Dubai Airport Is Busiest for Global Travel as Virus Persists

Passengers wait before boarding at Dubai International Airport, as Emirates airline resumed limited outbound passenger flights amid outbreak of the coronavirus disease (COVID-19) in Dubai, UAE April 27, 2020. REUTERS/Ahmed Jadallah
Passengers wait before boarding at Dubai International Airport, as Emirates airline resumed limited outbound passenger flights amid outbreak of the coronavirus disease (COVID-19) in Dubai, UAE April 27, 2020. REUTERS/Ahmed Jadallah
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Dubai Airport Is Busiest for Global Travel as Virus Persists

Passengers wait before boarding at Dubai International Airport, as Emirates airline resumed limited outbound passenger flights amid outbreak of the coronavirus disease (COVID-19) in Dubai, UAE April 27, 2020. REUTERS/Ahmed Jadallah
Passengers wait before boarding at Dubai International Airport, as Emirates airline resumed limited outbound passenger flights amid outbreak of the coronavirus disease (COVID-19) in Dubai, UAE April 27, 2020. REUTERS/Ahmed Jadallah

Dubai's main airport said Tuesday it has retained its top place as the world's busiest for international travel with around 29 million passengers shuttling through the global gateway last year.

The 2021 passenger figures are encouraging for the tourism-driven economy of Dubai, regarded as a critical link between East and West.

The numbers are sign that international travel has picked up somewhat since the coronavirus pandemic spawned unprecedented global lockdowns and border closures in 2020. Last year's figure represents a 12% increase in traffic at Dubai International Airport compared to 2020, which had recorded nearly 26 million travelers.

Still, even with 29.1 million passengers crisscrossing last year through Dubai International Airport, or DXB, the figure is nowhere near the pre-pandemic milestone of 86.4 million in annual traffic logged by the airport in 2019, The Associated Press reported.

Just over 70% of Dubai's airport traveler figures last year represent arrivals, with much of that likely residents traveling to and from the emirate. Prior to the pandemic, around half of all passenger figures were transiting through Dubai.

CEO of Dubai Airports, Paul Griffiths, said DXB forecasts 57 million travelers to come through the airport this year, and a full recovery to pre-pandemic figures by 2024.

“Dubai has done such a good job in reassuring travelers. It’s a safe city to visit and to come and holiday and do business. So I think the the actual trends to recovery are very encouraging, indeed,” Griffiths said.

It marks the eighth consecutive year that Dubai International Airport clinches the mantle of the world's busiest for international travel, surpassing London's Heathrow and Atlanta's Hartsfield-Jackson for global travelers, although the latter is among the busiest in terms of overall passenger traffic.

The largest share of traffic to Dubai came from India, with 4.2 million travelers, followed by Pakistan, with 1.8 million travelers last year.

The UAE is home to more than 100,000 British citizens. Dubai's main airport logged 1.2 million passengers from the UK last year, including 77,000 in December alone.

“What we’re now trying to do is campaign globally for the relaxation of travel restrictions and testing,” Griffiths said.

“But we now see the requirement for that is receding. We just need to get governments to recognize that fact and act quickly to remove the remaining travel restrictions.”

Overall, coronavirus infection figures remain relatively low across the UAE. The country has been aggressive in inoculating its population of more than 9 million people against COVID-19, most of whom are foreign residents and all of whom have been able to receive the vaccine free of charge.

While masks in public spaces are still required in Dubai, life in the city-state can otherwise feel unhindered by the pandemic.

“I do expect across the world, the testing regime for travel will start to disappear pretty quickly and we’re hopeful that there will be an announcement over the next few weeks from many different places,” Reuters quoted Griffiths as saying.

“The whole idea of having to have tests for travel will give way to vaccination certificates.”



Al-Rumayyan: PIF Investments in Local Content Exceed $157 Billion

Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
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Al-Rumayyan: PIF Investments in Local Content Exceed $157 Billion

Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)

Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund (PIF), announced that spending by the sovereign fund’s programs, initiatives, and companies on local content reached 591 billion riyals ($157 billion) between 2020 and 2024.

He added that the fund’s private sector platform has created more than 190 investment opportunities worth over 40 billion riyals ($10 billion).

Speaking at the opening of the PIF Private Sector Forum on Monday in Riyadh, Al-Rumayyan said the fund is working closely with the private sector to deepen the impact of previous achievements and build an integrated economic system that drives sustainable growth through a comprehensive investment cycle methodology.

He described the forum as the largest platform of its kind for seizing partnership and collaboration opportunities with the private sector, highlighting the fund’s success in turning discussions into tangible projects.

Since 2023, the forum has attracted 25,000 participants from both public and private sectors and has witnessed the signing of over 140 agreements worth more than 15 billion riyals, he pointed out.

Al-Rumayyan emphasized that the meeting comes at a pivotal stage of the Kingdom’s economy, where competitiveness will reach higher levels, sectors and value chains will mature, and ambitions will be raised.

PIF Private Sector Forum aims to support the fund’s strategic initiative to engage the private sector, showcase commercial opportunities across PIF and its portfolio companies, highlight potential prospects for investors and suppliers, and enhance cooperation to strengthen the local economy.


Pakistan’s Finance Minister to Asharq Al-Awsat: We Draw Inspiration from Saudi Arabia

The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
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Pakistan’s Finance Minister to Asharq Al-Awsat: We Draw Inspiration from Saudi Arabia

The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)

Pakistani Finance Minister Muhammad Aurangzeb discussed the future of his country, which has frequently experienced a boom-and-bust cycle, saying Pakistan has relied on International Monetary Fund (IMF) programs due to the absence of structural reforms.

In an interview with Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb acknowledged that Pakistan has relied on IMF programs 24 times not as a coincidence, but rather as a result of the absence of structural reforms and follow-up.

He stressed the government has decided to "double its efforts" to stay on the reform path, no matter the challenges, affirming that Islamabad not only has a reform roadmap, but also draws inspiration from "Saudi Vision 2030" as a unique model of discipline and turning plans into reality.

Revolution of Numbers

Aurangzeb reviewed the dramatic transformation in macroeconomic indicators. After foreign exchange reserves covered only two weeks of imports, current policies have succeeded in raising them to two and a half months.

He also pointed out to the government's success in curbing inflation, which has fallen from a peak of 38 percent to 10.5 percent, while reducing the fiscal deficit to 5 percent after being around 8 percent.

Aurangzeb commented on the "financial stability" principle put forward by his Saudi counterpart, Mohammed Aljadaan, considering it the cornerstone that enabled Pakistan to regain its lost fiscal space.

He explained that the success in achieving primary surpluses and reducing the deficit was not merely academic figures, but rather transformed into solid "financial buffers" that saved the country.

The minister cited the vast difference in dealing with disasters. While Islamabad had to launch an urgent international appeal for assistance during the 2022 floods, the "fiscal space" and buffers it recently built enabled it to deal with wider climate disasters by relying on its own resources, without having to search "haphazardly" for urgent external aid, proving that macroeconomic stability is the first shield to protect economic sovereignty.

Privatization and Breaking the Stalemate of State-Owned Enterprises

Aurangzeb affirmed that the Pakistani Prime Minister adopts a clear vision that "the private sector is what leads the state."

He revealed the handover of 24 government institutions to the privatization committee, noting that the successful privatization of Pakistan International Airlines in December provided a "momentum" for the privatization of other firms.

Aurangzeb also revealed radical reforms in the tax system to raise it from 10 percent to 12 percent of GDP, with the adoption of a customs tariff system that reduces local protection to make Pakistani industry more competitive globally, in parallel with reducing the size of the federal government.

Partnership with Riyadh

As for the relationship with Saudi Arabia, Aurangzeb outlined the features of a historic transformation, stressing that Pakistan wants to move from "aid and loans" to "trade and investment."

He expressed his great admiration for "Vision 2030," not only as an ambition, but as a model that achieved its targets ahead of schedule.

He revealed a formal Pakistani request to benefit from Saudi "technical knowledge and administrative expertise" in implementing economic transformations, stressing that his country's need for this executive discipline and the Kingdom's ability to manage major transformations is no less important than the need for direct financing, to ensure the building of a resilient economy led by exports, not debts.


Oil Drops 1% as US, Iran Pledge to Continue Talks

The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
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Oil Drops 1% as US, Iran Pledge to Continue Talks

The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)

Oil prices fell 1% on Monday as immediate fears of a conflict in the Middle East eased after the US and Iran pledged to continue talks about Tehran's nuclear program over the weekend, calming investors anxious about supply disruptions.

Brent crude futures fell 67 cents, or 1%, to $67.38 a barrel on Monday by 0444 GMT, while US West Texas Intermediate crude was at $62.94 a barrel, down 61 cents, or 1%.

"With more talks on the horizon the immediate ‌fear of supply disruptions ‌in the Middle East has eased ‌quite ⁠a bit," IG ‌market analyst Tony Sycamore said.

Iran and the US pledged to continue the indirect nuclear talks following what both sides described as positive discussions on Friday in Oman despite differences. That allayed fears that failure to reach a deal might nudge the Middle East closer to war, as the US has positioned more military forces in the area.

Investors are also worried about possible disruptions to supply ⁠from Iran and other regional producers as exports equal to about a fifth of the world's ‌total oil consumption pass through the Strait of ‍Hormuz between Oman and Iran.

Both ‍benchmarks fell more than 2% last week on the easing tensions, their ‍first decline in seven weeks.

However, Iran's foreign minister said on Saturday Tehran will strike US bases in the Middle East if it is attacked by US forces, showing the threat of conflict is still alive.

"Volatility remains elevated as conflicting rhetoric persists. Any negative headlines could quickly reignite risk premiums in oil prices this week," said Priyanka Sachdeva, senior market analyst at ⁠Phillip Nova.

Investors are also continuing to grapple with efforts to curb Russian income from its oil exports for its war in Ukraine. The European Commission on Friday proposed a sweeping ban on any services that support Russia's seaborne crude oil exports.

Refiners in India, once the biggest buyer of Russia's seaborne crude, are avoiding purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, which could help New Delhi seal a trade pact with Washington.

"Oil markets will remain sensitive to how broadly this pivot away from Russian crude unfolds, whether ‌India’s reduced purchases persist beyond April, and how quickly alternative flows can be brought online," Sachdeva said.