Hike in Dubai tourism revenue

The Cabinet reviews the six-month achievements of the tourism sector in the country. The results show an increase in tourism’s contribution to the national economy by 12 per cent.

TT Bureau

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chairing the recent Cabinet meeting, said, “Our tourism sector’s revenues surpassed AED 19 billion in the first half of 2022. The total number of hotel guests reached 12 million, achieving 42 per cent growth, and we expect a strong tourism performance in this winter season. During the Cabinet meeting, we approved a new law enhancing partnership between government and private sectors… Also, we approved the licensing of the first electric cargo aircraft in the region fully powered with clean energy.”

His Highness Sheikh Mohammed bin Rashid noted, “I chaired the Cabinet meeting at Qasr Al Watan in Abu Dhabi. We reviewed the UAE’s competitive and development indicators. Our commercial and development sectors surpassed the pre-pandemic growth. Under the leadership of my brother Mohamed bin Zayed, the UAE has managed to overcome the COVID-19 pandemic. Our country has become globally prominent for its significant economic growth and development.”

His Highness further added: “The number of global indices topped by the UAE rose from 121 to 156 indicators. We ranked among top 10 in 432 global indicators, compared to 314 pre-pandemic. We are the first in the world in terms of security and safety, infrastructure, flexibility of regulations, and more.”

His Highness said: “The UAE’s foreign trade exceeded AED 1 trillion, compared to AED 840 billion pre- pandemic and this year’s economic growth exceeded 22 per cent.”

The Cabinet meeting reviewed the achievements of the country at the global level, where the UAE ranked first in 156 global indicators for 2022, compared to 121 indicators in 2020. Also, the UAE has ranked among the top five in 288 global indicators this year, compared to 189 in 2020. The UAE has been among the world’s top 10 list in 432 indicators, compared to 314 in 2020.

The Cabinet also reviewed the UAE’s significant growth in economic and trade indicators, as the Constant Price GDP growth rate for the first quarter of 2022 reached 8.4 per cent with a total of AED 399 billion, compared to AED 368 billion in the same period of 2021. The UAE’s foreign trade recorded a leapfrog of more than 50 per cent, with a total of AED 1.060 trillion during the first half of this year, compared to AED 702 billion in the same period of 2020.

The Cabinet approved the issuance of a federal law regulating the partnership between the federal authorities and the private sector in the UAE. The law aims at organising partnership between both sectors, encouraging the private sector to participate in development and strategic projects, increasing investment in projects of economic and social values, and enhancing the competitiveness of projects in the local, regional and global markets.