Latest news with #AED57
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.
Hi Dubai
18-04-2025
- Business
- Hi Dubai
GPSSA Board Reviews Strategic Progress and Rising Pension Statistics in Q1 2025 Meeting
Mubarak Rashed Al Mansoori, Chairman of the General Pension and Social Security Authority (GPSSA), chaired the Authority's second board meeting of 2025 on Thursday, leading discussions on strategic developments, financial updates, and key performance indicators. The session opened with the approval of the previous meeting's minutes and continued with updates from four key committees: Internal Audit and Risk, Development and Improvement, Investment, and HR and Remuneration. The board reviewed progress on the Ma'ashi digital platform and approved the financial performance report for February 2025. Members also assessed updates related to GPSSA's strategic plan for 2025–2027 and reviewed investment performance through February. March 2025 statistics reflected strong growth across several indicators. The number of active contributors rose to 154,619 — up by 28,728 from 125,891 in March 2024. Registered employers also increased significantly to 19,980, compared to 15,615 a year earlier. The number of pensioners grew to 21,227 from 20,350, while the number of beneficiaries slightly declined to 8,325, down from 8,338. In terms of disbursements, pensions paid out in March 2025 reached AED536.4 million — a year-on-year increase of nearly AED57 million. The meeting concluded with the review of additional agenda items supporting GPSSA's ongoing efforts to enhance service delivery, ensure financial sustainability, and align with the Authority's strategic objectives. News Source: Emirates News Agency
