UAE’s Minister of Financial system evaluations nationwide tourism sector’s progress & accomplishments in 2022

H.E. Bin Touq: “The UAE, below the directives of its smart management, has made nice progress in growing its tourism insurance policies & infrastructure.”

ABU DHABI – H.E. Abdulla bin Touq Al Marri, Minister of Financial system, visited the thirtieth version of the annual Arabian Journey Market (ATM) exhibition, which was held on the Dubai World Commerce Middle just lately. Throughout the go to, H.E. emphasised that the UAE, following the imaginative and prescient of its smart management, has made important strides in growing its tourism insurance policies and infrastructure in accordance with international finest practices. This was achieved by the launch of nationwide initiatives and techniques which can be particularly designed to propel the sector’s progress, directing investments to varied tourism-related areas, constructing tourism initiatives in all emirates, and opening new airports.

As well as, the UAE has constantly expanded its air connectivity community in collaboration with strategic companions from all over the world. Supporting this additional is the enlargement of the transportation community inside the nation, which provides to the standard of tourism sector companies. A mix of all these components has considerably strengthened the UAE’s place on the regional and international tourism landscapes and indicators.

Elaborating on prime rankings and accomplishments achieved by the UAE’s tourism sector within the 12 months 2022, H.E. said that the nation’s resort services acquired 25 million company in 2022, up 30 per cent from 2021. In addition to, the variety of tourism nights rose to 91 million in 2022 with an 18 per cent progress. Consequently, resort revenues additionally grew by 35 per cent to succeed in AED 38 billion whereas resort occupancy charges went as much as 71 per cent throughout a complete of 1,198 institutions, which is without doubt one of the highest globally.

H.E. Bin Touq stated: “The UAE’s hospitality sector continues to develop, because it accounted for 18 per cent of the whole variety of resort rooms contracted within the MENA area with a complete of 223,000 rooms. In keeping with a report by Knight Frank, the variety of resort rooms within the UAE is ready to develop by 25 per cent by the 12 months 2030, including 48,000 new resort rooms to the present depend. The UAE was additionally capable of keep its place among the many 12 prime journey locations on the planet because it attracts over 10 million guests yearly.”

Moreover, the Minister of Financial system highlighted the excellent outcomes of the primary, second and third editions of the ‘World’s Coolest Winter’ marketing campaign, which boosted home tourism motion within the nation. Consequently, resort revenues rose to AED 1.8 billion in the course of the marketing campaign’s third version indicating a 20 per cent progress from AED 1.5 billion generated by the second version. The third version of the marketing campaign raised the variety of home vacationers to 1.4 million, reflecting an eight per cent progress in comparison with the outcomes of the earlier version.

H.E. added: “Tourism is a serious driver of the UAE’s sustainable financial improvement, as its contribution to our nationwide GDP reached 6.4 per cent in 2021, using greater than 644,000 folks throughout the nation. It contributed greater than AED 177 billion to the nationwide GDP.”

Furthermore, H.E. indicated that the added worth of actions associated to hospitality companies, lodges and eating places accounted for the best progress when it comes to their contribution to the GDP at fixed costs in an unprecedented method, at 31.3 per cent in H1 2022, in comparison with the identical interval in 2021. The transport and storage sector additionally grew by 26.8 per cent, benefiting from the rise within the variety of passengers on worldwide flights and the expansion in international aviation sector revenues, resulting in the best progress witnessed by this tourism-related sector in H1 2022.

H.E. Bin Touq briefed the exhibition’s contributors on the UAE’s efforts to advertise sustainable improvement of the tourism sector, along with the Nationwide Tourism Technique 2031, which incorporates 25 sector-specific initiatives and insurance policies. The technique goals to lift the UAE’s standing as one of the best tourism identification globally and solidify its place as a number one tourism vacation spot that depends on tourism range by leveraging the distinctive traits of all seven emirates that make up the nation. It additionally goals to extend the sector’s contribution to the nationwide GDP to AED 450 billion and entice tourism investments value AED 100 billion to the nation, together with 40 million resort company, all by 2031. These efforts will improve the nation’s efforts to supply a gorgeous and secure nationwide tourism setting, and provide revolutionary and built-in companies, numerous and distinctive locations, supported by superior tourism infrastructure.

H.E. identified that the nation’s declaration of 2023 because the ‘Yr of Sustainability’ will improve concerted nationwide efforts to speed up the tempo of sustainable transformation of the nation’s journey, tourism, aviation, and transport sectors, in step with the United Nations’ sustainable improvement targets.

He added: “The Ministry of Financial system is eager to implement the UAE’s round financial system technique 2031, together with different insurance policies and initiatives that drive the great and sustainable improvement of the nation by encouraging funding and enlargement in new financial system sectors. We’re at present working alongside our companions within the authorities and personal sectors to implement 22 round financial system insurance policies inside 4 key sectors, that are manufacturing, meals, infrastructure, and transportation. The Ministry additionally helps the implementation of the Emirate of Umm Al Quwain’s technique for sustainable blue financial system 2031, which goals to reinforce the emirate’s attractiveness for investments whereas additionally growing its pure, cultural and human sources.”

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Community; his tasks embody enterprise improvement and planning for TravelDailyNews long-term alternatives.

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