Latest news with #MohammedBinRashidAlMaktoum
Gulf Today
3 days ago
- Business
- Gulf Today
Global visitors to UAE spent Dhs217 billion in 2024, says Sheikh Mohammed
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 Dhs257.3 billion ($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 Dhs217 billion last year, with domestic tourism expenditure reaching Dhs57 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 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 DHS450 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 Dhs217.3 billion ($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 Dhs57.6 billion ($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 Dhs228.5 billion. Meanwhile, domestic tourism spending is expected to grow by 4.3%, hitting DHS60 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 $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 $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. WAM
Gulf Today
5 days ago
- Business
- Gulf Today
Developing innovative leaders remains a national priority: VP
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, attended the graduation ceremony of the 2024-2025 cohort of the Mohammed Bin Rashid Leadership Programme, launched by the Mohammed Bin Rashid Center for Leadership Development (MBRCLD), part of The Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum. Sheikh Mohammed affirmed that developing innovative leaders who can shape the future remains a national priority and a key pillar of the UAE's approach to progress. By empowering national talent across sectors, the UAE continues to strengthen its global standing and enable institutions to keep pace with advancements across sectors. Sheikh Mohammed said, 'I am proud of this new cohort of ambitious national leaders from both the public and private sectors. They embody the positive initiative, responsibility, and commitment to personal and institutional growth, as well as to public service, that our people demonstrate daily. Hundreds of leaders have now graduated from the Mohammed Bin Rashid Leadership Program. We remain committed to nurturing innovative leaders who have the courage to take bold decisions and challenge conventional thinking.' The programme is designed to develop and empower aspiring Emirati leaders for key positions and strategic project management, across public and private sector organisations. The programme is designed to develop and empower aspiring Emirati leaders for key positions and strategic project management, across public and private sector organisations. WAM Founded on the vision and methodology of Sheikh Mohammed, the programme featured a series of comprehensive leadership experiences that blend thought, practical application, and global perspectives, with individual and group mentoring. A total of 60 Emirati leaders and global experts provided oversight and mentorship, in collaboration with leading international universities and centres. The programme offered an international trip that included a visit to the Royal Military Academy Sandhurst in the UK, where participants received training in discipline, decisiveness, and field leadership. Participants in the 2024-2025 cohort submitted a practical application focused on six transformative projects across health, education, the economy, quality of life, tourism, infrastructure, and community sectors. Launched in 2017, the Mohammed Bin Rashid Leadership Programme develops leaders who champion innovation, drive transformative change in workplaces, and contribute to shaping the future. Since 2003, the MBRCLD has delivered impactful programmes that cultivate well-rounded, adaptable leaders equipped to navigate change and address future challenges with competence and foresight. Recently, Sheikh Mohammed attended the graduation ceremony of 244 participants from 33 countries who took part in 11 international government leadership programmes. Organised by the UAE Government, the programmes reflect its commitment to strengthening global partnerships under the UAE Government Knowledge Exchange Programme. The ceremony took place during the World Governments Summit (WGS) 2025, held under the theme 'Shaping Future Governments.' The Summit hosted over 30 heads of state and government, more than 80 international organisations, 140 government delegations, and over 6,000 attendees. Sheikh Mohammed highlighted that the World Governments Summit reflects the UAE's commitment to enhancing international cooperation and knowledge exchange. Sheikh Mohammed said: 'The World Governments Summit serves as a global platform for shaping the future of governance and driving the prosperity of nations. In the UAE, we believe the future is a shared responsibility and a common ambition that unites humanity. Strengthening international cooperation and fostering strategic partnerships are fundamental to empowering governments to anticipate future challenges and seize emerging opportunities. This collaborative approach is key to advancing human progress and creating a better future for generations to come.' Sheikh Mohammed added: 'We take great pride in the achievements of the UAE Government Knowledge Exchange Programme, which was launched at the World Governments Summit and has since extended its impact across continents. Today, we witness the tangible outcomes of these collaborative efforts through the graduation of distinguished government leaders from 33 countries.' WAM
Gulf Today
5 days ago
- Business
- Gulf Today
Mohammed praises govt staff for their dedication
