Dubai hosted 12.82 million overnight international visitors in the first 11 months of the year, more than 85 per cent of the pre-coronavirus levels during the same period in 2019.
The emirate's 11-month performance is also more than double 6.02 million people who visited the city in the same period in 2021, data from Dubai’s Department of Economy and Tourism showed.
The figures from January to November are 3.91 million visitors shy of its full-year 2019 performance of 16.73 million tourists.
Last month, the UAE launched a national tourism strategy to attract 40 million hotel guests by 2031 as it seeks to draw more people to live, work, invest and retire in the country.
India was Dubai's top source market during the reporting period, with 1.64 million visitors, up 106 per cent annually.
Oman, Saudi Arabia, the UK and Russia rounded off the top five markets.
The number of visitors from Oman jumped 449 per cent to 1.2 million, followed by Saudi Arabia (up 185 per cent to 1.1 million), the UK (up 198 per cent to 938,000) and Russia (73 per cent higher at 647,000).
The number of visitors from Israel jumped 157 per cent in the period to 199,000, ranking it 14th on a list of Dubai's top 20 source markets, after the signing of the Abraham Accords.
In terms of regions, tourist arrivals from the GCC made up the largest source of visitors, at 21 per cent, followed by western Europe (20 per cent), South Asia (17 per cent) and the Mena region (12 per cent).
Russia and the Commonwealth of Independent States followed with 11 per cent.
The jump in tourist arrivals kept Dubai's hotels busy, with occupancy during rising to 73 per cent from January to November, up from 66 per cent in the same period of 2021 but below the 75 per cent recorded in the same period in 2019.
“Average occupancy in year-to-date November 2022 only was only 2.3 percentage points less than pre-pandemic levels, despite the 17 per cent increase in room inventory,” the department said.
Dubai has 794 hotels with 145,098 available rooms.
Revenue per available room or RevPAR, a hospitality industry performance metric, stood at Dh378 in the first 11 months of 2022, more than Dh275 and Dh303 for the same periods in 2021 and 2019, respectively.
Dubai's tourism industry is taking a more “nimble” approach to its pricing and providing cheaper hotel options in response to the challenging global economic conditions that are tightening the budgets of travellers, the emirate's tourism chief said earlier this month.
The appetite for travel to Dubai “is still there”, with the emirate tapping into new and diversified source markets, Issam Kazim, chief executive of the Dubai Department for Tourism and Commerce Marketing, told reporters on the sidelines of the Skift Global Forum East held in Dubai.
However, the emirate is taking a strategic approach by offering the “right price and the right product” to capitalise on that demand, he said.
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Directors: Madeline Sharafian, Domee Shi, Adrian Molina
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Ferrari
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
