Abu Dhabi's tourism body is planning to invest more than $10 billion in infrastructure as part of its new major tourism strategy, the chairman of the emirate's Department of Culture and Tourism has said.
The emirate also aims to boost the number of hotel rooms to 52,000, from the current 34,000, to support the Abu Dhabi Tourism Strategy 2030, Mohamed Al Mubarak told The National.
The UAE capital recently launched the Abu Dhabi Tourism Strategy 2030, announced by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, which aims to boost the sector's contribution to gross domestic product.
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It comprises 26 initiatives across four areas – offering and city activation, which is geared towards enhancing visitor experience; promotion and marketing; infrastructure and mobility; and visa, licensing and regulation.
DCT Abu Dhabi's major partners include the Abu Dhabi Department of Economic Development, the Department of Municipalities and Transport and Abu Dhabi Airports Company, as well as other government and private entities.
The plan aims to add Dh90 billion ($24.5 billion) to the country's GDP annually by 2030, about 84 per cent higher from Dh49 billion in 2023, and attract 39.3 million annual visitors to Abu Dhabi, a 7 per cent year-on-year growth and from an estimated 24 million last year, the department said.
The strategy also calls for the creation of 178,000 new jobs in the emirate, bringing the total number of jobs in the tourism and hospitality sectors to about 366,000 by the start of the next decade, it said.
“Between events and marketing spend, we're going to be hovering over $1 billion. That's outside, of course, of the infrastructure,” Mr Al Mubarak said on Tuesday.
“[When it comes to] infrastructure, in terms of museums, theme parks and hospitality, [with] the private sector playing a significant role, we are hovering at over $10 billion of investment from now to 2030,” he said.
Major attractions, projects coming up
Among the attractions coming to Abu Dhabi are the Guggenheim Museum, the expansion of Warner Bros World and the development of Harry Potter World within it, the Saadiyat Cultural District, Hudayriyat Island for sports and adventure, and the enhancement of Yas Waterworld, Mr Al Mubarak said.
In addition, the development of a zoo and other tourism venues is ongoing in Al Ain, as well as new hotel chains, including Nammos and Mondrian, among others.
More “new interesting projects” will be revealed “in the near future, which will enhance our entertainment product on Saadiyat Island”, he added.
In addition, the emirate is also aiming to add more four and five-star beach destination hotels, as well as promote more holiday homes, particularly expanding Airbnb offerings, the chairman said.
These are aimed at targeting an international overnight visitor count of 7.2 million by 2030, about 90 per cent higher than the estimated 3.8 million in 2023, DCT Abu Dhabi said.
“These will basically bring world-class hospitality experiences to the emirate, many of them for the first time in the region,” Mr Al Mubarak said.
DCT Abu Dhabi will also expand its tourism source markets to 26, from the current 11, with more roadshows being planned across Asia, Europe, Africa and North America, he said.
Abu Dhabi is expanding efforts to diversify its non-oil economy and attract investment across sectors including aviation, technology, and tourism and hospitality.
Abu Dhabi’s economy grew 3.1 per cent annually to Dh1.14 trillion in 2023, hitting its highest level in a decade, according to Statistics Centre Abu Dhabi data reported on Monday.
“With the growth of tourism GDP … this creates a significant amount of opportunities we're looking to bring in from now until 2030,” Mr Al Mubarak said.
Government initiatives have also played a role in supporting the tourism sector, such as the unified GCC tourist visa approved in November last year.
The system, which is expected to come into effect between 2024 to 2025 across the six-nation bloc, is expected to streamline travel logistics and underpins the “continuous communication and co-ordination”.
In addition, the UAE government is contemplating a proposal to introduce new commercial licence regulations, including a 10-year golden licence and a five-year silver licence, to boost business activities in the Emirates.
The GCC “is really going to enhance and market itself in ways it has never done. So there's massive opportunities there”, Mr Al Mubarak said.
“This is creating massive new jobs in this industry. We're looking to focus on cultural jobs, to focus on the creative industries. So those in itself are major opportunities for businesses to come set up here.”
Saudi Arabia, the Arab world's biggest economy, is also embarking on a major tourism push – and DCT Abu Dhabi is viewing this as “heavily complementary” to the UAE and wider GCC's ambitions to promote the region as a global tourist hub.
“This is something that is upon us. So we will take full of advantage of this complementary partnership,” Mr Al Mubarak said, noting the tourism boost GCC states enjoyed as a result of the ripple effects of the 2022 Fifa World Cup in Qatar.
The Israel-Gaza war, meanwhile, has affected tourists coming from Palestine and Israel, but overall Abu Dhabi's tourism sector has been “holding strong”, Mr Al Mubarak said.
“We have continuously showcased and we have proven not only to be a safe destination when conflict is around us, but to be a safe destination regardless of any time of the year.”
In addition, DCT Abu Dhabi is planning to launch a “super app” that will link all tourism services platforms, Mr Al Mubarak said.
The mobile application, which has been in development for more than a year, is expected to be rolled out in a year's time, he said.
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The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
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Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
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Jawan
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Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
UAE currency: the story behind the money in your pockets
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Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
UAE currency: the story behind the money in your pockets
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
UAE currency: the story behind the money in your pockets
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
More from Rashmee Roshan Lall
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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