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, expressed his gratitude to UAE government employees. He also thanked all those whose primary concern was solely to serve humanity. Sheikh Mohammed said via the X platform: 'The United Nations has designated June 23 of each year as Public Service Day in recognition of the efforts of government employees in serving the public.' 'Over nearly six decades I spent in this field, I have seen honorable examples of men and women who have devoted their lives to serving people, providing health, education, housing, electricity and water services and enacting legislation to create an environment in which people can thrive and achieve their dreams, ambitions, stability and dignity,' he added. 'Thanks to our government employees today and every day and thanks to everyone whose primary concern was solely to serve and benefit humanity,' he concluded. Recently, the Government Best Practices Series 2025, organised by the General Secretariat of The Executive Council of Dubai, concluded today following two days of sessions that highlighted the importance of proactiveness, integration, and collaboration in designing services based on whole-of-government approach that address the evolving needs of society. The discussions reaffirmed Dubai's commitment to consolidating its position as a global model of government excellence, agility, and future-readiness. During the event, participants emphasised the importance of sustained investment in talent and resources, alongside ongoing efforts to advance governance models in line with national priorities. These efforts reflect the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, and the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai. Dr. Hazza Khalfan Al Nuaimi, Assistant Secretary-General for the Excellence and Government Services Sector at The Executive Council of Dubai, said that the Government Best Practices Series is a dynamic platform for showcasing the experiences of the Government of Dubai and reaffirming the emirate's commitment to innovation and global leadership in public service delivery. 'The Government of Dubai continues to develop forward-looking strategies rooted in evidence-based data and innovative thinking. These strategies reflect Dubai's distinct character as a city that places people at the centre of its development journey. The Government Best Practices Series 2025 showcases pioneering initiatives and offers valuable insights and lessons learned—success stories that not only drive local progress but also serve as models for global collaboration,' he said. On the second day, Dr. Al Nuaimi presented the results of the 2024 assessment cycles for the Government Excellence Model and the Elite Model, revealing that 80% of government entities recorded improved performance compared to the previous cycle. He also highlighted the achievements of the Hamdan Bin Mohammed Programme for Government Services and the positive impact of the 360 Services Policy. The first phase resulted in a 98% reduction in service waiting times and a 91% increase in customer confidence in government improvement efforts. Additional performance indicators include a 96% overall rating in the mystery shopper study, 94% in customer happiness, and 87% in employee happiness. In 2024, more than 10,000 government employees benefitted from smart training programmes, while over 3,000 participants took part in knowledge-sharing seminars—underscoring the Government of Dubai's continued focus on capacity building and institutional excellence. The series also included a recognition ceremony for the graduates of the second cohort of the Government Innovation Consultant Program. The initiative supports proactive thinking and cultivates a culture of innovation by exposing participants to global best practices and equipping them with practical tools.
Gulf Today
20-06-2025
- Business
- Gulf Today
UAE attracts $45.6b in FDI in 2024, ranks 10th globally
The UAE ranked 10th globally as a leading destination for inbound foreign direct investment (FDI) in 2024, achieving an unprecedented Dhs167.6 billion ($45.6 billion in FDI inflows, according to the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2025. The UAE Foreign Direct Investment Report 2025, issued by the Ministry of Investment, highlights the country's exceptional performance and unmatched success in attracting capital across strategic sectors, reinforcing its status as a premier global investment destination despite an unstable global landscape. His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, declared that, under the visionary leadership of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE, the UAE's tenth global ranking in FDI inflows for 2024 confirms its status as a land of boundless opportunities and the premier destination for innovative businesses and bold ideas. Sheikh Mohammed Bin Rashid Al Maktoum said: 'In an international vote of confidence in the UAE's economy, the latest report by the United Nations Conference on Trade and Development (UNCTAD) revealed that the UAE attracted Dhs167 billion ($45 billion) in foreign direct investment over the past year, marking a 48% growth compared to the previous year.' His Highness added: 'The UAE accounted for 37% of all foreign direct investment inflows into the region. Out of every $100 invested in the region, $37 comes to the UAE. The country also ranked second globally, after the United States, in the number of newly announced foreign direct investment projects. Our next goal is to attract Dhs1.3 trillion in foreign direct investment over the next six years, God willing.' His Highness continued: 'Our foundation is strong, our future is promising, and our focus on our goals is crystal clear. Our message is simple: development is the key to stability, and the economy is the most important policy.' Despite a global slowdown in greenfield FDI project growth to 0.8%, the UAE achieved a remarkable 