Dubai: A global leader in investments and spendings
According to the most recent study released by the World Travel and Tourism Council, Dubai has maintained its position as the top travel and tourism destination in the world, with international tourist expenditures expected to reach $29.4 billion (108 billion dirhams) in 2022. (WTCC).
According to the council’s assessment on the economic impact of cities, Dubai outperformed Doha and London in terms of tourist spending, with $16.8 billion and $16.1 billion spent in each city, respectively.
According to the report, which was produced in collaboration with the “Visa” company, cities remain major hubs for international travel, and it is anticipated that they will spearhead the recovery of both the industry and global economies.
When compared to pre-pandemic levels, Doha saw a 21% increase in international visitor spending, making it one of the cities that recovered the most. Orlando saw an increase of 19%, and Antalya saw an increase of 15%.
With the potential to generate 126 million new jobs globally over the next ten years, the tourism industry is on track to once again play a significant role in driving economic growth. Up from 6.6% in 2019 and 5.1% in 2020, the sector will directly support up to 8% of all jobs in the 82 cities examined in the Cities Report by 2032.
His Highness The UAE’s aggressive reaction to the coronavirus epidemic, according to Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is what drove a year-over-year increase in foreign direct investment (FDI).
Despite the economic instability brought by by the global Covid-19 outbreak, FDI into the UAE increased by 44.2% to $19.88 billion in 2020.
The UAE had a 44% increase in FDI flows in 2020 compared to 2019, reaching AED73 billion, contrary to UN predictions that global FDI flows declined by 42% in 2020 over COVID-19. A guaranteed investment is effective crisis management.