Latest news with #AbdullaBinTouq
Zawya
2 days ago
- Business
- Zawya
Mohammed bin Rashid: UAE among top 7 global destinations for international tourist spending
A recent report by the World Travel and Tourism Council (WTTC) revealed that the UAE's travel and tourism sector delivered an exceptional performance in 2024. 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. 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. 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. 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. 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.
Zawya
3 days ago
- Business
- Zawya
Etihad Credit Insurance announces $47.38mln funding for SME growth
Etihad Credit Insurance (ECI), the UAE's federal export credit company, announced the impact of its 'Xport Xponential' programme, which has helped raise AED 174 million in funding to support the growth of SMEs, during the closing ceremony of the programme. The working capital was raised with the support of four of ECI's banking partners: First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, and Al Maryah Community Bank. ECI also remains committed to securing similar funding and capital for SMEs in collaboration with its other banking partners. The programme's closing ceremony was held under the patronage of Abdulla Bin Touq Al Marri, the Minister of Economy and Chairman of the Board of Directors of Etihad Credit Insurance. The event aligns with the Ministry's mission to develop a flexible future economy and robust entrepreneurial ecosystem by facilitating investment and talent attraction. Bin Touq stated: 'The 'Xport Xponential' programme plays a pivotal role in advancing the UAE's ongoing efforts to increase the contribution of small and medium-sized enterprises to the country's non-oil GDP. It also directly supports the objectives of the 'We the UAE 2031' national strategy, which aims to increase non-oil exports to AED 800 billion and expand foreign trade volume to AED 4 trillion by the next decade. Moreover, with export and re-export activities between the UAE and countries with which we have Comprehensive Economic Partnership Agreements (CEPA), already exceeding AED 390.5 billion, the initiative leverages existing trade momentum to help SMEs unlock the untapped potential of these markets, particularly as the UAE continues to expand its economic and trade partnerships with key strategic markets worldwide.' On her part, Raja Al Mazrouei, CEO of Etihad Credit Insurance, highlighted ECI's role in empowering UAE-based businesses to compete on a global level. She stated that 'Xport Xponential' serves as a dynamic platform for local businesses and potential importers to connect. Al Mazrouei further stated that the programme identifies high-potential export markets for a wide range of products, allowing small businesses to expand globally with greater ease and confidence. She added: 'ECI's 'Xport Xponential' programme aligns with the UAE's strategic vision to diversify its revenue sources away from oil. It offers integrated financial and insurance solutions, particularly to SMEs, enabling them to scale internationally, while mitigating major export-related risks.' Futoon Hamdan AlMazrouei, Group Head of Personal, Business, Wealth and Privileged Client Banking Group at First Abu Dhabi Bank (FAB), said: 'First Abu Dhabi Bank is pleased to be a banking partner of 'ECI's Xport Xponential programme', an initiative that reflects the UAE's strategic vision for economic diversification and sustainable growth. We are strongly aligned with the Ministry of Economy's mission to foster a flexible, future-ready economy and a vibrant entrepreneurial ecosystem by enabling investment and attracting top talent. By empowering SMEs with access to working capital and innovative trade finance solutions, we are unlocking new opportunities for global growth. The programme strengthens the UAE's competitiveness and supports its ambition to expand trade across strategic international markets.' On the collaboration, Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, stated: 'Commercial Bank of Dubai is proud to be a foundational partner in ECI's Xport Xponential programme. With a legacy of over five decades in backing the growth of the UAE, we continue to demonstrate our commitment today by empowering the nation's vibrant SME sector and creating tangible impact that supports the economic diversification and global competitiveness of the UAE. We look forward to continuing our work with ECI to unlock even greater opportunities for businesses across the Emirates, building on the significant momentum already achieved.' Mustafa Al Khalfawi, CEO of Ajman Bank, said: 'We are proud to be part of the 'Xport Xponential' programme in collaboration with Etihad Credit Insurance, which represents a significant milestone in empowering SMEs to access new growth frontiers. Our participation reflects Ajman Bank's unwavering commitment to supporting the UAE's national agenda, particularly Ajman Vision 2030 and We the UAE 2031, by providing Sharia-compliant financing solutions that enable local businesses to scale internationally. The AED 174 million in funding collectively raised through this initiative is a powerful testament to the strength of public-private sector collaboration. We will continue to build on this momentum by enabling innovative trade finance and expanding our role as a catalyst for sustainable economic development.' Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, commented: 'We are proud to partner with Etihad Credit Insurance on the 'Xport Xponential' programme, which represents a significant milestone in empowering the UAE's SMEs to access global markets with confidence. At Al Maryah Community Bank, we are committed to offering fully digital, fast, and innovative financing solutions that simplify exporters' daily operations and enhance their global competitiveness. This initiative not only aligns with the UAE's vision to diversify its economy and boost non-oil exports but also opens new opportunities for local businesses in vital sectors to thrive internationally. We look forward to continuing our collaboration with ECI to ensure that manufacturers and exporters are equipped with the tools, knowledge, and capital they need to scale beyond borders.' The 'Xport Xponential' programme was launched to fulfil the dual objectives of catalysing SMEs' global expansion and driving SME financing with the help of partner banks. It was introduced during the third edition of 'Make It in the Emirates' (MIITE), held in May 2024, with the aim of accelerating the global expansion of UAE-based SMEs by offering financial support and ensuring their export readiness through innovative trade finance and credit insurance solutions. As many as 42 companies applied for the programme, out of which 10 were shortlisted based on rigorous evaluation criteria. These companies have collectively generated AED 2.1 billion in turnover to date and are now targeting expansion into four key markets—Indonesia, India, Saudi Arabia, and Oman—with a combined export potential of AED 31.3 billion over the next four years across ten vital sectors. Implemented in collaboration with 19 strategic partners, the programme exemplifies ECI's role in driving sustainable economic growth by connecting businesses with international opportunities and tailored trade finance solutions. Since the programme's inception, ECI's partnerships with government entities and banks have increased by 27 per cent, reflecting its role in nurturing a robust export-enablement ecosystem that connects the public and private sectors under a unified vision. Partnerships with leading financial institutions have helped facilitate consistent, reliable support and access to growth-oriented funding for UAE SMEs. ECI also hosted a workshop in January 2025 to offer the selected companies' essential tools and resources, further supporting their export growth journey. In addition, these companies belong to diverse economic sectors, showcasing the program's wide-reaching impact across key industries. Xport Xponential's vast partner list features 19 key strategic partners, including both federal and local entities, which are: the Abu Dhabi Department of Economic Development, Khalifa Fund for Enterprise Development, Dubai Department of Economy and Tourism, Dubai Airport Free Zone, Sharjah Chamber of Commerce and Industry, Ajman Department of Economic Development, Ras Al Khaimah Economic Zones, as well as Fujairah Department of Industry and Economy. Its financial and banking partners include Emirates Development Bank, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, RAKBANK, National Bank of Fujairah, International Development Bank, Wio Bank, Al Maryah Community Bank and Reem Finance. It is also worth noting that since its inception, ECI has insured AED 21 billion in support of local exports and completed underwriting for premiums totalling AED 447 million.
UAE Moments
20-06-2025
- Business
- UAE Moments
GCC Approves Unified Tourist Visa, Launch Expected Soon
A major move for Gulf tourism is underway. A single tourist visa covering all six Gulf Cooperation Council (GCC) countries has been officially approved, according to UAE Minister of Economy Abdulla bin Touq Al Marri. In a recent interview, Al Marri confirmed that the visa is now in the final stages of preparation and will be rolled out once the Ministry of Interior and other relevant authorities complete implementation. One Visa, Six Destinations Once in effect, the unified tourist visa will allow international travelers to explore the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain without the need for separate entry permits for each country. The move is expected to simplify travel across the Gulf, support regional tourism goals, and boost visitor numbers—especially for those who want to experience multiple destinations in a single trip. What's Next? While no official rollout date has been announced, the plan is already in motion. The visa is now with the interior ministries and key agencies across the region for final processing. This step aligns with ongoing efforts to promote the Gulf as a connected tourism hub, making cross-border travel smoother, faster, and more attractive to international tourists.
