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Arabian Business
11-04-2025
- Business
- Arabian Business
Dubai tourism soars as 94% of visitors report high satisfaction, KPMG data shows
Visitors to Dubai are experiencing high satisfaction levels, piloting the hospitality industry in the emirate to new levels, an industry report revealed. The authorities' efforts to diversify the city's tourism offering, expanding its range of experiences for visitors with culture, adventure, business travel, and food and wellness holidays, are contributing to the rising satisfaction levels for visitors, the latest hospitality report by KPMG said. 'This shift, coupled with infrastructure and technology investments, is positively influencing guest experiences, leading to high satisfaction levels among visitors in 2024, the report said. Dubai's hospitality excellence The report showed that the vast majority – 94 per cent – of visitors were satisfied with their hotel stay in Dubai over the past year, compared to 92 per cent the previous year. It also showed that 80 per cent of visitors were likely to book a stay at a hotel in the city, reflecting strong demand in the sector. The hotel occupancy rate in Dubai also increased from 77.1 per cent in 2023 to 77.7 per cent last year, with the Average Daily Rate (ADR) increasing from AED 654.4 to AED 666. Government initiatives, including the Dubai Economic Agenda D33, are positioning Dubai as a top-three global tourism destination by 2033, KPMG said. A key development in inbound tourism is the extended tourist visa for Indian nationals, which has influenced travel decisions, with 70 per cent of respondents saying they are more likely to visit the UAE due to this policy change, the global consultancy said. Rising demand for hotel stays While luxury hotels have always been a significant part of the UAE's hospitality landscape, KPMG's research pointed to a growing demand for unique experiences and personalised services that allow guests to immerse themselves in the local culture. Hotels are offering curated experiences, such as desert safaris, cultural tours, and traditional dining experiences featuring local cuisine and showcasing Emirati hospitality to meet this demand, it said. The report also underscored the changing traveller profile to the city, as visitors seek eco-conscious, boutique experiences with a local flavour. Sidharth Mehta, Partner, Head of Real Estate and Construction at KPMG Lower Gulf, said Dubai is continuously re-inventing itself for the global traveler. 'The UAE's leadership has significantly invested in tourism infrastructure, including developing world-class airports, hotels, resorts, theme parks, and entertainment complexes. This has laid a solid foundation for Dubai's hospitality sector,' he said. Mehta also said, 'We are witnessing a shift toward more responsible, experience-driven travel, where guests seek deeper cultural connections and sustainability-driven stays.' KPMG's report also reinforced how technological advancements have increasingly become vital for the hospitality industry, especially as 88 per cent of survey respondents citing modern technology as an important factor in their hotel experience. The report said looking ahead, Dubai's hospitality industry is witnessing a surge, driven by favourable economic conditions, government initiatives, and a robust real estate sector in both luxury and affordable housing.
