Latest news with #الخليج
Arabian Business
2 days ago
- Business
- Arabian Business
UAE tourism hits record $70bn in 2024, ranks among world's top 7 for visitor spending
The UAE's travel and tourism sector recorded a landmark year in 2024, contributing AED257.3bn ($70.1bn) to the national economy — 13 per cent of the country's GDP, according to a new report by the World Travel and Tourism Council (WTTC). This marks a 3.2 per cent increase from 2023 and a remarkable 26 per cent jump from pre-pandemic 2019 levels, placing the UAE among the top seven global destinations for international tourist spending. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said the achievements had surpassed countries which had a head start of centuries. UAE tourism boom Sheikh Mohammed said: '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 AED217bn last year, with domestic tourism expenditure reaching AED57bn. 'The UAE ranks among the world's top seven destinations for international tourist spending, surpassing countries that have been in this industry for centuries.' 'We welcome tourists, delight in attracting investors, embrace talent, and build the best environment for living, tourism, and visitation. Welcome to the world.' في مؤشر جديد على قوة وتنوع اقتصادنا الوطني .. أشار تقرير المجلس العالمي للسفر والسياحة إلى انجازات استثنائية لقطاع السياحة الإماراتي .. حيث بلغ إجمالي انفاق الزوار الدوليين أكثر من 217 مليار درهم خلال العام السابق … بالإضافة لإنفاق سياحي محلي بلغ 57 مليار درهم … دولة الإمارات… — HH Sheikh Mohammed (@HHShkMohd) June 26, 2025 The report revealed that international visitor spending reached AED217.3bn ($59.2bn) in 2024, up 5.8 per cent from 2023 and 30.4 per cent higher than in 2019. Meanwhile, domestic tourism spending also surged to AED57.6bn ($15.7bn) — a 41 per cent increase over 2019 figures. Abdulla bin Touq Al Marri, Minister of Economy and Tourism, highlighted the UAE's success in turning tourism into a cornerstone of economic diversification, thanks to major investments in infrastructure, cultural offerings, and service quality. Al Marri said: '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 AED450bn ($121.5bn) and raise the number of hotel guests to 40m annually by the next decade.' The report also highlighted that leisure tourism accounted for 84.7 per cent of total tourism expenditure in the UAE in 2024, while business tourism represented 15.3 per cent. 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 per cent of total tourism expenditure came from international visitors, while 21 per cent was attributed to domestic tourists. In 2024, the UAE welcomed tourists from a wide range of markets, with the top contributors being: India: 14 per cent UK: 8 per cent Russia: 8 per cent China: 5 per cent Saudi Arabia: 5 per cent Rest of the world: 60 per cent This diverse visitor mix reflects the effectiveness of flexible tourism policies and global outreach strategies. Despite rapid growth, the UAE has maintained its environmental commitments: Tourism accounted for just 13.3 per cent of national carbon emissions in 2023 Women made up 16.3 per cent of the sector's workforce Youth (ages 15–24) represented 9.7 per cent of tourism jobs Tourism also contributed $8.6bn in tax revenues, or 5.4 per cent of total government revenue, highlighting its fiscal importance. Worldwide, the travel and tourism sector contributed $10.9tn to global GDP in 2024, with 356.6 million jobs created. The WTTC projects that figure to reach $11.7tn in 2025, driven by pent-up demand, infrastructure investment, and a shift toward sustainable travel.
Arab News
6 days ago
- Politics
- Arab News
Saudi Arabia says ‘no radioactive effects' detected in Gulf after US strikes on Iran
RIYADH: Saudi Arabia's Nuclear and Radiological Regulatory Commission said Sunday that 'no radioactive effects were detected' in the Kingdom and the Gulf region as a result of the US military targeting of Iran's nuclear facilities. 'No radioactive effects were detected on the environment of the Kingdom and the Arab Gulf states as a result of the American military targeting of Iran's nuclear facilities,' the commission wrote on its official account on X. لم يرصد أي آثار إشعاعية على بيئة المملكة، ودول الخليج العربية؛ نتيجة الاستهدافات العسكرية الأمريكية لمرافق إيران النووية. — هيئة الرقابة النووية والإشعاعية (@SaudiNRRC) June 22, 2025 Kuwait's National Guard also said that 'radiation levels in Kuwait's airspace and waters are stable and the situation is normal' according to a statement on KUNA News Agency. The United States on Sunday attacked three Iranian nuclear sites, including the underground uranium enrichment facility at Ford, following days of speculation over whether the US military would join its ally Israel's bombing campaign.