The National
20-06-2025
- Business
- The National
Sheikh Mohammed announces AI system to become advisory UAE Cabinet member from 2026
Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, on Friday announced a host of changes taking place within the UAE government. He said the National Artificial Intelligence System will be an advisory member of the UAE Cabinet, starting in January 2026. He also announced the establishment of the Ministry of Foreign Trade, with Dr Thani Al Zeyoudi as its minister, and a name-change from the Ministry of Economy to the Ministry of Economy and Tourism, headed by Abdulla bin Touq. 'We also announce that the National Artificial Intelligence System will be adopted as an advisory member of the Cabinet, the Ministerial Development Council, and all boards of directors of federal entities and government companies, starting in January 2026,' Sheikh Mohammed wrote on X. 'The goal is to support decision-making in these councils, conduct immediate analyses of their decisions, provide technical advice, and enhance the efficiency of government policies adopted by these councils across all sectors.' 'The world is going through comprehensive restructuring, scientifically, economically and socially and our goal is being ready today for the coming decades and ensuring continuing prosperity and a decent life for the following generations,' he added. Building on a legacy of innovation AI has been at the heart of UAE policy for some time. In October 2017, the Emirates appointed the world's first Minister of State for Artificial Intelligence, Omar Al Olama. His title is now Minister of State for AI, Digital Economy and Remote Work Applications. Subsequently, in early 2019, the UAE adopted an ambitious plan called the National Artificial Intelligence Strategy 2031 – to become one of the leading nations in AI by 2031. In the same year, the country established the world's first graduate-level, research-based university that was dedicated to AI, the Mohamed bin Zayed University of Artificial Intelligence. And in January, Abu Dhabi launched its Digital Strategy 2025-2027, which aims to transform the emirate into the world's first fully artificial intelligence-powered government by 2027. At the World Governments Summit in Dubai in February, Mohammed Al Gergawi, Minister of Cabinet Affairs, said that over the next 25 years, artificial intelligence would move civilisation ahead faster than at any stage in history.
Zawya
18-06-2025
- Business
- Zawya
Hospitality Advisory Council discusses new national initiatives to boost growth and employment opportunities in the sector
Abu Dhabi: The Hospitality Advisory Council convened its second meeting of 2025 under the chairmanship of H.E. Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the Emirates Tourism Council. The session brought together 16 Council members, including CEOs and senior executives from leading national and international hotel groups. Discussions focused on a range of new national initiatives developed in partnership with the private sector to accelerate the growth of the UAE's hospitality sector. The initiatives also aim to generate employment opportunities across all sectors of this vital industry. H.E. Bin Touq said: "Thanks to the vision and guidance of our wise leadership, the UAE's tourism and hospitality sectors continue to thrive. In the first quarter of 2025, hotel revenues reached AED 13.5 billion, with over 8.4 million guests recorded, a two per cent increase compared to the same period in 2024. Total hotel nights reached 29.3 million, and the national hotel occupancy rate stood at 81.3 per cent during the same period." H.E. added: "These impressive figures reflect the UAE's strong commitment to advancing its hospitality industry in line with global best practices. We have invested heavily in developing hotel and entertainment infrastructure across all seven emirates, organizing major international events, and delivering exceptional hospitality experiences that reflect authentic Emirati heritage and culture. As a result, the UAE has become one of the world's leading hospitality destinations today." The Minister of Economy continued: "The year 2025 marks a major milestone for UAE tourism, marked by the election of Shaikha Al Nowais as the first woman globally to serve as Secretary-General of the UN World Tourism Organization for the term 2026-2029. This achievement reinforces the UAE's prominent role in supporting international efforts to advance the global tourism industry.' The meeting's discussions covered a comprehensive array of key files and initiatives that support the UAE's efforts to enhance the growth and competitiveness of its hospitality sector. Participants emphasized the importance of promoting collaboration between the public and private sectors to meet the objectives of the National Tourism Strategy 2031, which aims to establish the UAE as the top global tourism brand by the next decade. The Council also reviewed the newly launched 'Summer Hospitality Camp' program by the Ministry of Economy. It is designed to support Emiratization across hospitality-related sectors by offering hands-on training to school and university students in real-world environments such as hotels and tourism facilities, in addition to its structured learning tracks. Established by the Emirates Tourism Council, the Hospitality Advisory Council serves as a strategic advisory body to the Chairman of the Emirates Tourism Council on matters specific to the hospitality sector. It provides insights and data on industry developments, recommends private-sector initiatives to drive sector growth and reinforce the UAE's position as a leading global tourism destination, and offers feedback on government tourism policies and initiatives. For further information, please contact: Orient Planet Group (OPG) Email: media@ Website:
