Another milestone for Dubai tourism in 2023
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, and Chairman of the Executive Council, announced on his X account that the tourism sector reached a historic milestone during 2023, welcoming 17 million guests from around the world.
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This achievement underscores Dubai’s top place in the global tourism market, highlighted by an impressive 77.4% hotel occupancy rate, one of the highest globally, with the city’s hotel capacity surpassing 150,000 rooms.
Sheikh Hamdan linked this success to the goals of the Dubai Economic Agenda D33, which seeks to make Dubai one of the top three global city for business and tourism.
The Dubai Department of Economy and Tourism reported that from January to November 2023, the city attracted 15.37 million overnight visitors, a 20% increase from the previous year.
And the data shows significant visitor numbers from South Asian countries (2.75 million) and Western European countries (2.91 million).
Additionally, the city welcomed 2.43 million visitors from GCC nations and nearly 2 million from Russia, CIS, and Eastern European countries, and 1.08 million from the Americas.
Dubai also retained its title as the world’s most popular destination for holidaymakers, according to Tripadvisor’s 2023 Travellers’ Choice Awards, marking the second consecutive year for this recognition.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