Zawya
10-06-2025
- Business
- Zawya
UAE to help tackle Kuwait's power supply crisis: report
Kuwait has finalised a deal with the UAE to seek its help in tackling a festering power supply crisis by investing in renewable energy projects, a Kuwaiti newspaper has revealed. The memorandum of understanding allows Kuwait to benefit from the UAE's 'vast' experience in solar energy, mainly through the Abu Dhabi-based Masdar , one of the largest renewable energy companies in the region. The Arabic language daily Alqabas, quoting 'informed' sources in Kuwait, said the two partners in the six-nation Gulf Cooperation Council (GCC) have signed the MoU recently and that it focuses on cross-border renewable energy projects. 'This is a strategic MoU which aims to expand energy cooperation between the two countries and encourage investment in renewable energy projects,' the report said. 'The agreement coincides with Kuwait's efforts to resolve its power supply shortage…Kuwait hopes that this agreement will enable it to develop its power network in line with its renewable energy targets as part of the country's Vision 2035.' Kuwait has been rationalising electricity consumption during summer due to the widening supply gap caused by a surge in domestic demand and the absence of major power projects. In recent statements, Kuwait's Electricity, Water and Renewable Energy Minister Mahmoud Bushehri revealed plans to embark on large projects to tackle the power supply shortages, including construction of a solar power plant. Bushehri said the new projects would allow Kuwait to attain its target of expanding the share of renewable sources to 30 percent of the total energy mix within the next four years and half the mix by 2050. A government report warned early last year that Kuwait could suffer from a power deficit of more than 1,000 megawatts (MW) in the summer of 2024, which could worsen to nearly 2,000 MW and 2,500 MW in the summers of 2025 and 2026. Masdar, which operates in several countries, is planning to build four solar power plants in Iraq with a combined generation capacity of 1,000 MW, the report said. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Gulf Business
09-06-2025
- Business
- Gulf Business
Dubai Metro Blue Line: Foundation laid for first station
Image credit: HH Sheikh Mohammed/X account Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has laid the foundation stone for the first station on the Dubai Metro's Blue Line. Read- The announcement was made on the Dubai Ruler's official X account. The Blue Line is projected to generate total benefits of Dhs56bn. أثناء وضع حجر الأساس لأول محطة ضمن الخط الأزرق لمترو دبي الذي تبلغ إجمالي منافعه 56 مليار درهم .. المحطة تمثل أيقونة معمارية تضاف لأيقونات دبي الحضارية وستكون أولى محطات الخط الأزرق الذي سيمتد 30 كيلومتراً ليصل إجمالي طول السكك الحديدية بدبي 131 كيلومتر و78 محطة.. مترو دبي نقل… — HH Sheikh Mohammed (@HHShkMohd) The station, an architectural icon, will become a new landmark in Dubai and will be the first on the Blue Line. The line will extend 30 kilometers, bringing the total length of Dubai's rail network to 131 kilometers with 78 stations. The The line will feature a combination of underground and elevated tracks, with a total of 14 stations along its 30-kilometer route. It will include three major interchange stations: Al Khor (Green Line), Centrepoint (Red Line), and International City (1). One of the standout features of the project is a signature station at Dubai Creek Harbour, designed by Skidmore, Owings & Merrill (SOM), which will showcase a unique architectural style. This station is expected to become a key focal point and will be designed to handle 160,000 passengers daily by 2040. The Blue Line will also include the Dubai Metro's first-ever crossing over Dubai Creek via a 1,300-metre bridge, adding a striking visual and functional element to the project. Benefits of the Blue Line The Blue Line is expected to reduce road congestion in key areas by 20 per cent, boost property values near stations by up to 25 per cent, and directly connect major hubs like Dubai International Airport (DXB) to residential areas. Al Tayer noted that the new line will offer more efficient travel times—ranging from 10 to 25 minutes — across various neighborhoods. It will also be integrated into Dubai's broader urban planning strategy, including the '20-Minute City' initiative, which aims to ensure over 80 per cent of services are accessible within a 20-minute commute. The Blue Line is designed to serve areas expected to house nearly one million residents by 2040, including key developments like Dubai Creek Harbour, Festival City, and International City.
UAE Moments
01-06-2025
- Business
- UAE Moments
UAE Rolls Out ‘Finfluencer' Licence for Finance Creators
The UAE has officially launched the region's first 'Finfluencer' licence, targeting individuals who create and share investment-related content online or through traditional media. This new move, introduced by the Securities and Commodities Authority (SCA), aims to bring financial content creators under regulatory oversight to ensure transparency and investor protection. أعلنت هيئة الأوراق المالية والسلع عن إطلاق رخصة "المؤثر المالي Finfluencer"، وهي الأولى من نوعها على مستوى المنطقة، في خطوة استراتيجية تهدف إلى تنظيم المحتوى المالي الرقمي، وحوكمة أنشطة الأفراد المؤثرين في تقديم التحليلات والتوصيات الاستثمارية، والتسويق المالي عبر المنصات… — SCA UAE (@sca_uae) May 28, 2025 Who Needs the Licence? The licence is meant for anyone offering investment advice, financial analysis, or insights related to regulated financial products or entities within the UAE. It applies to content shared through platforms like social media, YouTube, websites, or even seminars and public talks. This step comes as financial influencers continue to grow in reach and impact, often influencing decisions of everyday investors. Read More: Different types of social media influencers and their characteristics Free for the First Three Years To encourage content creators to sign up early, the SCA is waiving registration, renewal, and legal fees for the next three years. Applicants will need to register with the SCA and follow the rules laid out to promote market integrity and maintain public trust. Setting New Standards in the Digital Finance Space SCA's CEO, Waleed Saeed Al Awadhi, described the licence as a strategic step that reflects the UAE's push to lead digital transformation in financial regulation. He said the initiative is about more than just local oversight — it's a move to raise the global bar for how financial content is created, shared, and trusted. This licence marks another major milestone in the UAE's ongoing efforts to balance innovation with investor safety.