Zawya
10-04-2025
- Business
- Zawya
Visitor satisfaction and tech-driven experiences fuel Dubai's tourism surge: KPMG report
80% said they were likely to book a stay at a hotel in the city 88% cite modern technology as an important factor in their hotel experience Dubai: Dubai is diversifying its tourism offering and expanding its range of experiences for visitors with culture, adventure, business travel, and food and wellness holidays, piloting the hospitality industry in 2024. This shift, coupled with infrastructure and technology investments, is positively influencing guest experiences, with KPMG's latest Hospitality Report revealing high satisfaction levels among visitors. A vast majority (94%) were satisfied with their hotel stay in Dubai over the past year compared to 92% in the previous year, and 80% were likely to book a stay at a hotel in the city, reflecting strong demand in the sector. The occupancy rate increased from 77.1% to 77.7%, and the Average Daily Rate (ADR) increased from AED 654.4 to AED 666. Government initiatives, including the Dubai Economic Agenda D33, are positioning Dubai as a top three global tourism destination by 2033. A key development in inbound tourism is the extended tourist visa for Indian nationals, which has influenced travel decisions, with 70% of respondents saying they are more likely to visit the UAE due to this policy change. While luxury hotels have always been a significant part of the UAE's hospitality landscape, KPMG's research points to a growing demand for unique experiences and personalized services that allow guests to immerse themselves in the local culture. Hotels are offering curated experiences, such as desert safaris, cultural tours, and traditional dining experiences featuring local cuisine and showcasing Emirati hospitality to meet this demand. The report also underscores the changing traveler profile to the city, as visitors seek eco-conscious, boutique experiences with a local flavor. Dubai hotels and resorts are adding eco-friendly services and wellness-focused amenities to their offerings, with restaurants incorporating local and organic produce into their menus, supporting sustainable agriculture, and reducing their carbon footprint. Sidharth Mehta Partner, Head of Real Estate and Construction at KPMG Lower Gulf, said: 'Dubai is continuously re-inventing itself for the global traveler. The UAE's Leadership has significantly invested in tourism infrastructure, including developing world-class airports, hotels, resorts, theme parks, and entertainment complexes. This has laid a solid foundation for Dubai's hospitality sector. We are witnessing a shift toward more responsible, experience-driven travel, where guests seek deeper cultural connections and sustainability-driven stays.' KPMG's report also reinforces how technological advancements have increasingly become vital for the hospitality industry, especially as 88% of survey respondents cite modern technology as an important factor in their hotel experience. Artificial Intelligence, augmented reality, and data analytics are allowing hotels to personalize services, streamline operations, and anticipate guest needs. Dubai hotels are increasingly adopting digital solutions for bookings and check-ins, concierge services, and loyalty programs to create seamless and intuitive experiences. Looking ahead, Dubai's hospitality industry is witnessing a surge, driven by favorable economic conditions, government initiatives, and a robust real estate sector in both luxury and affordable housing. However, the sector will need to prioritize innovation, sustainability, and unique experiences to maintain its global competitiveness. -Ends- About KPMG KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited ('KPMG International') operate and provide professional services. 'KPMG' is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 145 countries and territories, with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. For more details about our structure, please visit For media inquiries, please contact: Sara Seggari
Khaleej Times
31-03-2025
- Business
- Khaleej Times
Fintech meets sustainability: The rise of green finance
In an era where climate change poses an increasingly urgent challenge, the world is turning to finance as a critical tool for driving sustainable growth and mitigating environmental risks. As the global economy remains heavily reliant on fossil fuels and non-renewable resources, the need to transition to a low-carbon, sustainable economy has never been more pressing. Green finance and sustainable finance are emerging as key instruments in this transformation, channeling capital into projects that foster sustainability and reduce the negative environmental impacts of traditional industries. Both green finance and sustainable finance aim to shift the financial system towards environmentally friendly investments. Green finance focuses specifically on funding projects that benefit the environment, such as renewable energy and energy efficiency, while sustainable finance encompasses a broader range of activities that integrate environmental, social, and governance (ESG) criteria into investment decisions. Together, they play a pivotal role in addressing climate change by driving investments in clean technologies, sustainable infrastructure, and climate-resilient businesses. The urgency of this transition cannot be overstated. With rising greenhouse gas emissions and the global dependence on fossil fuels, the financial sector's role in combatting climate change has become crucial. Redirecting investments towards sustainable ventures is not only essential for environmental preservation but also for creating a resilient global economy that promotes long-term social well-being. Climate-Smart Investments The GCC is strategically positioning itself as a leader in the sustainable finance landscape. As the demand for sustainable finance surges globally, the region is leveraging these