UAE ready for potential ‘swift and robust’ influx of Chinese tourists by 2023
The UAE could welcome the return of Chinese tourists in the next six to 12 months, tourism analysts said. But the expected surge in visitor numbers, which reached nearly a million in Dubai in 2019, will be on hold until there is a further easing of China’s zero-Covid policy restrictions. Hoteliers, real estate figures and government officials said the reopening of China, one of the region’s most important source markets, would bring a tourism boom for the Emirates and the wider Middle East. A senior executive with Dubai Tourism said a further relaxation of China’s Covid-19 restrictions would lead to an immediate surge in visitors to the UAE. “We anticipate that the rebound from one of our top international feeder markets, China, will be swift and robust once travel restrictions are further eased,” Hoor Al Khaja, associate vice president at Dubai’s Department of Economy and Tourism, told The National.
Dubai consolidates its status
The recent launch of Dubai’s Metaverse Strategy by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Chairman of The Executive Council of Dubai, positions the city as a global pioneer offering the world’s most advanced and connected ecosystem where the metaverse community can thrive in a dynamic and enabling environment. The move consolidates Dubai’s status as a global capital of advanced technologies, primarily artificial intelligence (AI) and Web3. Dubai’s progressive regulatory environment and a world-class technological infrastructure that meets the evolving needs of international players have attracted several big names in the world of Web3, including cryptocurrency platforms, blockchain companies, and tokenisation firms. Dubai is already home to over 1,000 companies in the metaverse and blockchain sector. As the city attracts new players, the sector’s current contribution of $500 million to the UAE’s economy is estimated to increase significantly. The Dubai Metaverse Strategy aims to support more than 40,000 virtual jobs by 2030 and add $4 billion to Dubai’s economy in five years.
UAE ministry explores stronger economic cooperation with Mongolia
Abdullah bin Touq Al Marri, Minister of Economy, has held a meeting with Odonbaatar Shijeekhuu, Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE, to explore opportunities to strengthen trade and economic cooperation between the two countries. During the meeting, which took place at the Ministry’s headquarters in Dubai, Al Marri emphasised the UAE’s commitment to solidifying its economic and trade partnership with Mongolia in fields of shared interest to support both countries’ developmental agendas as well as their sustainable economic growth. Bin Touq said, “Mongolia is a promising market with which we aspire to increase trade and investment exchanges, especially in sectors such as tourism, aviation, logistics, agriculture and animal food trade, food security, apart from other strategic areas of shared interest. The partnership further aims to boost private sector cooperation between the two sides by highlighting the available opportunities in our markets, exploring new collaboration mechanisms and facilitating the exchange of expertise.”
Demand for private jets to Qatar soars
Demand for private jets to Qatar has surged ahead of the country’s hosting of the 2022 FIFA World Cup in November, according to an industry source. DC Aviation Al-Futtaim (DCAF), a joint venture between Dubai-based conglomerate Al-Futtaim and Germany’s DC Aviation GmbH, said that there has been a “surge in requests” from customers looking to fly privately to Doha, Qatar towards the end of the year. The football World Cup, which is scheduled to take place in Qatar from November 21 to December 18 this year, is expected to add $17 billion to the Qatar’s economy. “We have seen a sharp increase in enquiries for the later stages of the tournament from the first week of December until the finals, which take place on December 18,” said Holger Ostheimer, DC Aviation Al-Futtaim managing director. With the “huge volume of requests”, the company said it will make available aircraft ranging from the very light and affordable four-seater Cessna Citation Mustang to the light jet eight-seater Pilatus PC-12 and the midsize jet nine-seater Bombardier Challenger 604. The company said it can also offer a 10-seater Falcon 2000 and a large-size cabin aircraft. Its charter flights can accommodate flyers travelling in different group sizes from individuals, families, groups of friends or corporates, the company said.
GCC markets recover in July
Kuwait Financial Centre “Markaz” recently released its Monthly Market Review report for the month of July 2022. Kuwait’s All Share Index marked a sharp recovery in July after last month’s loss, rising by 4.2 percent. Last week of July witnessed another 75 bps interest rate hike by the U.S. Federal Reserve, which was followed by hikes across various GCC countries. Oil prices declined by 4.2 percent for the month with downwards pressure on demand amid COVID-19 restrictions in China and strengthening the U.S. Dollar. Among sectors, Boursa Kuwait’s Industrials and Financial Services sectors gained the most for the month at 7.4 percent and 4.8 percent respectively while Utilities and Healthcare sectors lost 3.4 percent and 2.9 percent respectively in the month. Among Premier Market stocks, Bahrain based Ahli United Bank and Jazeera Airways gained the most for the month, rising by 14.2 percent each. During the month, Kuwait Finance House general assembly approved the merger with Ahli United Bank after receiving approvals from both Central Bank of Kuwait and Central Bank of Bahrain. The deal valued around USD 11.6 billion would be one of the biggest cross-border mergers in the GCC region and a significant one for the region’s banking sector.