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Khaleej Times
27-04-2025
- Business
- Khaleej Times
Dubai World Trade Centre delivers Dh22.35 billion in economic output in 2024
The Dubai World Trade Centre (DWTC) continues to reinforce its role as a vital pillar of Dubai's economy, contributing significantly to the emirate's GDP through a dynamic calendar of world-class business events. DWTC's 2024 events — led by 100 large-scale exhibitions, international association conventions, and industry conferences – drew over 2 million attendees and generated a total economic output of Dh22.35 billion. Of this, Dh13.04 billion was retained as Gross Value Added (GVA) to Dubai's GDP, reinforcing the significant value retained within the local economy. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE and Chairman of The Executive Council of Dubai, said: 'Dubai's continued growth as a leading global destination for major international events reflects the power of the leadership's long-term vision and the city's ability to constantly create new growth pathways. The record performance of DWTC in 2024 reaffirms Dubai's ability to bring together the world's brightest minds, pioneering companies, and transformative ideas with the potential to shape the future. This success is driven by sustained investment in future-ready infrastructure, global connectivity, and a business-friendly environment that bridges markets and fosters partnerships.' 'The MICE sector plays a vital role in strengthening Dubai's profile as a leading global hub, as envisioned in the Dubai Economic Agenda D33. We continue to strengthen this sector as a key pillar of an increasingly diversified and innovation-led economy. Dubai will remain a global hub for ideas, investment, and enterprise – a city that turns opportunity into growth and enduring value. Growth in large-scale events DWTC achieved record-breaking growth in 2024 across its calendar of large-scale events, with a 32 per cent year-on-year increase not only in the number of events but also in the size and scale of existing mega events. Of the over 2 million attendees at these flagship events, 936,083 travelled from overseas – a testament to Dubai's rising prominence as a top global destination for business tourism. This surge in large-scale events is estimated to have supported 85,533 jobs across the MICE ecosystem and its adjacent sectors, while the rise in international participation played a pivotal role in delivering broader socio-economic impact, significantly amplifying the total economic output generated. Economic gains for the MICE Sector In 2024, the 100 large-scale events hosted at DWTC generated an estimated Dh2.9 billion in sales value within the MICE sector — a clear indicator of the strength of Dubai's event-driven economy. This value was primarily driven by event organisers and exhibitors' investment in venue space, stand services, logistics and other business support services. Notably, this direct expenditure catalysed nearly eight times its value in broader non-trade business activity across Dubai's economy – meaning that for every Dh1 spent at a DWTC event, Dh7.7 in economic output was generated citywide. The growth of DWTC's large-scale events and the surge in international attendance translated directly into increased spending across both MICE-related business services and adjacent sectors. In 2024, direct spending in these adjacent sectors soared to Dh13.17 billion, reflecting widespread economic gains. Sectors that saw marked increases include: • Business Entertainment: Dh1.78 billion (up 36 per cent) • Retail Trade: Dh2.64 billion (up 34 per cent) • Restaurants and F&B: Dh2.23 billion (up 30 per cent) • Hotel Accommodation: Dh3.41 billion (up 15 per cent) • Air Travel and Local Transport: Dh2.86 billion (up 8 per cent) These results reinforce DWTC's role as a key economic engine, stimulating activity across vital sectors such as travel, hospitality, retail, and entertainment. The ripple effect of DWTC's events significantly magnifies the overall value delivered to Dubai's economy — not just through direct MICE transactions, but by driving incremental economic value to these supporting industries. Helal Saeed Al Marri, Director General, DWTC Authority, said: 'In alignment with the Dubai Economic Agenda D33, every initiative at DWTC is focused on accelerating the growth of a future-ready economy — one that attracts global talent, empowers enterprise, and enables meaningful international collaboration. The growth in large-scale events and international attendance in 2024 is a clear validation of our strategic investments in hosting capacity and infrastructure, with the first phase of the Dubai Exhibition Centre's expansion on schedule for completion in 2026. With this enhanced world-class venue, we are not only increasing our ability to host high-impact global events but also deepening DWTC's role as a driver of economic opportunity, innovation, and sustainable growth'. Surge in international participation International attendees contributed significantly more to the economy than domestic participants, spending an average of Dh9,833 per event—almost six times the Dh1,673 spent by local attendees. Their expenditure on travel, extended stays, hospitality, retail, and F&B, and travel with business colleagues or family members, generates greater economic impact for the city. In 2024, the MENA region led international business event visitation, accounting for 32 per cent of attendees, followed by Europe (27 per cent), Asia Pacific (10 per cent), East Europe and Central Asia (10 per cent), the Indian subcontinent (10 per cent), Africa (6 per cent), the Americas (5 per cent) and Oceania (1 per cent). The top 10 source markets – Saudi Arabia, India, China, Turkey, Oman, the United Kingdom, Egypt, Iran, Russia and Germany – highlight the city's strategic position as a leading global business