financial tools to diversify its economies, reduce reliance on oil, and accelerate progress toward net-zero emissions. A recent report by KPMG Lower Gulf and First Abu Dhabi Bank (FAB), titled 'The Sustainable Finance Imperative', highlights the transformative role of sustainable finance in the GCC's economic growth. The report emphasizes that climate-smart investments, expected to total $23 trillion across emerging markets, are reshaping the region's economic future, creating new opportunities for diversification, job creation, and long-term resilience. By focusing on green investments, the GCC is on track to add up to $2 trillion to its regional GDP by 2030, primarily through sectors such as renewable energy and sustainable infrastructure. FAB, the UAE's largest bank, has already made significant strides in facilitating sustainable financing projects, reaching Dh216 billion in sustainable and transition financing — 43% of its 2030 target of Dh500 billion. This demonstrates the growing demand for ESG-focused financing solutions, driven by both corporate priorities and consumer expectations. The rise of green finance is not only fostering sustainability but also spurring economic growth and job creation in the region. According to the report, green investments are expected to create over one million jobs by the end of the decade. The UAE alone has committed $16.8 billion towards renewable energy initiatives, with a particular focus on diversifying its energy sources and reducing carbon emissions. Leveraging Green Finance for a Greener Future The financial landscape in the UAE has been rapidly evolving, particularly with the growing emphasis on sustainability and green finance. As the world moves toward greener solutions, fintech platforms have emerged as powerful enablers in promoting sustainable investments. Anita Nouri, CEO and Founder of Green Growth Planning and Consultancy (GGPC), highlights that fintech plays a crucial role in leveraging sustainable investment. 'Green finance leverages and promotes sustainable investment, and fintech platforms offer eco-friendly finance solutions that make it easier for investors to participate in these opportunities,' She notes. These platforms provide an accessible avenue for investors to align their financial goals with environmental objectives, fostering a broader commitment to sustainable growth. Blockchain technology is another key player in the green finance ecosystem, enabling fractional ownership of green projects. This technological advancement opens up investment opportunities to a more diverse group of investors. By breaking down barriers to entry, blockchain allows for a more inclusive and equitable approach to sustainable investments. As Nouri explains: 'Blockchain enables fractional ownership of green projects, making it easier to attract diverse investors.' This innovative solution provides an added layer of security, reducing risk and ensuring that investors can have confidence in the projects they support. The transparency and traceability offered by blockchain technology are particularly valuable in the green finance sector, where trust and credibility are essential. Enhancing Transparency and Promoting Genuine Green Projects In the quest for genuine sustainable investments, digital platforms have emerged as a cornerstone for promoting transparency in green finance. These platforms allow for faster issuance of green bonds and other sustainable financial solutions, ensuring that the process is both efficient and reliable. Transparency is crucial in detecting and eliminating false claims of sustainability, a challenge that has plagued the industry in the past. Nouri emphasises: 'Transparency helps detect false claims of sustainability, ensuring only genuinely green projects receive funding.' In a market where greenwashing is a concern, digital platforms provide a much-needed solution by offering clear and accurate reporting on both financial performance and environmental impact. This ensures that only projects with verifiable, positive environmental outcomes are backed by Intelligence (AI) and data-driven analytics are reshaping the landscape of sustainable finance. These technologies enable investors to make more informed decisions by analysing vast amounts of data, identifying ESG-friendly investments, and assessing their long-term impact. By providing a deeper understanding of the environmental and financial implications of potential investments, AI-driven analytics ensure that investors can align their portfolios with their sustainability goals. The Role of Regulations As the UAE pushes toward a more sustainable future, regulations play a pivotal role in creating an environment conducive to green finance. According to Nouri, the UAE's regulatory measures are collectively designed to support the integration of environmental considerations into the financial sector. 'There are regulatory measures that collectively aim to create a robust ecosystem for green finance in the UAE, encouraging financial institutions and businesses to adopt sustainable practices and contribute to the nation's environmental objectives.' One of the most notable developments is the Abu Dhabi Global Market (ADGM), which has implemented a comprehensive regulatory framework that includes Environmental, Social, and Governance (ESG) disclosure requirements for entities within its jurisdiction. This regulatory move ensures that companies are held accountable for their environmental impacts while fostering transparency and investor confidence in sustainable ventures. In addition to ADGM's framework, the Central Bank of the UAE has introduced several regulations guiding the country's financial sector toward sustainability. Moreover, the UAE Sustainable Finance Working Group (SFWG) has developed guiding principles on sustainable finance, which provide voluntary guidelines for integrating ESG factors into the governance and strategy of financial institutions. 