Tag Archives: GDP growth

Speaking at Future Hospitality Summit World in Dubai, HE Abdulla Bin Touq Al Marri, Minister of Economy of the UAE shared that they target 16% contribution from tourism to GDP by 2031. HE Al Marri further shared that they are on track with the demand and supply and that they target over 450biliion dirhams worth of investments in the hotel industry over the next seven years. Further iterated the need to increase room nights especially by combining medical and wellness tourism. “We are targeting over 450 billion dirhams worth of investments in the hotel industry itself to come in in the next seven years. We are looking at increasing the number of keys, increase the amount of hotels, offers, products coming in. We’re looking at it from a different line. We’re looking at medical tourism, wellness tourism. These are kind of the two topics now that’s really going on in the tourism aspects, but they are segregated. They talk about medical tourism on a separate note, and they talk about wellness tourism on a separate note. To me, wellness and medical has to be combined. I look at it that way because the most important thing is the nights per stay, the tourists who stay in the country. Today, there are about 3 to 4 nights per stay. We want to increase that to 7 nights, 8 nights. That’s the dream for any interest of tourism.”

Accommodation and food services activities sector posted a growth of 3.8%, with a value of AED 4.7 billion. Its contribution to the GDP reached 4.1%, driving economic growth by 0.2 percentage points. According to data from the Department of Economy and Tourism, Dubai’s hotels maintained high occupancy levels, with an average hotel occupancy rate of 83%. Dubai welcomed 5.2 million international visitors during the first quarter of 2024, an increase of 11% compared to the same period in 2023. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, reiterated that the emirate’s economy continues to grow steadily and showcase robust economic indicators that exemplify the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The strength of Dubai’s economy is amply demonstrated in the 3.2% economic growth it achieved in the first quarter of 2024 compared to the same period last year, by adding more than AED 115 billion in GDP terms, Sheikh Hamdan said. His Highness said it is especially commendable that the emirate’s successes in this regard highlight the combined efforts and teamwork of various stakeholders to realise the objectives of the emirate’s comprehensive development plans for 2033, specially the Dubai economic Agenda (D33) and Dubai Social Agenda 2033, which serve to enhance overall standards of wellbeing and quality of life while consolidating Dubai’s standing as a global economic capital and its attractiveness as a destination for foreign investments. Sheikh Hamdan said: “Dubai is progressing in accordance with a clear vision whose …