Infrastructure $54bn private investment sought for Abu Dhabi infrastructure Abu Dhabi is overseeing more than 600 infrastructure projects valued at more than AED200 billion ($54 billion), representing an opportunity for the private sector to collaborate on a pipeline of projects that are integral to the emirate’s Economic Vision 2030 plan, a senior official said. The projects, being led by the Abu Dhabi Projects and […] December 2, 2024
Food & Drink Heineken joint venture to build brewery in Dubai Dubai is to follow Abu Dhabi and Ras Al Khaimah in opening its own brewery. Sirocco, a joint venture between the Dutch drinks company Heineken NV and the Emirates Group-owned Maritime and Mercantile International (MMI), will start construction on a new brewery, having secured all the necessary permits from the relevant local authorities, the company […] November 28, 2024
EXCLUSIVE Infrastructure Riyadh Metro aims to break Saudi capital’s car gridlock The first phase of Saudi Arabia’s $22.5 billion Riyadh Metro is opening on December 1, marking a significant step toward transforming public transportation in a city known for its heavy car culture and gridlocked streets. The project, billed as the world’s longest driverless transit system, is a centerpiece of Saudi Arabia’s Vision 2030 plan, which […] November 27, 2024
Economy UAE’s non-oil economy to grow nearly 5% in 2024 The UAE’s non-oil economy is projected to grow by 4.7 percent in 2024, thanks to economic diversification and fiscal surpluses that help overcome global challenges, a senior executive of UBS Global Wealth Management has said. The non-oil sector is heading towards sustainable growth, supported by a booming tourism and real estate sectors, increased government spending […] November 26, 2024
Economy Ras Al Khaimah’s economy to expand until 2027 Ras Al Khaimah’s (RAK) economy is projected to expand by an average 4.2 percent annually until 2027, driven by strong tourism, real estate, manufacturing, and mining performances, S&P Global said. “We forecast GDP per capita levels to strengthen to about $32,800 by 2027, compared with an estimated $30,000 in 2024,” the rating agency said. This […] November 25, 2024
Exclusive Trade Major trade shows to relocate to Expo City Dubai Dubai is to relocate its major trade shows next year from the World Trade Centre to the sprawling Expo City, 20 miles away. The move is a significant step in transforming the Expo City site into a centre for big events, businesses and sustainable living, a senior official has confirmed. “As of next year, all […] November 22, 2024
Tourism Hilton says Middle East expansion will add 35,000 jobs Hotel group Hilton’s expansion plans in the Middle East will create 35,000 jobs, its regional head has said. The US company will at least double its size in the region with 130 new properties, its Middle East and Africa president, Guy Hutchinson, said. “We’re seeing this part of the world emerge as a thought and […] November 21, 2024
Tourism Space Perspective favours Dubai for balloon launches US company Space Perspective says it is in talks with Gulf countries about hosting rights to launch its high-altitude balloon flights. The company will operate flights carrying a luxury capsule into the stratosphere to a height of around 30km. Taber MacCallum, founder and chief technology officer, said at a tourism conference in Dubai that it […] November 21, 2024
Tourism Abu Dhabi’s Adtic invests with Accor in Egyptian hotel The Abu Dhabi Tourism Investment Company (Adtic) has signed an agreement with the French hospitality company Accor to open a Sofitel hotel near the Giza Necropolis outside Cairo. Adtic, which is 84 percent owned by the Abu Dhabi Development Fund and 10 percent by the Abu Dhabi National Hotels Company, has allocated $100 million for […] November 21, 2024
Tourism Saudi travel firm targets Chinese ahead of IPO Saudi Arabia is hoping to attract 5 million Chinese tourists by 2030 as part of a push that is also targeting Russia, Germany, Italy and the UK, leading tour operator Almosafer said on Wednesday, flagging a likely IPO within two years. “China is the top tourist source market and you really need to have a […] November 21, 2024
