Dubai’s handling of the Covid pandemic, its ability to provide one of the world’s safest environments, and the gathering pace of its economic growth have made it a preferred international destination for business, tourism, and events, according to data shared at the Arabian Travel Market (ATM) 2022, which concluded last week.
The increasing confidence of global travelers coming to Dubai is borne out by the fact that key indicators in its tourism, hospitality, and the MICE (meetings, incentives, conferences, and exhibitions) sectors are now meeting and even exceeding pre-pandemic levels.
For instance, it welcomed almost four million international overnight visitors between January and March 2022, showcasing a massive 214 percent growth from 2021.
The city also ranked No.1 globally in hotel occupancy in the first quarter of 2022.
Meanwhile, Dubai International (DXB) retained its position as the world’s busiest airport by international passenger numbers for the eighth consecutive year, clocking 29.1 million in annual traffic in 2021.
DXB also recorded its busiest quarter since 2020, with 13.6 million passengers shuttling through its gateway in the first quarter of 2022.
Passenger traffic in the emirate’s airports surpassed the 10 million mark for the second consecutive quarter in Q1 2022. In March 2022 alone, Dubai International Airport saw 5.5 million visitors.
One of the world’s top business hubs
A number of recent initiatives and regulations by the government have reinstated its position as one of the leading business hubs, attracting talent from around the globe and creating an ideal ecosystems for businesses to begin, grow, and thrive.
Expo 2020 Dubai awarded contracts worth $1.85 billion (AED 6.8 billion) to small and medium-sized enterprises (SMEs), representing more than a quarter of all Expo 2020 Dubai contracts in terms of value.
The value of contracts exceeded the commitment made in 2016 to award at least 20 percent of all direct and indirect spend to SMEs.
To help attract and retain top talent across numerous sectors, the UAE Cabinet recently amended its Golden Visa programme to include professionals from more diverse fields and ease the eligibility criteria.
This programme allows investors, entrepreneurs, startup owners, professionals, and exceptionally talented individuals to apply for long-term residency – for up to 10 years with the option of renewal – to live, work, or invest in one of the most cosmopolitan nations around the world.
With a Golden Visa, expats can forego the need of a national sponsor and maintain 100 percent ownership of their businesses on the UAE mainland.
In April 2022, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of Dubai Executive Council, has approved the launch of a $100.73 million (AED 370 milion) Venture Capital Fund for Startups to bolster and sustain startup projects and entrepreneurs in the emirate.
Governed by the Dubai International Financial Centre (DIFC), which is also a 15 percent contributor to the fund, the Venture Capital Fund for Startups will create an integrated funding system with a number of suitable options that can cater to the needs of enterprises.
The fund will provide $100.73 million (AED 370 million) in capital to finance small to medium startup projects, supporting their development and gradual expansion to global markets.
The UAE’s newly announced unemployment scheme will also benefit the startup ecosystem by widening the country’s existing talent pool.
Dubai as a tourism hotspot
Popular family-friendly events in the last six months continued to raise Dubai’s profile as a major destination for culture, shopping, and entertainment.
The 26th season of Global Village concluded recently with a record-breaking 7.8 million visitors. Its longest season ever, Global Village was open for 194 days, four more than its previous record.
In addition, the ongoing Dubai Food Festival, and the 25th edition of Dubai Summer Surprises, the region’s biggest festival of its kind, are set to substantially increase tourist arrivals and strengthen the emirate’s appeal as a summer tourism hotspot.
With 12,000 restaurants and cafes, the country has also been steadily growing as a gastronomic hotspot. The city entices food-lovers with its world-renowned chefs, global restaurant brands, street food, and home-grown restaurants inspired by the over 200 nationalities living in the emirate.
The world’s leading MICE destination
In 2021, Dubai established itself as the world’s leading meetings, incentives, conferences and exhibitions (MICE) destination, hosting a number of events that put it at the heart of global conversations on the recovery of key sectors.
According to the Department of Economy and Tourism, the city has captured a total of 120 events for the year 2021 and beyond that are set to bring together a total of 70,000 opinion leaders, government officials and industry professionals.
Expo 2020 Dubai, the largest event in the history of World Expos, saw 192 participating countries coming together for ‘Connecting Minds, Creating the Future’ in a celebration of culture, innovation, and science.
The six-month event attracted more than 24 million visits by residents and global travellers.
Other global events that helped drive international visitation included the Dubai World Cup, Binance Blockchain Week, Gulfood, Dubai International Boat Show, and the Dubai Shopping Festival.
In 2022, the World Government Summit in Dubai brought together more than 4,000 international participants, including top government officials to share ideas for building responsive governments that can deal with the challenges of the future.
Over the past year, Dubai’s sports sector has also emerged as a key driver of the city’s tourism recovery, attracting both players and fans from around the world and further enhancing Dubai’s position as a multi-faceted destination.
The past year also saw Dubai strengthening its status as one of the world’s top ranked health tourism destinations with 630,000 international health tourists, according to a report released by the Dubai Health Authority (DHA).
Spending of international patients reached nearly AED 730 million in the past year despite the global Covid-19 pandemic.
The emirate’s emergence as one of the most open destinations in the post-pandemic world reflects its ability to reinvent itself in an evolving global environment.
The vast international diversity of its visitors also demonstrates Dubai’s growing status as a city that bridges global markets and cultures.
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