destination bridging East and West. Sector diversity The breadth of sectors represented across DWTC's events calendar reflects Dubai's strategic focus on fostering growth in high-impact industries. In line with the emirate's economic priorities, DWTC continues to serve as a powerful platform for exhibitions, conventions, and conferences that support key sectors driving innovation and diversification. In 2024, the three leading industries – Healthcare, Medical, and Scientific; Food, Hotel, and Catering; and Information Technology – accounted for 58 per cent (Dh7.59 billion) of the total Gross Value Added (GVA) to Dubai's economy. These sectors collectively attracted 51 per cent (1.02 million) of all event attendees and 61 per cent (569,216) of international visitors, reinforcing their pivotal role in shaping Dubai's MICE and economic landscapes. The Healthcare, Medical, and Scientific sector led the way with 21 events and 460,858 attendees, generating Dh3.68 billion in GVA. Food, Hotel, and Catering followed with nine events and 283,119 participants, contributing Dh2.35 billion, while Information Technology hosted five events, welcomed 280,967 attendees, and delivered Dh1.55 billion in economic value. 'Looking ahead, DWTC remains committed to redefining the global MICE landscape, leveraging innovation, strategic partnerships and Dubai's unique geographic positioning to unlock new opportunities for economic impact. The progress achieved in 2024 sets a strong precedent for future growth, as we continue to build dynamic, world-class platforms for international business engagement that reinforce Dubai's rise as one of the world's top three destinations for business and tourism,' concluded Al Marri.
Gulf News
25-04-2025
- Business
- Gulf News
Fairmont The Palm a showcase for responsible luxury hospitality
Since joining Fairmont The Palm in 2022, you have implemented a strong culture of internal growth and leadership development. What strategies have been most effective in nurturing and promoting internal talent, and how do you see this shaping the future of the hotel's workforce? At Fairmont The Palm, we believe that our people are the foundation of our success. Since joining in 2022, my focus has been on fostering a culture of growth, empowerment, and continuous learning. One of the key strategies has been the implementation of tailored training and development programmes, ensuring that our colleagues have access to the tools and resources necessary for career progression. We have strengthened mentorship programmes, where experienced leaders guide emerging talent, and introduced cross-training opportunities to help employees diversify their skill sets. Fairmont The Palm has made remarkable strides in people development, with 202 internal promotions. We have also increased the Employee Satisfaction at the hotel which is at 8.7 in 2024. Your commitment to sustainability is evident in initiatives such as the Single Use Plastic (SUP) strategy and the renewal of the Green Key certification. How do these efforts align with Fairmont The Palm's long-term vision for responsible tourism, and what further sustainability initiatives can we expect in the coming years? Sustainability is at the heart of Fairmont The Palm's long-term vision. Our Single Use Plastic (SUP) strategy, the renewal of our Green Key certification, and the recent achievement of the prestigious Gold Stamp Certification from DET — an accolade awarded to only a select few hotels in Dubai—demonstrate our unwavering commitment to responsible tourism. We are proud to have achieved a remarkable 93 per cent score from the EHC audit, placing us among the top 5 Fairmont properties worldwide recognised by this reputable company. By embedding sustainability into our core business strategy, we aim to set new benchmarks for environmental stewardship within the hospitality industry, ensuring that Fairmont The Palm continues to lead the way in responsible luxury hospitality. Under your leadership, Fairmont The Palm has achieved record-breaking financial milestones, including unprecedented GOP and strong RevPAR growth. What key factors have contributed to this success in a highly competitive market, and how do you plan to sustain this momentum? Our financial achievements are the result of a well-balanced strategy that integrates operational excellence, market agility, and guest-centric innovation. Since 2022, we have achieved our highest Year-to-Date (YTD) Gross Operating Profit (GOP) since the hotel's opening in 2012, with a 65 per cent flow-through that exceeds industry benchmarks. Our RevPAR growth index reached almost 100, significantly enhancing our ranking in a highly competitive market. In F&B, we exceeded expectations despite increased competition, achieving a revenue increase of Dh2.9 million. Moving forward, we will continue investing in technology-driven efficiencies, enhancing our digital marketing strategies. The hotel has recently embarked on significant renovation projects, How will they elevate the guest experience, and what new offerings can visitors look forward to in 2025? At Fairmont The Palm, we continually strive to elevate our guest experience, and our latest renovation projects reflect this unwavering commitment. The Dh15 million investment in Serenity – The Art of Well-Being spa has transformed it into a luxurious sanctuary offering holistic wellness treatments that seamlessly blend traditional techniques with modern therapies. Since its reopening, the spa has earned numerous awards and achieved an impressive 80 per cent improvement in results compared to the previous year. Fairmont The Palm continues to advance key renovation plans, including enhancing our all-day dining and beach concepts. Our commitment to culinary excellence has also been recognised, with Little Miss India, our Michelin Guide-recommended outlet, earning this accolade for the third consecutive year.
