UAE Underlines Importance of Tourism as Major Contributor to the Economy

UAE Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum has visited Atlantis The Royal. Asharq Al-Awsat
UAE Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum has visited Atlantis The Royal. Asharq Al-Awsat
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UAE Underlines Importance of Tourism as Major Contributor to the Economy

UAE Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum has visited Atlantis The Royal. Asharq Al-Awsat
UAE Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum has visited Atlantis The Royal. Asharq Al-Awsat

UAE Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum has visited Atlantis The Royal, a new iconic landmark on Dubai's Palm Jumeirah Island.

Surging 43 stories high and spanning 406,000 square meters, the ultra-luxury resort is a unique addition to Dubai’s spectacular skyline as well as the city’s hospitality attractions. The new iconic resort supports the recently launched Dubai Economic Agenda D33’s goal to consolidate the city’s position as one of the world’s top 3 global cities for tourism and business, Emirates News Agency (WAM) reported Saturday.

Sheikh Mohammed said the private sector continues to be a key partner in Dubai’s development journey and a vital contributor to realizing its growth aspirations. Public-private sector partnerships are at the heart of Dubai’s development vision and a key driver of vital sectors like tourism, he added.

Underlining the importance of the tourism sector as a major contributor to the national economy, Sheikh Mohammed said, “We have ambitious growth targets for the sector over the next ten years. The UAE and Dubai seek to build on their deep partnerships with the private sector to strengthen the country’s status as the world’s most popular destination for international tourists.”

“As part of our efforts to create a fertile ground for investors, we are keen to foster new growth opportunities in the tourism sector. Our steadfast commitment to building an exceptionally safe and stable environment and a world-class infrastructure over the last few decades has created the foundations for a remarkable future,” he added.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.