Aviation Dubai airport reports record passenger numbers Dubai International airport (DXB) has reported record passenger traffic and visitor numbers for 2024. Paul Griffiths, Dubai Airports CEO, said that traffic is expected to grow 5.7 percent in 2024 compared to last year, with more tourists stopping off than ever before. Traffic at DXB is expected to reach 91.9 million passengers this year, up […] November 19, 2024
Analysis Transport Gulf car rentals look forward to constant growth Tourism, surging populations and demand for flexible transportation options are likely to spur a strong rise in demand for car rental in the Gulf region, industry experts have said. The car rental markets in the UAE and Saudi Arabia, in particular, are growing. In 2023 the industry in Saudi Arabia was valued at $2.5 billion, […] November 19, 2024
Tourism Salvator Mundi destined for Riyadh giga-park The $450 million Leonardo Da Vinci painting Salvator Mundi is destined for a museum of art inside the King Salman Park giga-project in Riyadh in time for hosting the World Expo in 2030, two separate sources have said. The artwork is a big part of Saudi Arabia’s plans to rebrand itself globally as a socially […] November 18, 2024
Analysis Tourism Algeria must forge its own identity to hit tourism targets If Algeria’s tourism industry is to become the vital engine of the country’s economy its tourism minister hopes, it must find a way to differentiate itself from its neighbours, experts have told AGBI. The Algerian government aims to welcome more than 12 million foreign visitors by the end of the decade, as part of its national tourism […] November 15, 2024
Aviation Etihad profit soars on passenger and cargo volumes Etihad Airways has reported a 66 percent increase in nine-month profit built on higher passenger and cargo revenue. The Abu Dhabi carrier said profit after tax for the period reached $381 million (AED1.4 billion), up from $222 million a year earlier. Total revenue was up 21 percent to $5 billion, which the airline said was […] November 14, 2024
Opinion Tourism Wars have skewed effects on Middle East tourism The most immediate impact on tourism has been caused by a reduction or elimination of flight connections November 14, 2024
Analysis Tourism More tourists in Turkey, but they spend less and leave quicker Turkey is on track to break records for tourist arrivals this year, but it may fall short of revenue targets, as visitor numbers are up but spending is flatlining and average holiday stays are getting shorter. Just over 23.2 million overseas visitors made Turkey their destination in the third quarter of the year, the statistics […] November 11, 2024
Video length: 4:47 VIDEO Tourism Ras Al Khaimah’s tourist draw: concerts, casinos and crypto Historically, the emirate of Ras Al Khaimah has been known for industry and manufacturing, but tourism has taken centre stage over the past decade. It has just 400,000 residents and attracted 600,000 visitors to its airport this year, but expects to increase its tourist numbers to 3.5 million overnight guests in the coming years. Raki […] November 8, 2024
Transport Dubai Taxi revenue up but profit slides Revenue at Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, rose 13 percent year on year to AED1.6 billion ($436 million) in the first nine months of 2024. The company said the result was due to a positive macroeconomic environment, a rise in tourism and population growth. The taxi segment was the primary […] November 7, 2024
Analysis Aviation Gulf air traffic rebounds but fares still high Air traffic in the Middle East and North Africa region has rebounded beyond pre-pandemic levels, with Saudi Arabia and the UAE marking the highest gains in volume. Traffic up to the second quarter of 2024 has also surpassed levels seen before 2020, according to a study by Airports Council International (ACI). Bahrain (+24 percent), Qatar […] November 5, 2024
Tourism Discovery of Bronze Age town reframes Saudi history Al Natah, a walled settlement thought to have housed 500 people, dates back to 2400 BCE November 4, 2024
Construction Huge demand for workers’ accommodation in RAK Ras Al Khaimah (RAK) is adding 40,000 rooms for blue-collar worker accommodation in the next five years, fuelled by the multi-billion dollar Wynn Resorts casino development and thriving construction sector. More than 10,000 rooms have been “fast-tracked” in the last nine months alone, according to Ramy Jallad, group CEO of Ras Al Khaimah Economic Zone […] November 4, 2024