UAE Seeks to Double Domestic Tourism Spending

Sheikh Mohammed bin Rashid Al Maktoum during the launching of the UAE strategy for domestic tourism. (WAM)
Sheikh Mohammed bin Rashid Al Maktoum during the launching of the UAE strategy for domestic tourism. (WAM)
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UAE Seeks to Double Domestic Tourism Spending

Sheikh Mohammed bin Rashid Al Maktoum during the launching of the UAE strategy for domestic tourism. (WAM)
Sheikh Mohammed bin Rashid Al Maktoum during the launching of the UAE strategy for domestic tourism. (WAM)

The United Arab Emirates announced a new strategy that aims to develop an integrated tourism system to organize domestic tourism.

The strategy is part of the country’s plans to establish its position as a tourist attraction hub.

“Promoting the UAE as a single tourist destination with diverse attractions and experiences boosts the country’s tourism sector as an integral part of the national economy,” said UAE Vice President, Premier and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum during the launch of the first 45-day federal domestic tourism campaign.

The “World’s Coolest Winter” aims to invite the public to explore the hidden gems of the seven emirates. The campaign is overseen by the Ministry of Economy in collaboration with local tourism entities and supported by the UAE Government Media Office.

It seeks to highlight the major landmarks and attractions that distinguish every emirate and contribute to promoting the UAE as a single destination.

During a special event in al-Marmoom Desert Conservation Reserve, Sheikh Mohammed reviewed the goals and plans of the new domestic tourism strategy and identity.

“The UAE strategy for domestic tourism marks the beginning of unifying our efforts and coordinating our capabilities towards harnessing all of our tourism resources in the best possible mean,” Sheikh Mohammed stressed.

“Today, we are launching the first of many campaigns to develop this vital sector of our economy.”

“We launched a unified tourism identity to promote the UAE as a single tourist hub that shares the same national economy and provides equal opportunities for the country’s youth,” he explained.

Domestic tourism spending in the UAE stands at Dh41 billion, Sheikh Mohammed noted, stressing that with a solid federal collaboration and contributions of the domestic market, the figure can be doubled and new opportunities can be created for the small business industries across the country.

“Working as one team in the tourism sector will bring long-term benefits to every part of the UAE and boost our status globally as a single destination that offers rich and diverse experiences.”

Each of the seven emirates features rich tourist experiences, massive resources and cultural, archaeological and architectural treasures, he added, pointing out that the UAE aims to unify efforts to maximize returns.

He invited the private sector to take this campaign as an opportunity to bolster partnerships with the government to bring greater value and accelerate the country’s economic recovery.



Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion
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Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's liquidity levels continued to grow strongly, reaching SAR2,825,715 million at the end of May 2024, marking an annual growth of approximately 8.6%, reported the Saudi Press Agency on Sunday.

This represented an increase of more than SAR222,928 billion compared to the same period in 2023, which stood at SAR2,602,786 million. These levels reflect the broad money supply (M3) as reported in the Saudi Central Bank (SAMA)'s monthly statistical bulletin for May 2024.

Since the beginning of the year, liquidity has grown by 4%, representing an increase of more than SAR104,757 billion. At the end of January, it stood at SAR2,720,957 million.

Liquidity levels also achieved a monthly growth of approximately 1.2%, with an increase of about SAR32,402 billion compared to the end of April of the same year when it stood at SAR2,793,313 million.

These liquidity levels strongly support economic and commercial activity, contributing effectively to the economic development process and enabling the achievement of the goals of Saudi Vision 2030. This reflects the strength and solidity of the banking and financial sector.

A breakdown of the four components of the broad money supply (M3) is as follows: Demand deposits, the largest contributor to the total money supply (M3) at 49.2%, recorded a level of SAR1,390,893 million at the end of May 2024.

Time and savings deposits, the second-largest contributor to the total money supply (M3) at 31.5%, recorded a level of SAR889,558 million.

Other quasi-money deposits amounted to SAR314,807 million, representing a contribution of approximately 11.1% to the total money supply (M3), making it the third-largest contributor. Lastly, "currency in circulation outside banks" amounted to SAR230,456 million, contributing approximately 8.2% to the total money supply (M3).

Quasi-money deposits consist of residents' deposits in foreign currencies, deposits against letters of credit, outstanding transfers, and repurchase agreements (repos) conducted by banks with the private sector.

Domestic liquidity includes M1, which comprises currency in circulation outside banks in addition to demand deposits only, and M2, which includes M1 plus time and savings deposits. The broad definition, M3, includes M2 plus other quasi-money deposits.