Latest news with #MideastMoney
Gulf Insider
08-05-2025
- Business
- Gulf Insider
Qatar Bets On Sports To Hit 2030 Tourism Goal Ahead Of Schedule
Qatar spent billions of dollars preparing for the 2022 World Cup, betting that the global spotlight would spark a lasting tourism boom. Three years on, that gamble appears to be paying off. International tourist arrivals surged to 5.1 million last year, up 25 per cent from 2023. Nearly 2 million people have visited Qatar so far this year, fueling optimism among tourism officials that the gas-rich nation could surpass its targets ahead of schedule. 'Our target for 2030 was 6 to 7 million visitors, but I think we will achieve this number sooner,' said Abdulaziz Ali Al Mawlawi, chief executive officer of Visit Qatar, in an interview in Dubai last week. To help edge up numbers, the country aims to position itself as the 'capital of sports,' he said. Over the next few months, Qatar is set to hold events including the the biggest-ever edition of the Fifa U-17 World Cup, the 2025 Fifa Arab Cup, and the Formula 1 Grand Prix at Lusail International Circuit. 'We'll be announcing a very big event for late November in Doha,' Al Mawlawi said, declining to give further details other than that it would be a global one. The rise in visitor numbers could also help the Gulf nation reach its goal of having tourism contribute about 12% to gross domestic product '- potentially ahead of the 2030 target, he said. Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region. While major sporting events have attracted thousands of fans, Qatar is aiming to position itself as a year-round destination by appealing to families seeking affordable luxury. 'It's very safe, very clean, with high-quality hotels and fine dining at reasonable prices,' Al Mawlawi said. Qatar is also expanding its hotel and resort offerings, with a focus on conference and events infrastructure. Doha currently has around 40,000 hotel rooms, with more in development. Still, the country faces stiff competition in the region. Dubai remains the Middle East's dominant tourism hub, while Abu Dhabi has committed $10 billion to expanding its cultural and hospitality footprint. Saudi Arabia aims to draw 70 million foreign visitors annually by 2030, up from about 30 million in 2024. Rather than compete directly, Qatar is promoting multi-stop itineraries, partnering with neighbors including Saudi Arabia and Abu Dhabi to create joint campaigns. 'We're complementing each other,' Al Mawlawi said. Gulf Cooperation Council nationals made up 41 per cent of arrivals last year, with Saudi Arabia as the top individual source market. Key international sources include the UK, US, China, India and Germany. Qatar has opened tourism offices in 13 countries to broaden its outreach. However, the growth in Chinese and Indian demand has been hurt by limited air connectivity. 'Flights from India to Qatar and China to Qatar are almost at the capacity,' Al Mawlawi said. 'So, we are trying hard to increase the capacity, to increase the landing slots in those countries.'
Bloomberg
05-05-2025
- Business
- Bloomberg
How Abu Dhabi's $1.7 Trillion Wealth Funds Collaborate — And Compete
Welcome to the Mideast Money newsletter, I'm Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here. This week: Mubadala Capital's rare stake sale, potential easing of AI chip curbs on the UAE and the Trump Organization's $20 million Dubai penthouses. But first, a spotlight on Abu Dhabi's newest wealth fund.
Bloomberg
03-03-2025
- Business
- Bloomberg
Saudi Wealth Fund's Global Deal Spree Has a Local Twist
Welcome to the Mideast Money newsletter, I'm Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here. This week, Saudi Arabia's wealth fund blocks PwC from advisory work for one year, Dubai's job market is becoming a ' victim of its own success,' and First Abu Dhabi Bank is hiring Citi veterans. But first, let's take a look at how the PIF's global deals push fits into the kingdom's Vision 2030 plans.
Bloomberg
17-02-2025
- Business
- Bloomberg
Trump and Saudi Arabia's Billions Are Set to Converge in Glitzy Miami
Welcome to the Mideast Money newsletter, I'm Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here. This week, fund managers are deepening their presence in the region, a Saudi wealth fund-backed developer lines up a $523 million IPO, and Saudi Aramco boosts its AI footprint. But first, let's put the spotlight on a warm-weather city over 7,000 miles away from the Middle East.
Bloomberg
10-02-2025
- Business
- Bloomberg
Abu Dhabi's Anthropic Deal Will Seal a Rare AI Hat Trick
Welcome to the Mideast Money newsletter, I'm Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here. This week, a hedge fund executive departs, Manchester City's troubles could impact UAE-UK relations, and LIV Golf's breakthrough. But first, let's look at Abu Dhabi's latest salvo in the AI space.
