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Qatar Achieves Record Tourism Revenues, Welcomes 5 Million Visitors in 2024

Qatar’s tourist destinations experienced a 38% increase in total expenditure compared to the previous year. (QNA)
Qatar’s tourist destinations experienced a 38% increase in total expenditure compared to the previous year. (QNA)
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Qatar Achieves Record Tourism Revenues, Welcomes 5 Million Visitors in 2024

Qatar’s tourist destinations experienced a 38% increase in total expenditure compared to the previous year. (QNA)
Qatar’s tourist destinations experienced a 38% increase in total expenditure compared to the previous year. (QNA)

Recent data from Qatar Tourism reveals that the country achieved record-breaking figures in its tourism sector in 2024, with total tourism revenues reaching QAR 40 billion ($10.7 billion). Visitor numbers soared to nearly 5 million, reflecting a 25% increase compared to 2023.

The data shows that Qatar’s tourism industry experienced a 38% rise in total spending compared to the previous year. Meanwhile, the hospitality sector marked a historic achievement by recording 10 million hotel nights for the first time ever, with projections of an additional 35,000 nights by year-end.

Qatar Tourism also noted its organization of over 100 business events, 120 entertainment activities, and 80 sports events in 2024. Key highlights included hosting the AFC Asian Cup, the Qatar Grand Prix for Formula 1, and a thriving 2024–2025 cruise season, all of which drew substantial visitor interest.

GCC nationals accounted for 41% of the total visitors, with the remaining visitors coming from a variety of international markets. Saudi Arabia topped the list of source countries, followed by India, the United Kingdom, Germany, and the United States.

Regarding modes of entry, 56% of visitors arrived by air, 37% by land, and 7% by sea, highlighting ongoing enhancements in access and connectivity.

Saad Al-Kharji, Chairman of Qatar Tourism and Visit Qatar, stated that exceeding the milestone of 5 million visitors underscores the success of the country’s tourism strategy.

“This 25% annual growth reflects our dedication to advancing the tourism sector and achieving our ambitious targets of doubling visitor numbers and increasing tourism’s contribution to GDP by 2030,” he said.

Eng. Abdulaziz Ali Al-Mawlawi, CEO of Visit Qatar, attributed these achievements to the collaborative efforts of all stakeholders.

“We have cemented Qatar’s position as a global leader through hosting major international events and launching innovative initiatives. We look forward to a promising future for our tourism sector,” he said.

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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.