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
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.
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Highlighting a significant recovery and robust growth across all key performance metrics.
3 min
Bank of Sharjah has released its results for the period ending 30 June 2024, showcasing robust performance and strong momentum since the beginning of the year. The Bank reported a net profit of AED 171 million, a significant turnaround from the AED 144 million loss in the same period last year.
This remarkable improvement is attributed to a substantial increase in net interest income, stringent credit underwriting, and reduced operating costs, marking a 233% increase over the previous year when excluding the one-time impairment charge from de-linking its Lebanese subsidiary.
The Bank’s exceptional financial results highlight the effectiveness of its strategic focus on sustainable growth, with notable improvements across all major performance metrics. Funded and unfunded income both saw increases, with net interest income rising by 108% and operating income growing by 34%.
Additionally, the cost-to-income ratio improved significantly to 40.1% due to cost discipline measures. The balance sheet remains strong with a loans-to-deposits ratio of 86.63%, indicating comfortable liquidity. The Bank also maintains strong capitalization, with a regulatory capital adequacy ratio exceeding 15% and Tier 1 and CET1 capital ratios around 14%. These positive results underscore the Bank’s underlying strength, operational efficiency, prudent risk management, and ongoing enhancement of shareholder value.
Commenting on the Bank’s results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “We are pleased with our outstanding performance in the first half of 2024, which reflects our commitment to adding value to our customers, supporting our communities, and rewarding our shareholders. Despite the challenging geopolitical situation in the region, the UAE economy has remained resilient and continues to register healthy growth following various economic diversification initiatives that provide consistent impetus for trade, investment, and wealth creation. Bank of Sharjah has entered a new chapter with a new leadership team, focused on building new business streams, expanding our reach across the UAE and the region, and delivering exceptional service to our customers.”
He added: “Our performance in the first half of the year demonstrates the effectiveness of our new strategy, and we look forward to delivering continued growth in the years to come.”
The CEO, Mr. Mohamed Khadiri, commented “2024 has begun exceptionally well for Bank of Sharjah, with the bank achieving a record year-on-year profit. I am delighted with our stellar performance as we continue to strengthen the bank’s fundamentals. Our outstanding results reaffirm that our new business strategy is on track to deliver sustainable revenue growth, driven by business expansion, operational efficiency, prudent risk management, and talent development. This achievement is also a testament to the Bank’s success in providing high-quality financial services that meet the aspirations and growing needs of our customers.”
He further added: “Bank of Sharjah is a strong and respected brand within the local community. We are leveraging our core strengths to build a platform that will operate at its full potential across the UAE and the region. The Bank remains focused on executing our strategy and is well-positioned to maintain strong performance throughout 2024 and beyond.”
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
