad geographical distribution reflects the UAE's growing global appeal and the effectiveness of its flexible and inclusive tourism policies in attracting a wide array of visitors. UAE reached AED217.3 billion (US$59.2 billion) in 2024 The report further revealed that international visitor spending in the UAE reached AED217.3 billion (US$59.2 billion) in 2024, marking a 5.8% increase from 2023 and a 30.4% rise compared to pre-pandemic levels in 2019. Meanwhile, domestic tourism spending also witnessed strong growth, reaching AED57.6 billion (US$15.7 billion) in 2024, an increase of 2.4% over 2023 and a remarkable 41% rise compared to 2019. These figures underscore both the resilience and upward momentum of the UAE's tourism sector across international and domestic fronts, further solidifying its position as a premier global destination. The WTTC report projects that international visitor spending in the UAE will rise by 5.2% in 2025, reaching approximately AED228.5 billion. Meanwhile, domestic tourism spending is expected to grow by 4.3%, hitting AED60 billion by the end of the year. The report also highlighted that leisure tourism accounted for 84.7% of total tourism expenditure in the UAE in 2024, while business tourism represented 15.3%. This demonstrates the sector's adaptability and its ability to balance both recreational and commercial tourism demands. Moreover, the breakdown of spending showed that 79% of total tourism expenditure came from international visitors, while 21% was attributed to domestic tourists. The report further emphasised that despite the UAE's rapid tourism sector growth, the country has remained firmly committed to environmental standards and sustainability goals. In 2023, carbon emissions linked to tourism activities accounted for only 13.3% of the nation's total emissions, reflecting the UAE's strategic focus on integrating sustainability across its tourism landscape. Aligns with the UAE's broader vision to promote sustainable practices across all sectors This performance aligns with the UAE's broader vision to promote sustainable practices across all sectors — ensuring that tourism growth goes hand-in-hand with environmental responsibility and long-term ecological balance. On the social front, the report highlighted that women accounted for 16.3% of the direct workforce in the UAE's travel and tourism sector in 2023. Additionally, youth aged 15–24 years made up 9.7% of the total employment in the sector, reflecting its growing role in empowering both women and younger generations within the national labour market. From a fiscal perspective, the tourism and travel sector generated US$8.6 billion in tax revenues in 2023, representing 5.4% of total government revenues. This underscores the sector's increasing financial significance and its vital contribution to the country's public treasury. On the global level, the report stated that the travel and tourism sector contributed US$10.9 trillion to the global GDP in 2024, representing 10% of the world economy. This reflects an 8.5% increase compared to 2023 and a 6% rise compared 2019. Looking ahead, the sector's contribution is projected to reach US$11.7 trillion in 2025, which would mark a 6.7% increase over 2024 and a 13% growth over 2019, underscoring the sustained recovery and expansion of global tourism. The report also highlighted the sector's robust role in job creation, with 356.6 million jobs generated worldwide in 2024, accounting for 10.6% of total global employment. This represents a 6.2% increase from 2023 and a 5.6% increase from 2019.
Mid East Info
05-06-2025
- Business
- Mid East Info
NMDC LTS concludes acquisition of 70% equity stake in Emdad - Middle East Business News and Information
The strategic acquisition has enabled NMDC to broaden its diverse portfolio and expand into oilfield services in the UAE Successful deal reflects favorable market outlook for the energy sector in the MENA region Abu Dhabi, UAE:June 2025 – NMDC Group announced that NMDC LTS, a wholly owned subsidiary of the Group, completed the acquisition of a 70% stake of the share capital and voting rights in Emdad, an integrated service provider specializing in the oil and gas, utilities, and industrial sectors. The transaction was financed through debt and equity. This strategic acquisition enables NMDC Group to expand into the OPEX segment of recurring revenues in the oilfield services, further diversifying its portfolio and strengthening its competitive advantage. In parallel, this acquisition will provide NMDC Group with a broader range of services and additional avenues for revenue growth, with Emdad's offering spanning over an array of different services, including well intervention, waste management, shutdown/ turnaround, coil tubing, valves, among other services. Emdad reported revenues in excess of AED600 million in 2024 and its equity stood at AED217 million. Eng. Yasser Zaghloul, CEO of NMDC Group, commented: 'We are happy to complete this landmark acquisition which marks the beginning of an exciting new chapter for both organizations. Emdad stands out as an industry leader with robust capabilities and deep sector expertise. By combining its strengths with NMDC's scale and commitment to innovation, we now have a powerful platform to unlock long-term value. With diversification at its core, this integration enhances our ability to deliver broader service offerings, create greater value, and drive sustainable growth for our clients, partners, and stakeholders across the dynamic energy landscape.' Mohammed Juma Al Bawardi, CEO of Emdad, commented: 'This milestone transaction underscores the sophistication and attractiveness of the UAE's energy sector as well as the trust that NMDC has in Emdad's position as a leading service provider in the market. We are confident that through this compelling partnership, where we are now plugged into the wider NMDC platform, we will be able to chart an exciting new journey of growth. Ultimately, this collaboration will unlock deeper value for our customers and help us to achieve our shared goals for sustainable success.' The update is another further step in NMDC's strategy to drive value creation, strengthen its regional presence, and support revenue growth. It marks a leap in NMDC Group's broader expansion and diversification goals, paving the way for future innovation and leadership in the energy sector. Advisory roles: NMDC Group: A&O Shearman (Legal counsel) and PricewaterhouseCoopers (Financial advisor) Emdad Shareholders: Clyde & Co (Legal counsel) and KPMG Lower Gulf (Financial advisor)
Zawya
29-04-2025
- Business
- Zawya
Abu Dhabi's NMDC Energy posts $59mln net profit in Q1
ABU DHABI - NMDC Energy, a majority-owned subsidiary of NMDC Group, has reported strong financial results for the period ending 31st March 2025, with robust performance defined by healthy project activity and diversified revenue contribution. NMDC Energy achieved 25 percent year-on-year increase in net profit for the quarter, from AED174 million in Q1 2024 to AED217 million in Q1 2025; driven by strong operational performance and expansion into new projects both locally and internationally. Revenues climbed to AED3.7 billion, up 75 percent year-on-year from the corresponding period of 2024. Earnings per share rose a remarkable 25 percent to AED0.04, and total assets stood at AED16.3 billion at the end of March 2025. Total projects awarded during Q1 2025 amounted to AED13.9 billion. Furthermore, by the end of the quarter, NMDC Energy's backlog stood at AED56.3 billion, with a healthy pipeline of projects. Mohamed Hamad Almehairi, Chairman of NMDC Energy, said, 'NMDC Energy delivered the best possible start to 2025, strongly following our landmark performance in 2024 to reinforce our leadership position in the regional energy sector. We've made solid advances across our dynamic business by adding to our healthy pipeline and in deepening our international footprint.' Ahmed Salem Al Dhaheri, CEO of NMDC Energy, said, 'We are delighted to hit the ground running in 2025, picking up where we left off in 2024, by delivering strong financial performance. While we continue to cement our local execution capabilities, this quarter was marked by strategic milestones on the international front with the inauguration of our advanced yard in Saudi Arabia as well as our deepening presence in East Asia. Our results this quarter reflect years of razor-sharp decision-making as well as our bold ambition for the sectors that we operate in. We've also worked hard to place cutting-edge technologies, innovation, and enhanced efficiency at the forefront of our business.'
