Foreign Tourism to Portugal Has Best First Quarter Ever

A man walks in Tamariz beach as temperatures rise in Estoril, Portugal, April 27, 2023. (Reuters)
A man walks in Tamariz beach as temperatures rise in Estoril, Portugal, April 27, 2023. (Reuters)
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Foreign Tourism to Portugal Has Best First Quarter Ever

A man walks in Tamariz beach as temperatures rise in Estoril, Portugal, April 27, 2023. (Reuters)
A man walks in Tamariz beach as temperatures rise in Estoril, Portugal, April 27, 2023. (Reuters)

The number of foreign tourists visiting Portugal surpassed 2.8 million from January through March, making it the best first quarter on record despite high global inflation and interest rates, data from the National Statistics Institute (INE) showed on Friday.

Measuring only foreigners staying in Portuguese hotels, the number by far topped 1.8 million people a year ago, and was above the 2.5 million reported in the first three months of 2019, which was a record year for tourism, before the COVID-19 pandemic crippled global travel in 2020.

Tourism, a key driver of Portugal's economy, accounted for almost 15% of gross domestic product before the pandemic.

The INE earlier on Friday said Portugal's economic growth accelerated sharply to 1.6% in the first quarter from the previous three-month period, stoked by net exports that include revenue from tourism.

In March alone, more than 1.2 million guests entered the country, with visitors from Britain accounting for the largest share of arrivals, followed by neighboring Spain and the United States, which has recently grown as a source of tourism to Portugal.

It may also have received an additional inflow of visitors after February's devastating earthquake in Türkiye - a major tourism destination - and thanks to the general perception of Portugal as a safe place, far from the war ravaging Ukraine.



GFH Acquires Dubai-based Logistics Fund

GFH Partners Ltd. has announced a strategic investment in Manrre REIT. Asharq Al-Awsat
GFH Partners Ltd. has announced a strategic investment in Manrre REIT. Asharq Al-Awsat
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GFH Acquires Dubai-based Logistics Fund

GFH Partners Ltd. has announced a strategic investment in Manrre REIT. Asharq Al-Awsat
GFH Partners Ltd. has announced a strategic investment in Manrre REIT. Asharq Al-Awsat

GFH Partners Ltd., the DIFC-based global asset management subsidiary of GFH Financial Group BSC, has announced a strategic investment in Manrre REIT, a premier Dubai-based fund specializing in institutional-grade logistics and industrial assets across the UAE and the GCC region.

Founded in 2018 by Palmon Group FZCO, a leading local logistics developer and owner, Manrre’s portfolio is valued at approximately AED 500 million ($136.1 million). This includes 26 high-quality, diversified industrial and logistics properties primarily in the UAE, establishing Manrre as a leading player in the region’s logistics and industrial real estate landscape.

This investment marks a pivotal milestone for Manrre and its future growth. Following the recent approval from the Dubai Financial Services Authority, GFH Partners has assumed the role of Fund Manager.

This transaction marks a significant milestone with the Fund converted into a Shariah-compliant investment vehicle and aspiring for growth by broadening its investor base and accelerating new acquisitions and projects across the UAE and Saudi Arabia, regions experiencing strong demand in the logistics and industrial sectors.

“Our investment in Manrre is an extension of GFH Partners’ strategy, cantered on collaboration with leading specialist asset managers operating in attractive segments of the global real estate market,” said CEO of GFH Partners Nael Mustafa.

“Already a major investor in logistics and industrial assets in the US, UK, and GCC region, we are well-positioned to leverage our deep experience to help accelerate Manrre’s growth and further build upon its unique market position,” he said.

“With a new structure and strengthened foundations, we look forward to capturing opportunities from strong macroeconomic drivers contributing to the growth of the logistics and industrial sectors across key markets in the GCC,” Mustafa added.

Kunal Lahori, Director of Manrre REIT Logistics Fund, also commented on the collaboration.

“This investment marks a pivotal moment for Manrre. We have consistently aimed to redefine the logistics and industrial real estate market in the UAE and beyond. With GFH Partners on board, we are well-positioned to expand our specialist asset class and further elevate Manrre’s market presence,” Lahori said.