UAE in 6th Place in the International Tourism Earnings with $51.9 Billion in Receipts | Kanebridge News
Share Button

UAE in 6th Place in the International Tourism Earnings with $51.9 Billion in Receipts

UAE has become the sixth highest earning country for international tourism spending, China is world’s biggest spender

Wed, Jun 5, 2024 12:06pmGrey Clock 2 min

The United Arab Emirates (UAE) has become the sixth-largest recipient of international tourist spending, with $51.9 billion, as revealed by the UN Tourism’s May 2024 World Tourism Barometer, after being in the 13th place before.

According to the UN’s tourism organization, the top earners from international tourism in 2023 were the United States ($176bn), Spain ($92bn), the United Kingdom ($74bn), France ($69bn), and Italy ($56bn), positioning the UAE right after these countries. Other countries that earned significantly from tourism in 2023 include Türkiye, Australia, Canada, Japan, Germany, Saudi Arabia, Macao (China), India, and Mexico, rounding out the top 15 earners.

In terms of spending on international tourism, the UK rose from fifth to third place, Türkiye climbed from 12th to 7th, Canada advanced from 15th to 9th, Saudi Arabia from 27th to 12th, and Mexico from 17th to 15th.

Other notable advances include Croatia moving from 32nd to 25th, Morocco from 41st to 31st, and the Dominican Republic from 43rd to 34th. Qatar and Colombia also made significant strides in the rankings.

China has reclaimed its status as the foremost spender in international tourism in 2023, with expenditures totaling $196.5 billion, surpassing other major spenders such as the United States ($150bn) and Germany ($112bn).

This reflects the broader recovery across the Asia-Pacific region following the pandemic’s impact. In contrast, the top global destinations by visitor numbers were France, which topped the list with 100 million arrivals, followed by Spain, the United States, Italy, and Türkiye.

Further details from the World Tourism Barometer indicate that international tourist arrivals in 2023 regained 89% of their pre-pandemic levels and 97% in the first quarter of 2024.

UN Tourism anticipates that 2024 will see a complete recovery in international tourism, with arrivals expected to exceed 2019 figures by 2%, supported by strong demand, improved air connectivity, and continued recovery in China and other significant markets in Asia.

Lastly, the total export revenues from international tourism reached approximately $1.7 trillion in 2023, nearing pre-pandemic values, while direct GDP from tourism also regained its pre-pandemic stature, totaling an estimated $3.3 trillion, or about 3% of the global GDP.



MOST POPULAR

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

Related Stories
Money
Innovative Future-Driven Initiatives unveiled by UAE Ministry of Finance Unveils
Money
NBK Reinforces Commitment to Environmental Sustainability by Sponsoring KDT
Money
AACCI’s Chairman, Mohamed Hage OAM, says MENA trade growth to continue
Innovative Future-Driven Initiatives unveiled by UAE Ministry of Finance Unveils

New initiatives to drive the country’s future growth and boost its global competitiveness.

Fri, Jun 21, 2024 3 min

The UAE Ministry of Finance has introduced a series of innovative initiatives aimed at propelling the country towards future growth and boosting its global competitiveness. These initiatives align with the ‘We the UAE 2031’ vision and support the UAE’s ambition to establish itself as a global hub for the new economy over the next decade.

These initiatives are designed to create significant positive impacts across all sectors in a short timeframe. They play a crucial role in accelerating the UAE Government’s strategic foresight objectives, with a strong emphasis on financial outcomes that align with the ‘We the UAE 2031’ vision. This vision requires intensified efforts to meet key national indicators, which will positively influence society and the country’s diverse industries and sectors.

The UAE Ministry of Finance today announced the implementation of transformational projects that support the country’s efforts to transition towards the future and enhance its competitiveness, in line with the ‘We the UAE 2031’ vision and the UAE’s efforts to become the global hub for the new economy over the next ten years.

These projects are unique in achieving a significant positive impact in all sectors within short periods of time. These projects support the UAE Government’s efforts to accelerate the achievement of the government’s foresight objectives, with a focus on achieving financial results in line with the ‘We the UAE 2031’ vision, which requires doubling efforts to achieve key national indicators of the vision positively reflecting on society and the country’s various industries and sectors.

His Excellency Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted that the UAE, in its second 50-year journey, prioritizes developing governmental work to be able to meet the future requirements of the nation by adopting new methodologies and ways of working through the digital transformation. He noted that these are pursued by the UAE to achieve a quantum leap in project implementation, budget preparation, and resource management.

His Excellency emphasized the Ministry’s efforts to develop government services by focusing on areas that enhance the competitiveness of the economic environment and its ability to attract foreign investments. Among these efforts are empowering Emiratis to represent the UAE internationally.

Transformational Projects

The first project, ‘Developing the Local Debt Capital Market in the Country’, is a joint project with the Central Bank of the UAE by establishing programs for issuing local public debt instruments, represented by bonds and Islamic treasury sukuk in dirhams, and primarily trading them in the primary and secondary local markets, aiming to build and enhance the yield curve in UAE dirhams and provide reference pricing points for local financing operations carried out by financial institutions within the state, thereby enhancing market activity, expanding the investor base, and developing a highly efficient financial market in the UAE.

The Ministry of Finance is also working on implementing the project ‘Enhancing the Presence of Specialized Emirati Leadership in the Financial Field at International Forums’ which serves as the main supporter in making the UAE the most prominent in international cooperation over the next ten years. This is a joint project with the Ministry of Foreign Affairs, aimed at investing in empowering national talents to occupy Emirati memberships in leadership positions within international organizations, their committees, or federations linked to the country’s agenda. This will enhance the UAE’s presence in international forums and support its participation in shaping international strategic decisions and building economic partnerships with countries worldwide, through the leadership and membership of national talents from the Ministry of Finance in various international organizations, forums, and boards of directors.

 

MOST POPULAR

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

0
    Your Cart
    Your cart is emptyReturn to Shop