Al Etihad
23-04-2025
- Business
- Al Etihad
ADIB's Q1 net profit before tax up by 18% year-on-year to Dh1.9 billion
23 Apr 2025 19:33 ABU DHABI (WAM)Abu Dhabi Islamic Bank reported a Q1 2025 net profit before tax of Dh1.9 billion, rising 18% year-on-year, reflecting a strong balance sheet growth, coupled with increased business momentum and a sustained customer growth.Q1 2025 net profit before tax increased 18% compared to Q4 2024, reflecting significant growth and reinforcing the positive trajectory we have built over recent quarters. Net profit after tax for Q1 2025 was Dh1.7 billion, reflecting a 18% increase compared to Q1 for Q1 2025 improved by 14% to Dh2.9 billion compared to Dh2.5 billion for Q1 2024. This exceptional growth reflects broad-based performance across all key segments. This was supported by an increase in both income from financing activities and non-funding income. The strong business volumes along with continued strength in fee-based businesses, played a significant role in this assets increased by 25% year-on-year to reach Dh244 billion. This growth was driven by financing growth in both retail and corporate banking, as well as an expansion in the investment financing grew by 28% year-on-year, representing Dh33 billion increase compared to last year and Dh8 billion increase year to date. This reflects market share gains across key segments and wholesale banking closing landmark deposits rose by 25% year-on-year to Dh200 billion, compared with Dh160 billion at Q1 2024. This growth maintained a healthy funding mix, with a 12% year-on-year growth in Current and Savings Accounts (CASA), which now comprise 69% of total deposits.E Jawaan Awaidah Al Khaili, Chairman of ADIB, said: ''We started the year with a strong performance, continuing the positive trajectory built over previous quarters. Our results are a clear reflection of our ability to grow profitably and execute our strategy with discipline.' "This outstanding performance was underpinned by strong revenue growth across all segments, improved cost efficiency and the best asset quality metrics we've seen to date," he added.
Khaleej Times
23-04-2025
- Business
- Khaleej Times
ADIB's first quarter net profit before tax rises 18%
Abu Dhabi Islamic Bank on Wednesday reported a Q1 2025 net profit before tax of Dh1.9 billion, rising 18 per cent year-on-year, reflecting a strong balance sheet growth, coupled with increased business momentum and a sustained customer growth. Q1 2025 net profit before tax increased 18 per cent compared to Q4 2024, reflecting significant growth and reinforcing the positive trajectory we have built over recent quarters. Net profit after tax for Q1 2025 was Dh1.7 billion, reflecting a 18 per cent increase compared to Q1 2024. Revenue for Q1 2025 improved by 14 per cent to Dh2.9 billion compared to Dh2.5 billion for Q1 2024. This was supported by an increase in both income from financing activities and non-funding income. The strong business volumes along with continued strength in fee-based businesses, played a significant role in this improvement. Funded income recorded a 4 per cent year-on-year growth to Dh1.8 billion in Q1 2025, compared to Dh1.7 billion last year supported by higher business volumes and our ability to generate sustainable returns despite the lower rate environment. Net Profit Margin (NPM) reached 4.31 per cent contracting 36 bps. Non-funded income grew by 35 per cent year-on-year to reach Dh1.1 billion in Q1 2025, compared to Dh827 million last year. This growth reflects continued strength in fee-generation revenues, which saw a 30 per cent increase from various product sales across retail and corporates, reflecting increased customer activity and successful cross-sell efforts. Non-funded income now contributes 39 per cent to operating income, up from 33 per cent in Q1 2024, underlining the continued strategic focus on revenue diversification. Expenses Operating expenses for Q1 2025 were Dh830 million, reflecting an 8 per cent year-on-year increase as the bank continued its ongoing investments in people, digital initiatives, and new technology. The cost to income ratio improved by 1.5 percentage points to 28.9 per cent in Q1 2025, compared to 30.4 per cent in Q1 2024. Provisions and asset quality Impairments fell 3 per cent to Dh106 million during Q1 2025, translating to a cost of risk (CoR) of 37bps. The non-performing asset ratio improved to 3.7 per cent, its lowest level since Q4 2016, due to active remediation of our legacy portfolio coupled with strong underwriting standards. The provision coverage ratio, including collaterals, improved by 16.6 percentage points to 161.3 per cent. The provision coverage ratio (excluding collaterals) improved to 82.8 per cent from 73.0 per cent year-on-year. Balance sheet Total assets increased by 25 per cent year-on-year to reach Dh244 billion. This growth was driven by financing growth in both retail and corporate banking, as well as an expansion in the investment portfolio. Customer financing grew by 28 per cent year-on-year, representing Dh33 billion increase compared to last year and Dh8 billion increase year to date. This reflects market