'These voluntary principles aim to integrate ESG factors into the governance, strategy for financial institutions,' says Nouri, emphasising the importance of keeping up to date with evolving regulations. Fintech and ESG While regulatory frameworks are essential, fintech firms have also become critical players in ensuring compliance with ESG standards while maintaining profitability. With their ability to harness cutting-edge technologies like Artificial Intelligence (AI) and automation, fintech firms are finding innovative ways to integrate ESG practices into their business models, driving both sustainability and profitability. Nouri explains that fintech firms are increasingly turning to automated ESG reporting tools and AI-driven investment strategies to stay ahead of regulatory demands. 'Fintech firms ensure compliance with ESG standards while staying profitable by integrating automated ESG reporting tools, using AI to assess sustainable investments, and offering green financial products like carbon credit trading or green bonds,' she notes. These green financial products not only meet the growing demand for eco-conscious investments but also help mitigate risks associated with environmental challenges, positioning fintech firms to attract a new generation of investors. Moreover, fintech innovations are enhancing accessibility and transparency in the green finance sector, giving investors a clearer picture of the sustainability impact of their investments. This innovation, according to Nouri, is driving the UAE's growth as a regional leader in sustainable finance. 'With fintech driving innovation, accessibility, and transparency in green finance, the UAE is well-positioned to become a regional leader in sustainable investments and climate-conscious financial solutions. By embedding ESG into their core strategies, companies can enhance their reputation, cut costs, unlock new revenue, and future-proof their operations,' she explains. For fintech firms, embracing ESG not only opens the door to new revenue streams, but it also offers a way to mitigate risks and future-proof their operations in an uncertain, rapidly changing world. 'ESG-aligned companies are increasingly favored by institutional investors and can boost stakeholder trust,' Nouri adds, underscoring the long-term benefits of sustainability for businesses that integrate it into their core values. A Bright Future Ahead The UAE-based fintech firms are steadily gaining traction on the global stage, thanks to a combination of strong government support and progressive regulatory frameworks that emphasise sustainability and digital innovation. Nouri highlights this momentum, stating: 'The UAE is quickly becoming a hub for fintech in the MENA region, attracting investment and talent while leveraging its strategic location to bridge markets between East and West.' The country's unique position enables local firms to tap into a dynamic ecosystem where east meets west, propelling them to greater prominence. However, Nouri emphasises that to compete with established global players, the UAE-based fintech firms must scale their solutions, enhance cross-border partnerships, and continue focusing on niche sectors like green finance and digital payments. 'It is a growth market that is finding its footing in the region,' she adds, noting that while the foundation is strong, sustained innovation and growth will be key to achieving a global impact.
Zawya
13-02-2025
- Business
- Zawya
UAE champions AI governance, technology innovation: KPMG-WGS report
A new KPMG report in collaboration with the World Governments Summit (GMC), titled 'The Future of AI Governance: the UAE Charter and Global Perspectives', underscored how the UAE's global leadership in ethical AI is paving the way for robust AI governance in the region. These strategic initiatives take centre stage at the WGS in Dubai, as international leaders gather to discuss and define the future of AI, government services, urbanisation, education and smart mobility. The UAE has successfully embedded technology into government services and aligned its advancements with human well-being and societal values. The UAE AI Charter, released in 2024, reflects this leadership through its 12 guiding principles, which prioritise inclusivity, transparency, innovation, and accountability. The WGS 2025 theme of 'Shaping Future Governments', makes this charter especially relevant as AI governance becomes a defining challenge for policymakers. The principles in the charter are designed to ensure that AI technologies enhance human capabilities while safeguarding fundamental rights, promote fairness and inclusivity, reduce bias and discrimination, maintain trust through transparency and robust data privacy measures and drive innovation with ethical governance. Joe Devassy, Director of Strategic Alliance at KPMG Lower Gulf, said, 'The UAE is rapidly emerging as a global hub for technology, including ethical and responsible AI development – both key themes at this year's WGS. In this context, the UAE AI Charter is playing a pivotal role in consolidating the nation's ambitions to secure a digital future. He added, 'The charter is more than a set of guidelines; it is a precursor to formalised AI regulations that are likely to shape the future of AI governance in the region. Organisations that act now to align with these principles will gain a competitive edge, enabling them to unlock opportunities for responsible innovation, positioning themselves as leaders in ethical AI adoption.' Governments worldwide are shifting from voluntary AI ethics frameworks to enforceable regulations. Without clear AI oversight, risks like bias, misinformation, and misuse could undermine digital governance efforts. Furthermore, businesses that delay alignment will face serious consequences. The UAE's structured approach to AI accountability benefits businesses and its citizens, who stand to gain from more transparent, unbiased, and secure AI-driven systems.
