United Arab Emirates: Increase in visitors and hotel revenues in 2024

Hotel revenues in the United Arab Emirates increased by 7% during the first half of 2024, with the total number of hotel visitors in the 7 Emirates reaching approximately 15.3 million, representing an increase of 10.5%.

The country’s figures, in general, based on estimates published by the Federal Center for Competitiveness and Statistics of the United Arab Emirates for their economy during the first half of 2024, increased compared to the corresponding period last year.

Regarding the growth rate of individual sectors, based on the above estimates, the transportation and storage sector recorded the highest growth rate, amounting to 8.4%. The financial and insurance services sector ranked second in terms of growth with 7.6%, followed by the construction sector with a 7.3% increase and the information and communication sector with a 5.3% increase. As for the restaurants and hotels sector, it was in fifth place, recording a growth of 5.1%, fueled by high tourism activity throughout the country.

It is noted that the value of the real GDP of the United Arab Emirates, at constant prices, recorded an increase on an annual basis of 3.6%. On the other hand, the value of non-oil GDP, during the same period, recorded an annual increase of 4.4%, raising the contribution of non-oil sectors to the country’s GDP to 75%.

Also, based on estimates for the first half of 2024, the nominal GDP of the United Arab Emirates, at current prices, recorded an annual increase of 5.6%. Finally, during the same period, the value of non-oil GDP, at current prices, recorded an annual increase of 6.8%.

(*) Information comes from the Office of Economic and Commercial Affairs in Dubai.

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