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Arabian Business
9 minutes ago
- Arabian Business
Dubai attracts 9.88 million international tourists in H1 2025, up 6% YoY
Dubai is at the heart of a remarkable tourism surge: between January and June 2025, the emirate welcomed 9.88 million international overnight visitors, a 6 per cent increase from the same period in 2024, according to the Dubai Department of Economy and Tourism (DET). This milestone reflects a destination reimagined through public-private collaboration, creative global campaigns, and strategic growth in infrastructure and experiences. At the centre of the story is a unified vision shared by public institutions and private enterprises, orchestrated with precision by DET and its marketing arm – Dubai Corporation for Tourism and Commerce Marketing (DCTCM). Dubai welcomes 9.88 million international overnight visitors in the first half of 2025 – a 6% increase compared to the same period in 2024, according to data published by the Dubai Department of Economy and Tourism. — Dubai Media Office (@DXBMediaOffice) August 3, 2025 Global appeal drives Dubai's tourism boom With over 3,000 global and domestic partners contributing to its ambitious outreach efforts, the city has seen growth across all major source regions. Western Europe was the largest source market to the emirate, with 2.12 million visitors (22 per cent), followed by CIS and Eastern Europe (15 per cent), South Asia (15 per cent), North East and South East Asia (9 per cent), the Americas (7 per cent), Africa (4 per cent) and Australasia (2 per cent). The GCC and MENA markets accounted for 26 per cent of all arrivals, with 1.51 million visitors (15 per cent) from the GCC and 1.12 million (11 per cent) from the MENA regions, underscoring the strength of the city's regional appeal. 'Dubai continues to set new records in international visitation, reinforcing the strategic vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai to make the city a major global business and tourism destination,' said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai. 'This milestone reflects Dubai's steady growth as a focal point for trade, investment, talent and opportunity and its rise as the world's most connected city. Dubai's ability to create compelling experiences that meet the evolving needs of visitors has strengthened its status as one of the world's most sought-after destinations. From exceptional infrastructure to unique attractions, Dubai offers a model of excellence in the tourism and hospitality sectors grounded in innovation.' 'As we advance the goals of the Dubai Economic Agenda D33, tourism will remain key to driving GDP growth and cross-sector value creation in the emirate's economy. By continually anticipating the needs of travellers and exceeding their expectations, we are strengthening Dubai's position as the world's best city to visit, live, and work in'. His optimism is echoed by Helal Saeed Almarri, Director‑General of DET: 'Dubai's strong tourism performance in the first half of 2025 reflects the enduring strength and adaptability of our economic model, even amid persistent global headwinds. Inflationary pressures, shifting traveller behaviours, and wider macroeconomic uncertainty continue to challenge destinations worldwide. Yet Dubai remains on an upward trajectory, an outcome shaped by the long-term vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum and the precision of the Dubai Economic Agenda, D33.' Almarri noted that even under global economic pressures—from inflation to changing travel habits – the emirate's diversified strategy, focused on luxury, wellness, experiential travel, and sustainability, is powering continued growth. On the marketing front, a series of high-profile campaigns rolled out in H1 2025 demanding attention. 'Find Your Story' featured Millie Bobby Brown and Jake Bongiovi, 'Dubai. That's How You Summer' brought stories of sun-soaked discovery, and 'Dubai, Ready for a Surprise?' showcased Bollywood icons Virat Kohli and Anushka Sharma. These efforts, managed by DCTCM, played a key role in elevating the city's image as a year‑round destination for diverse audiences. Expansion in the hospitality sector also reinforced the city's capacity to meet demand at all price points. By the end of June, the city had 152,483 available hotel rooms across 822 establishments. Hotel average occupancy reached 80.6 per cent, up from 78.7 per cent in the first half of 2024. Average daily rate (ADR) grew 5 per cent to AED 584, and Revenue per Available Room (RevPAR) rose 7 per cent to AED 471. Occupied room nights rose 4 per cent to 22.24 million, while the average stay hovered at 3.71 nights. Among notable openings in the first six months were Jumeirah Marsa Al Arab in Umm Suqeim, Cheval Maison in Expo City, The Biltmore Hotel Villas in Al Barsha, and Vida Dubai Mall in Downtown Dubai. Several high-profile properties are also in the pipeline, including Mandarin Oriental Downtown, ZUHHA Island on The World Islands, and, upon completion, Ciel Dubai Marina (Vignette Collection), which promises to be the world's tallest all-hotel tower. Issam Kazim, CEO of DCTCM, emphasised the role of authenticity and community in tourism success. 'Guided by visionary leadership and the strategic goals of the Dubai Economic Agenda D33, Dubai's tourism performance reflects the strength of public-private partnerships and the power of community, which have been instrumental in showcasing Dubai's destination offering to the world'. 'Our residents, businesses and visitors have played a supporting role in our tourism success, with their authentic voices and genuine advocacy promoting the city and its unique experiences. Dubai has become even more accessible, with a robust infrastructure and a business-friendly environment that fosters collaboration, while a year-round calendar of leisure, trade and MICE events have further diversified the city's visitor base and generated significant economic impact. In collaboration with our key stakeholders, we remain committed to enhancing quality of life for visitors and residents through infrastructure development and sustained investment in capacity to attract new international audiences,' said Kazim.
