UAE Tourism Sector Performance Tops Pre-Pandemic Rates

A picture shows the Saudi pavilion during the Arabian Travel Market, the Middle East's largest travel and tourism exhibition, in Dubai on May 10, 2022. (AFP)
A picture shows the Saudi pavilion during the Arabian Travel Market, the Middle East's largest travel and tourism exhibition, in Dubai on May 10, 2022. (AFP)
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UAE Tourism Sector Performance Tops Pre-Pandemic Rates

A picture shows the Saudi pavilion during the Arabian Travel Market, the Middle East's largest travel and tourism exhibition, in Dubai on May 10, 2022. (AFP)
A picture shows the Saudi pavilion during the Arabian Travel Market, the Middle East's largest travel and tourism exhibition, in Dubai on May 10, 2022. (AFP)

Figures in the United Arab Emirate' tourism sector have topped pre-pandemic levels in 2019.

The figures revealed that hotels attracted nearly six million visitors, who spent 25 million hotel nights in the first quarter of 2022, reflecting a growth of 10% compared to the same period in 2019.

The average duration of hotel guest stays reached 25% during the same period, up from three to four nights.

Moreover, the occupancy rate of hotel establishments in the country during Q1 2022 achieved 80 percent growth, one of the highest globally.

Hotels also generated a total revenue of AED11 billion with a 20% growth compared to the same period in 2019 and resumed operations at full capacity of approximately 200,000 hotel rooms.

Dr. Ahmad Belhoul al-Falasi, Minister of State for Entrepreneurship and SMEs and Chairman of the UAE Tourism Council, revealed that the country’s tourism sector achieved a new growth milestone in Q1 2022, underlining its competitiveness at both regional and international levels.

He attributed the sector’s latest achievement to the unlimited support and directives of the UAE’s wise leadership and its interest in this vital sector, which is one of the future sectors and a key focus area in the UAE’s development vision for the next 50 years.

Falasi said that during the first quarter of this year, the national tourism sector exceeded the growth rates recorded not only in 2020 and 2021, but also during the same period in 2019, which is the benchmark for measuring recovery and growth rates in most countries today.

“It is one of the best years in terms of economic growth in general and tourism in particular, and this confirms the strong comeback of the sector,” he added.

Furthermore, Q1 2022 saw a resurgence and a strong comeback of inward tourism flows from foreign markets, as hotel establishments in various emirates hosted nearly four million international tourists.

India, Saudi Arabia, the United Kingdom, Russia, and the United States topped the list of international tourists.

Falasi pointed to the important role that the major events hosted by the UAE over the past months played in supporting the sector.

These include Expo 2020 Dubai, which successfully attracted more than 24 million visitors over six months, and the Worlds’s Coolest Winter campaign in its second edition. In over a month and a half, the event generated a total revenue of AED1.5 billion ($408 million) and attracted more than 1.3 million local tourists.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.