CBUAE projects UAE's real GDP growth to reach 6.2 per cent in 2025
Jun 22, 2024
Abu Dhabi [UAE], June 22 (ANI/WAM): The real estate, tourism and hospitality sector, and transportation sectors collectively represent around 30 per cent of the non-oil GDP, the report highlighted.
The number of residential real estate sales transactions in Abu Dhabi in January-April 2024 was estimated to have increased by 7.7 per cent YoY. Growth was mostly driven by the sales of ready units, which increased by 24.9 per cent YoY, while off-plan sales increased marginally by 0.8 per cent YoY.
Data for Q1 2024 indicated that Dubai sustained its role as a top international tourism hub. The emirate's hotel occupancy rates stood at 83 per cent, equal to the previous year's figures, while the average duration of stay per visitor was almost unchanged at 3.9 nights, yet there was a 2 per cent YoY increase in the total occupied room nights, totalling 11.2 nights.
Furthermore, Dubai recorded an 11 per cent rise in tourist arrivals in the first three months of 2024 compared to the same period last year, taking advantage of the revival of worldwide travel demand. During this period, the emirate welcomed 5.2 million international overnight visitors, an increase from 4.7 million tourists in the first quarter of the previous year.
Zayed International Airport welcomed over 6.8 million passengers in the first quarter of 2024, taking advantage of the top-tier facilities and services at its newly opened terminal in Abu Dhabi. This emphasises Abu Dhabi's status as a major transportation hub, with a 36 per cent increase in passenger numbers compared to the first quarter of 2023.
Dubai International Airport had an exceptional start in 2024, recording its busiest quarter ever, which highlights its importance as a global aviation hub and a major contributor to Dubai's economy. During the first quarter, there was a remarkable increase in passenger traffic, with 23 million travellers passing through its facilities. This represents an 8.4 per cent rise compared to the same period last year, emphasising its strong connection to key global markets and its role in strengthening Dubai's status as a prime destination for both tourism and business.
Boosting its status as a global travel and tourism hub, Dubai approved an ambitious AED128 billion project for a new passenger terminal at Al Maktoum International Airport. This expansion will increase the size of Dubai's main international airport five times, to become the largest in the world by size and capacity, capable of handling up to 260 million passengers annually. (ANI/WAM)