Zawya
11-02-2025
- Business
- Zawya
Emerging technology is a key priority for public and private sectors in the UAE
Dubai: As the World Government Summit gets underway in Dubai, underscoring technology trends impacting society, governance, and the global economy, KPMG's Unlocking Government's Technology Future – based on findings from the KPMG Global Tech Report 2024, reveals that public sector executives, including those in the Middle East, are positive about the value of their investments in digital transformation, despite challenges with talent, regulation, and trust. A vast majority (85 percent) are prioritizing emerging technologies over maintaining legacy ones, and there is increasing sophistication within public sector technology programs. In fact, the public sector is benchmarked marginally higher than the private sector in terms of progress on XaaS, cyber security, Web3, and data and analytics strategies. In the UAE, strategic public sector investments in technology are setting new standards in innovation, especially in the integration of AI with cloud computing. Recently, the Abu Dhabi Government announced plans to allocate AED 13 billion to foster innovation and technology adoption under the Abu Dhabi Government Digital Strategy 2025-2027. Meanwhile, the Dubai Universal Blueprint for Artificial Intelligence aims to accelerate the adoption of AI applications and contribute AED 100 billion annually to Dubai's economy, boosting productivity by 50 percent. Mohamad Majid, Partner, Digital and Innovation at KPMG Lower Gulf, said: 'The UAE is at the forefront of digital transformation in the region, integrating cutting-edge solutions to maintain global competitiveness and foster economic growth. Our research observes that UAE tech leaders place a higher emphasis on fostering communication between business functions and improving employees' tech literacy, ensuring that their organizations are well positioned to influence internal strengths and utilize human capital as foundational pillars for their digital initiatives.' According to KPMG's research, leaders are focusing on understanding how generative AI will impact productivity, where it will enable human capacity to be refocused onto more value-added tasks, and where it might influence service delivery. However, the urgency to adopt AI has also exposed various challenges, including trust, transparency, regulation of these new technologies, and the lack of skilled professionals to develop, deploy, and manage AI solutions. For AI to be successfully adopted building public trust in AI is essential for its successful adoption, and governments should be transparent about how it is used. KPMG's research highlights how governments can become active enablers and adopters of AI solutions. By providing the necessary tools and frameworks to guide the responsible development and application of AI solutions, competing for new skills and capabilities, and tapping into strategic partnerships, they will be able to adapt and thrive in the face of continuous technological advancements and disruptions. About the Global Tech Report 2024 The study is based on a survey of 2450 executives from 26 countries and territories across Europe, Middle East and Africa, the Americas and Asia Pacific. The government and public sector cut includes 120 respondents (60 percent from Europe, Middle East and Africa, 21 percent from Asia Pacific and 19 percent from the Americas). Three quarters of respondents represent organisations with more than 1,000 employees and 50 percent hold C-Suite roles (CIOs, CTOs, CISOs, Chief Digital Officers, Chief Data Officers, and Chief AI Officers). The remainder hold SVP or senior technology roles in their organizations. More information can be found on this proprietary survey in the KPMG Unlocking government's technology future report. About KPMG KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited ('KPMG International') operate and provide professional services. 'KPMG' is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 145 countries and territories, with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. For more details about our structure, please visit For media inquiries, please contact: Sara Seggari