Economy ME
40 minutes ago
- Economy ME
Crude oil prices decline to $69.4 as OPEC+ increases production levels
Oil prices continued their downward trend on Monday following OPEC+ 's decision to implement another significant production increase in September. Concerns regarding a slowing economy in the U.S., the world's largest oil consumer, are compounding the pressure. Brent crude futures dipped by 40 cents, or 0.57 percent, settling at $69.27 a barrel by 01:15 GMT (currently trading above $69.4). In contrast, U.S. West Texas Intermediate crude stood at $66.96 a barrel, down 37 cents, or 0.55 percent (currently trading above $67.15), after both contracts had closed around $2 a barrel lower on Friday. The Organization of the Petroleum Exporting Countries and their allies, collectively known as OPEC+, reached an agreement on Sunday to raise oil production by 547,000 barrels per day for September. This decision is part of a series of accelerated output increases aimed at regaining market share, citing a robust economy and low stockpiles as the rationale behind this move. This action, which aligns with market predictions, represents a complete and early reversal of OPEC+'s largest set of output cuts, along with a separate increase in production for the United Arab Emirates, totaling about 2.5 million barrels per day, or approximately 2.4 percent of global demand. Investor caution amid sanctions Nevertheless, investors are cautious about potential further U.S. sanctions on Iran and Russia, which could disrupt supplies. U.S. President Trump has threatened to impose 100 percent secondary tariffs on Russian crude buyers in an effort to pressure Russia into ceasing its military actions in Ukraine. At least two vessels loaded with Russian oil, destined for refiners in India, have diverted to alternative destinations in light of the new U.S. sanctions, according to trade sources reported on Friday, along with LSEG trade flow data. Concerns regarding U.S. tariffs affecting global economic growth and fuel consumption continue to loom over the market, especially following U.S. economic data indicating jobs growth on Friday fell short of expectations. U.S. Trade Representative Jamieson Greer stated on Sunday that the tariffs imposed last week on numerous countries are likely to remain in effect rather than be reduced amid ongoing negotiations. Read more: Crude oil prices rise above $71.8 amid new tariffs impacting Russian supply U.S. oil consumption projections According to the latest official data from the U.S. Energy Information Administration, U.S. oil consumption in 2025 is projected at 20.4 million barrels per day, up from 20.3 million barrels per day in 2024, while U.S. oil production is anticipated to reach 13.37 million barrels per day in 2025—slightly below previous estimates due to lower oil prices and ongoing economic unpredictability stemming from shifting U.S. tariff policies. Globally, oil demand is forecast to exceed 105 million barrels per day in 2025, according to Statista, marking a new high in global consumption. OPEC+'s announcement on Sunday, formalizes a full reversal of output cuts initially implemented in 2023, with the latest meeting attended by major producers such as Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman. The monthly production adjustments began in April 2025, and Brent crude prices have remained close to $70 a barrel, rebounding from lows in April. Decline in Russian oil exports Recent shifts in Russian oil exports, according to the Centre for Research on Energy and Clean Air, show that Russia exported 24.8 million tonnes of oil by sea in June 2025, a 5 percent month-on-month decline, with over half of these volumes now transported on G7+ tankers (representing 56 percent of exports, up from 36 percent in January). The U.S. Department of the Treasury intensified sanctions in early 2025, targeting two major Russian oil producers, over 180 vessels, oil traders, and oilfield service providers, substantially increasing sanctions risks for the Russian oil trade. These actions are underpinned by determinations made under Executive Order 14024 and accompanied by parallel measures from the United Kingdom. Meanwhile, President Trump's new tariff schedule imposes duties ranging from 10 percent to 41 percent on goods from several countries including India and Indonesia, and he continues to threaten even higher tariffs on countries that import Russian oil. Experts warn that continued tariff uncertainty could constrain global economic growth and potentially curtail future oil demand. The Energy Information Administration recently lowered its global oil demand growth forecast for 2025 by 400,000 barrels per day, attributing the cut to economic uncertainty and trade tensions.