2.8% growth, solidifying its position as a key destination for investment flows. Total capital for announced greenfield FDI projects in 2024 reached Dhs53.3 billion ($14.5 billion). The UAE ranked second globally, after the United States, in attracting greenfield FDI projects, with 1,369 new projects announced in 2024. The Ministry of Investment leads these efforts by enabling investment in key sectors, providing a flexible and competitive environment for global capital, and acting as a trusted partner for international investors. The ministry continues close collaboration with federal and local government entities, investment promotion agencies, private sector companies, and international partners to develop innovative policies, enhance the UAE's investment value proposition, and unlock new avenues for long-term economic growth. Annual FDI inflows rose from Dhs31.6 ($ 8.6 billion) in 2015 to Dhs167.6 billion ($45.6 billion) in 2024, with cumulative FDI stock reaching $270.6 billion, reflecting a 10.5% compound annual growth rate from 2015 to 2024. Mohamed Hassan Alsuwaidi, Minister of Investment, stated: 'Recording this unprecedented level of FDI inflows to the UAE is an achievement that reflects the strategic choices made by our wise leadership and its long-term vision to establish the UAE as a leading global investment destination. The Ministry of Investment is committed to developing a comprehensive regulatory and legislative framework aligned with our national priorities, meeting investors' needs, and providing a competitive business environment that attracts global capital.' He added: 'The UAE's investment ecosystem has become a global model, thanks to its stability, transparency, trade openness, and ease of doing business. Through the National Investment Strategy 2031, we continue to set ambitious goals to cement the UAE's position as a leading global FDI destination. We provide a clear pathway to drive sustainable growth, double investment opportunities, diversify priority sectors, and open new horizons for global companies seeking innovation and expansion in future markets.' The strong performance of key economic sectors boosted the upward trajectory of announced greenfield FDI projects in the UAE. Software and IT services led announced FDI greenfield project values (11.5%), followed by business services (9.7%), renewable energy (9.3%), coal, oil, and gas (9%), and real estate (7.8%). The energy sector attracted Dhs4.8 billion USD 1.3 billion in greenfield FDI, advancing the UAE's national goal to triple renewable energy production capacity by 2030. The UAE's supportive investment policies and robust strategic partnerships have solidified its position as a primary destination for foreign capital in the region, capturing approximately 37% of the region's FDI inflows in 2024. The UAE continues to attract top global talent, driven by policies supporting its investment strategy, including full foreign ownership in mainland companies, a competitive 9% corporate tax rate, streamlined licensing procedures, and enhanced legal protections. These policies have fostered a favorable investment climate, while strong legal frameworks, such as the Dubai International Arbitration Centre, have bolstered investor confidence and safeguarded their interests. The UAE ranks fifth globally in attracting highly skilled talent (per the 2024 Global Talent Competitiveness Index by INSEAD) and third in attracting AI talent (per Stanford University's 2024 AI Index), reinforcing its status as a leading hub for professionals, entrepreneurs, and innovators. Global partnerships are another key driver of investment attraction, with 21 Comprehensive Economic Partnership Agreements and 120 bilateral investment treaties clearly supporting the investment landscape. This momentum is underpinned by the UAE's significant investments in digital transformation, exemplified by the $1.5 billion joint venture between Microsoft and Abu Dhabi-based G42 to advance AI capabilities and set new standards for innovation. The National Investment Strategy 2031 aims to double annual FDI inflows by 2031, targeting Dhs2.2 trillion cumulative FDI by 2031, as per the National Investment Strategy (NIS). The strategy focuses on priority sectors such as advanced manufacturing, renewable energy, financial services, and IT, emphasising sustainability and innovation. Initiatives under this strategy aim to cement the UAE's global leadership in economic diversification and technological advancement. WAM
Gulf Today
08-06-2025
- Politics
- Gulf Today
UAE President, VPs receive Eid Al Adha greetings from leaders of Arab, Islamic states
President His Highness Sheikh Mohamed Bin Zayed Al Nahyan received congratulatory messages on the occasion of Eid Al Adha from Kings, Presidents, and Emirs of Arab and Islamic states. His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai; and His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, also received similar congratulatory messages on the occasion. UAE President exchanges Eid Al Adha greetings with regional leaders President Sheikh Mohamed also exchanged Eid Al-Adha greetings today in phone calls with Sheikh Mishal Al Ahmad Al Jaber Al Sabah, Emir of the State of Kuwait; King Hamad Bin Isa Al Khalifa of the Kingdom of Bahrain; and King Abdullah II of the Hashemite Kingdom of Jordan. During the conversations, the leaders conveyed their best wishes for ongoing health, happiness and prosperity. They prayed that the occasion would bring continued blessings to their peoples, and that their countries would enjoy lasting peace, stability and progress. They also expressed their hopes for stability and prosperity for Muslim nations and the wider international community. WAM
