Dubai Airport Could Break Passenger Record This Year, Says CEO

Dubai Airports' official forecast for this year stands at 88.8 million passengers. (AFP)
Dubai Airports' official forecast for this year stands at 88.8 million passengers. (AFP)
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Dubai Airport Could Break Passenger Record This Year, Says CEO

Dubai Airports' official forecast for this year stands at 88.8 million passengers. (AFP)
Dubai Airports' official forecast for this year stands at 88.8 million passengers. (AFP)

Dubai's air hub has "every chance" of breaking its record for passenger traffic this year after surpassing pre-pandemic levels in 2023, Dubai Airports' CEO told AFP on Monday.

Dubai International, the world's busiest airport for international passengers for nearly a decade, hit 87 million visits in 2023, beating the 2019 figure of 86.4 million despite the Gaza war, new figures showed.

Chief executive Paul Griffiths cited early recovery in Dubai -- the United Arab Emirates' business and financial center -- from the pandemic and a quick rebound in airport staffing levels as key factors.

"We were ready sooner. We were back to 100 percent capacity much sooner, and as a result, our traffic has rebounded far more quickly," he said, adding that Dubai's record of 89.1 million passengers, set in 2018, could be surpassed this year.

"I think there's every chance of going above it. It could be a new record," Griffiths said. "I've had a peek at the January numbers and let's say it gives me some cause for optimism."

Dubai Airports' official forecast for this year stands at 88.8 million passengers, just shy of the record, despite Israel's war against Hamas which began in October.

"We've demonstrated the absolute resilience of the network that we operate," said Griffiths, adding that Dubai's airport serves 104 countries via 102 airlines.

"If there is a bit of a dip in demand from one destination or point of origin, then that tends to be compensated by the rest of the network filling the space," he added.

Cargo traffic was up 20.4 percent in the last quarter, perhaps because of attacks on shipping through the Red Sea by Yemen's Houthis, Griffiths said.

He would not discuss security arrangements for the airport, beyond saying they were "well developed".

Griffiths said the growth in traffic to and from fast-developing Saudi Arabia had been "phenomenal", with Riyadh now Dubai's second busiest route behind London.

"If you look at the growth of travel and tourism across the world, we are only scratching the surface in this region," he said.



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.