Zawya
40 minutes ago
- Zawya
Never mind Wall Street records, investors rethink US market supremacy
NEW YORK - A rebound on Wall Street and in the dollar has not allayed investor concerns about the ability of U.S. assets to outperform overseas markets, with a fresh tariff salvo once again denting market optimism after a string of trade deals struck by the Trump administration perked up sentiment for equities to set record highs. The sliding dollar, down about 8% this year against a basket of major currencies, and the ballooning fiscal deficit are shaking the conviction that U.S. financial markets will deliver world-beating returns. For more than a decade, the concept of "American exceptionalism" - the conviction that the United States' democratic system plus its huge and liquid capital markets offer unique rewards - has been little challenged by investors. But ongoing uncertainty surrounding tariffs is rattling confidence. While the deals struck by Donald Trump with the European Union, Japan and South Korea have delivered some relief, the U.S. president late on Thursday slapped dozens of trading partners with steep tariffs. A market shakeout earlier this year caused by Trump's first tariff announcements triggered a re-evaluation. The U.S. market's standing appears "a little bit bruised," said Lori Heinel, global chief investment officer at State Street Investment Management. "The overhang of the (government) debt makes it less attractive to have dollar-based assets," she added. In a survey conducted in late May and June, market research consultancy CoreData found that many institutional investors and consultants, collectively overseeing $4.9 trillion in assets, are scaling back exposure to the U.S. Among respondents, 47% are cutting their strategic, long-term allocations to U.S. markets. While investors have become more upbeat on the outlook for Europe, as well as for China and other emerging markets, bullishness toward U.S. markets now lags those regions. That, said Michael Morley, head of CoreData US, marks 'a massive reversal' from attitudes two years ago. The latest wave of tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan, sent global markets tumbling on Friday. The announced duties were "somewhat worse than expected," analysts at Societe Generale said in a note. "Markets responded more negatively to the August 1 announcement than to other news in the past two months, but the reaction was far less severe than on April 2," they said. TARIFF IMPACT OVERDUE? Investors began reconsidering their allocations following Trump's "Liberation Day" tariff announcement on April 2, reassessing the allure of "brand USA" and fretting about a new recession. The Trump administration then paused tariff rollouts and subsequently began announcing deals that cap tariffs at lower levels than initially proposed. Stocks rebounded, with the S&P 500 soaring 27.2% from its April 8 close to its July 31 close, setting a series of new records. CoreData, however, found that 49% of institutions believe that markets now are too complacent about the impact of U.S. tariffs. U.S. consumer prices increased by the most in five months in June, according to Consumer Price Index data, suggesting that tariffs are boosting inflation. Other data points to a moderation in economic activity, and second-quarter growth was mainly strong because imports were weak. Global asset manager Man Group, which manages roughly $193 billion, is wary of overweighting U.S. assets. 'This is an opportunity for investors to take some profits, rebalance and go to neutral on the U.S.," said Kristina Hooper, chief market strategist at Man Group. BEYOND TARIFFS The dollar's status as the global reserve currency may be in question as the U.S. forfeits the role of free trade facilitator, said Thierry Wizman, global FX and rates strategist at Macquarie Group, adding the firm expects to sell the dollar on any rally. After suffering its worst first-half performance since 1973 this year, the dollar posted its first monthly gains for 2025 in July, as investors regained confidence in the wake of trade deals. Also contributing to the reassessment of U.S. market supremacy is the risk of monetary policy being politicized. Trump has repeatedly called for lower interest rates and threatened to remove Federal Reserve Chair Jerome Powell. A recently approved tax and spending bill, meanwhile, will add trillions to the government's debt, exacerbating longstanding deficit concerns. Investors are likely to respond by seeking higher compensation for the risk of owning long-dated Treasury securities "There's very, very real risk that yields go significantly higher because of the deficit," said Man Group's Hooper. U.S. INNOVATION For many, the buoyant U.S. stock market and optimism surrounding the U.S. tech sector have made it hard to turn bearish. "The bottom line is that the U.S. has some of the most innovative and profitable companies in the world, and the deepest capital markets," said Kelly Kowalski, head of investment strategy at MassMutual. Anxiety about the demise of U.S. pre-eminence is "overblown," she said. Concerns over weaker foreign demand for U.S. debt have eased in recent weeks. After selling a net $40.8 billion of Treasuries in April, foreigners resumed buying to the tune of $146 billion in May, the latest government data showed. Also, while European stocks handily beat their U.S. counterparts in March, that gap has narrowed with every new trade deal announced. As of the end of July, Europe's STOXX 600 was roughly neck and neck with the S&P 500. "The big factor in the room has nothing to do with policies, but technology," said Richard Lightburn, deputy chief investment officer at macro hedge fund MKP Capital Management. "It still feels like early innings for AI adoption and integration." Anthony Saglimbene, chief market strategist at Ameriprise Financial, continues to recommend a slight overweight to U.S. stocks relative to other global markets. "Call it 'exceptionalism' or just 'clarity.' The macro environment in the U.S. is comparatively more stable." (Reporting by Carolina Mandl and Davide Barbuscia in New York and Suzanne McGee in Providence, Rhode Island; Additional reporting by Laura Matthews in New York; Editing by Alden Bentley and Matthew Lewis and Chizu Nomiyama)