share gains across key segments and wholesale banking closing landmark deals. Customer deposits rose by 25 per cent year-on-year to Dh200 billion, compared with Dh160 billion at Q1 2024. This growth maintained a healthy funding mix, with a 12 per cent year-on-year growth in Current and Savings Accounts (CASA), which now comprise 69 per cent of total deposits. Liquidity and capital ADIB maintained a robust capital position with a Common Equity Tier 1 ratio of 12.24 per cent and a total Capital Adequacy Ratio of 16.23 per cent. The bank's liquidity position was healthy and within regulatory requirements, with the advances to stable funding ratio at 78.9 per cent and the eligible liquid asset ratio at 17.1 per cent. Total shareholders' equity rose 12 per cent year-on-year to Dh27 billion, led by growth in earnings. The return on equity (RoE) stood at 28.8 per cent in Q1 2025. 'We started the year with a strong performance, continuing the positive trajectory built over previous quarters. Our results are a clear reflection of our ability to grow profitably and execute our strategy with discipline,' said Jawaan Awaidah Al Khaili, ADIB Chairman. 'Building upon the achievements of 2024, we have successfully carried forward our momentum into the new year, establishing new benchmarks with an ROE of 29 per cent and delivering a commendable performance across all our business segments. UAE market conditions remain resilient, and our franchise is well positioned to capture business opportunities,' said Mohamed Abdelbary, ADIB's group chief executive officer.
Khaleej Times
17-04-2025
- Automotive
- Khaleej Times
Watch: New flying car unveiled in UAE that can fly up to 500km
Imagine flying from Dubai to Bahrain in just 2 hours and 20 minutes, or cruising through the skies from Riyadh to Kuwait in 2 hours and 40. But you won't board a plane. You will be in a flying car. By 2027, flying cars could be a reality in the UAE skies. On Thursday, Holland-based mobility solution provider PAL-V unveiled its flying car at the Sharjah Research Technology and Innovation Park (SRTIP). The two-seater flydrive mobility car needs a 250-metre strip to take off and its foldable propellers allow the flying vehicle to be converted into a car. With a base model priced at $800,000 (Dh2.9 million), it is expected to take to the UAE skies in 2027 following regulatory approvals from the local authorities, Robert Dingemanse, CEO and co-founder of PAL-V, told Khaleej Times in an interview on Thursday. The payload of the flying car is limited to two persons and 20kg of luggage. Equipped with a combustion engine, it can fly up to a distance of 500km on a full fuel tank. It flies at a low altitude and can be useful to help doctors reach their destination faster in case of emergency, border patrolling, coast guarding and other military purposes. Dingemanse said flying car offers door-to-door mobility and can use existing infrastructure and regulations. 'It is faster than any other mode of transport and cost-effective from an operational perspective, cheaper than the helicopter. It is possible to reach every sport as landing nearby is fine and there is always a drive option available. It has the same range and speed as a helicopter, but safer,' he said. Dingemanse said the decision will be made by the UAE authorities regarding the private use of individuals in the UAE. 'The vehicle can be used for flying taxis as well.' Dingemanse revealed that they also aim to set up an institute in the UAE or the Middle East for pilot training. PAL-V chief expects most orders from the UAE will come from government entities. He said the UAE-based Jetex has ordered over 100 PAL-V's flying cars. In total, it has over 150 million euros worth of pre-orders. Currently, Archer Aviation and Joby are in the process of launching flying taxis in the UAE later this year or early next year. Archer has announced that it will launch test flights of its Midnight aircraft in the UAE in the summer, ahead of the roll-out of flying taxi operations in the UAE. In January 2025, the UAE's first commercial vertiport for flying taxis was named Dubai International Vertiport (DXV), reflecting both Dubai and Abu Dhabi. In April 2025, it said the European Union Aviation Safety Agency, EASA, issued a 'No Technical Objection' to PAL-V. PAL-V aims to introduce four-seater and eco-friendly flying cars in the coming years. Hussain Almahmoudi, CEO of SRTIP, said the introduction of flying cars reflects that the UAE and the wider region are interested in sustainable transport. 'As country get populated and develops, we need to have different methods of transport and technology like this could be used in different purposes from tourism to transportation and healthcare and rescue other components,' he said. 'We want to see these technologies developed here in SRTIP. We have over 20 educational institutions and over 40,000 students here. We developed a good base of labs that can produce 3D components and modern technologies,' Juma Abdulla Alhaj, director of strategic communications and market at SRTIP, said they are open to collaborating with PAL-V to set up an assembly unit for PAL-V flying cars.
