Abu Dhabi Boosts Tourism with Fee Waiver Initiative
Abu Dhabi has declared a 10% waiver on tourist taxes until the end of the year, as part of its efforts to stimulate tourism.
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In 2024, event organizers in Abu Dhabi will be relieved from a 10% tourism fee on ticket sales. This initiative aims to bolster the tourism industry by extending the fee waiver for the issuance, distribution, and promotion of event tickets throughout the emirate.
Strategic Incentives and Policies to Encourage Development
The Department of Culture and Tourism – Abu Dhabi (DCT) is spearheading this extension to strengthen tourism growth. Organizers are freed from the obligation to pay a 10% tourism fee on tickets sold up to December 31, 2024.
Saleh Mohammed Al Geziry, the Director General of Tourism at DCT, highlighted that Abu Dhabi’s diverse annual events are a key attraction for international visitors. He emphasized that prolonging the tourism fee waiver till the year’s end underscores Abu Dhabi’s commitment to enhancing its tourism and entertainment sectors and supporting event organizers and partners.
Event organizers are required to secure licenses through the Abu Dhabi Events Licensing System and adhere to its regulations. They must also report their event’s revenue, provide necessary financial documents, and collaborate with auditors or DCT-appointed individuals to confirm the accuracy of their revenue declarations.
This tourism tax waiver is part of a broader strategy to develop Abu Dhabi’s tourism and events sector. Additional incentives include reduced tourism and municipality fees for hotels, and a revised holiday homes policy allowing farmhouse owners to license their properties as holiday homes and enabling landlords to acquire licenses for multiple units.
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Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
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
