Dubai's Busy Airport Sees Passenger Traffic Drop 40% in 2021

FILE - In this March 7, 2021 file photo, a woman enters the face and iris-recognition gate to board a plane, during a media tour at Dubai Airport, in the United Arab Emirates. (AP Photo/Kamran Jebreili, File)
FILE - In this March 7, 2021 file photo, a woman enters the face and iris-recognition gate to board a plane, during a media tour at Dubai Airport, in the United Arab Emirates. (AP Photo/Kamran Jebreili, File)
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Dubai's Busy Airport Sees Passenger Traffic Drop 40% in 2021

FILE - In this March 7, 2021 file photo, a woman enters the face and iris-recognition gate to board a plane, during a media tour at Dubai Airport, in the United Arab Emirates. (AP Photo/Kamran Jebreili, File)
FILE - In this March 7, 2021 file photo, a woman enters the face and iris-recognition gate to board a plane, during a media tour at Dubai Airport, in the United Arab Emirates. (AP Photo/Kamran Jebreili, File)

Dubai International Airport, the world's busiest airport for international travel, handled some 40% less passenger traffic in the first half of 2021, compared to the same period last year, its chief executive said Wednesday.

The decline came as more contagious coronavirus variants cut off the hub's biggest source markets and continued to clobber the global aviation industry.

However, CEO Paul Griffiths remains optimistic for the crucial east-west transit point as authorities gradually re-open Dubai's key routes to the Indian subcontinent and Britain, reported The Associated Press.

The 10.6 million passengers that passed through the airport over the past six months “is still very positive," Griffiths told The Associated Press. “I think coupled with the restrictions easing that we’re now seeing, (it) will bode very well for a satisfactory end to the year.”

The airport, which saw 86.4 million people squeeze through before the pandemic hit in 2019, has held the title of the world’s busiest since it beat out London's Heathrow seven years ago. It even kept the crown as the virus turned the world’s biggest airports into massive voids. But the once-teeming terminals still have a long way to go before seeing pre-pandemic passenger levels.

The hopes stoked by the United Arab Emirates' speedy vaccination campaign took a hit as the delta variant emerged, prompting familiar border closures and capacity cuts, and hurting the mammoth airport, hub of long-haul carrier Emirates. Dubai World Central, the Gulf city’s second airport that went out of use for commercial flights during the pandemic, appears to be a parking lot for Emirates’ iconic fleet of double-decker Airbus A380s.

Although the UAE recently lifted an entry ban on India, Pakistan, Nepal and Sri Lanka, which are home to most of the vast foreign workforce in the federation, stringent vaccination requirements still bar many from boarding flights to the country.

“All of those South Asian markets are incredibly important to Dubai, they’re a very important transit opportunity, of course, as people go to all parts of northern Europe," said Griffiths. “It’s very important we get those traffic flows back.”
There are reasons to expect a rebound, Griffiths added. One of the airport's two main terminals, mothballed amid the pandemic, returned to use last month to prepare for an influx of holiday-makers escaping wintry weather and attending the World Expo in October.

And after months of frustration and confusion, the UK last week removed the UAE from its “red list” that ordered all travelers to quarantine for 10 days in costly, government-approved hotels. The upgrade to “amber” elicited a strong sigh of relief throughout the federation of seven sheikhdoms, home to some 120,000 British expats. London was ranked as the top destination city for Dubai’s airport in 2020, with 1.15 million customers.

Griffiths declined to put a number on the financial hit, but said the “loss of traffic (to the UK) has had a very, very significant impact on the economy of both countries.”
So thrilled was Emirates about the flight resumption that the airline plopped a woman on the pinnacle of the tallest tower on the planet, Burj Khalifa, and filmed her raising placards that implored Brits to fly Emirates.

The stakes are indeed high for Dubai, where the economy thrives not on oil, like in other Gulf Arab sheikhdoms, but on travel and tourism. Emirates remains the linchpin of the wider empire known as “Dubai Inc.,” an interlocking series of businesses owned by the city-state.

There are signs of looming uncertainty, with the airport yet to hire back any of the 5,000 employees it furloughed during the devastation of the pandemic last year. But when asked whether Dubai Airport would hold onto its title — one of many prized superlatives in the extravagant emirate home to the world's tallest building and biggest mall — Griffiths didn’t miss a beat.

“I have no doubt in my mind,” he said. “We’re gearing up to expect a huge surge in volume."



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.