Business
Dubai welcomes 6.17 mn int’l visitors from Jan-May
Dubais successful tourism rebound continues to inspire global tourism recovery with the city welcoming 6.17 million international overnight visitors from January to May 2022, a 197 per cent year-on-year (YoY) increase from the same five-month period in 2021, which saw the destination attracting just over 2 million international travellers.
The latest tourism data was revealed by Dubai’s Department of Economy and Tourism (DET) at its first ‘City Briefing’ for 2022, a bi-annual event that provides an in-depth industry outlook to stakeholders and partners, and discusses future strategies to further reinforce the city’s position as a global hub for business, investment, talent and tourism.
The event was attended by more than 1,200 key executives from across the tourism ecosystem including aviation, travel, hospitality and retail sectors.
Helal Saeed Almarri, Director General, Dubai’s Department of Economy and Tourism (DET), commented: “The remarkable vision and leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, have always been an inspiration to us all, and this is reflected in the city’s continued success, as we focus on enhancing its position as a global hub for economy and tourism. We are building on the massive momentum generated by the hugely successful Expo 2020 to drive growth across all our tourism pillars from cultural to culinary experiences, while working towards achieving the ambitious goal of making Dubai the most visited destination and the city of the future that will be the best place in the world to live and work.
“As we look ahead to the remainder of 2022 and beyond, we will harness the key elements that have ensured the industry’s steady growth year after year since we reopened to international visitors in 2020, providing an unparalleled diverse destination offering that offers unique value and memorable experiences for our guests. This can only happen with the support of our stakeholders, and we are counting on them to continue playing a pivotal role in facilitating growth, as well as restoring confidence and trust among travellers in Dubai as a safe destination.”
The new tourism figures from DET show that overall, Dubai hotels maintained an average occupancy level of 76 per cent from January to May 2022 compared to 62 per cent during the corresponding period in 2021.
According to data from hotel management analytics firm STR, Dubai ranked No.1 globally in hotel occupancy, ahead of other international destinations including New York (61 per cent), London (60 per cent) and Paris (57 per cent), for the January-April 2022 period.
Issam Kazim, CEO, Dubai Corporation for Tourism and Commerce Marketing (DCTCM), opened the day’s programme by providing an overview of the industry with a detailed presentation that featured valuable visitor and marketing insights, in addition to an update on the communications activities that are underway across key international markets that include a novel campaign designed to encourage more families and global travellers to select the city for their summer vacation.
The ‘Stay More, Pay Less’ campaign is a citywide initiative supported by over 60 hotels and resorts, providing outstanding value to international travellers this summer. The promotion provides guests an amazing offer — stay for seven nights at participating hotels and resorts and pay for only five nights or stay for five nights and pay for only three nights stay.
Kazim further said: “Our constant dialogue with stakeholders and partners is crucial in ensuring that we are all aligned with the collective efforts being made under the guidance of our visionary leadership to ensure the city stays at the forefront of the world’s leading travel destinations. Our collaboration with stakeholders also provides them an opportunity to take advantage of our diverse campaigns and activities that are designed to sustain Dubai’s global appeal and keep the city top-of-mind as a must-visit destination. Dubai’s positive performance is also testament to the city’s resilience and the success of our recovery strategy. As we strive to leverage a robust domestic market and the growing international visitation, we are confident that the summer season will serve as an ideal launchpad to further accelerate momentum across the industry.”
He also briefed participants on the global campaigns, which have captivated audiences all over the world and shone a light on the city and all of Dubai’s attractions, from Dubai Presents, the thrilling campaign, which highlights �must visit’ attractions across the city through trailers featuring Hollywood and Bollywood stars, to Dubai being selected as the No.1 Global Destination in Tripadvisor Travellers Choice Awards 2022.
The event also highlighted the drive to position Dubai as a global gastronomy hub that has received a strong boost with the launch of Michelin Guide Dubai and the arrival of renowned fine-dining food critique brand Gault&Millau, both important additions to the city’s fast evolving gastronomy scene.
With its multifaceted offering, Dubai remains a popular destination, further validating the successful global campaigns run by DET throughout the year. Since Q4 2021, there have been over 200 million searches for travel to Dubai, and in May 2022 searches and bookings for the destination reached almost pre-pandemic levels.
Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment (DFRE), presented key highlights of Dubai’s Retail Calendar 2022, packed with iconic citywide festivals, events, activations and experiences including the much-awaited Dubai Summer Surprises, the region’s biggest summer festival which is celebrating its 25th edition this year, from July 1 to September 4, as well as next month’s Eid-al-Adha celebrations and the Dubai Fitness Challenge, which kicks off in October.
“With our unbeatable summer proposition, Dubai offers more value than any comparable destination with its world class infrastructure, the vast scope of its events and entertainment centres and hassle-free entry process, making it the summer destination of choice for families. Besides, our continuous collaboration with stakeholders and partners has paved the way for Dubai to offer a unique holiday package, allowing families, residents and visitors to avail themselves of innovative promotions, incentives and diverse deals this summer in Dubai,” Ahmed Al Khaja, CEO of DFRE, said.
Business
Why The Indian Stock Market Struggled: Inflation, FPI Outflows, And Currency Pressure; Everything You Need To Know
The Indian stock market on Wednesday (November 13) wrapped the another challenging day, marking the fifth consecutive session of losses.
The Sensex and Nifty, the two benchmark indices, both ended lower amid concerns over inflation and a broad selloff in metal stocks.
Market Snapshot
By the close of the trading session, Sensex was down by 984.23 points, or 1.25 per cent, ending at 77,690.95. Nifty 50 followed suit, shedding 324.40 points, or 1.36 per cent, to settle at 23,559.05.
The day saw a sea of red on both the Sensex and Nifty, with the majority of stocks ending lower. Among the few gainers were NTPC, Tata Motors, and Infosys, which saw minor upticks on BSE.
However, the broader market was dominated by heavy losses, especially in stocks such as JSW Steel, State Bank of India (SBI), Adani Ports, Mahindra & Mahindra (M&M), and Tata Steel, all of which posted declines.
Reasons behind the sharp decline
One of the major factor contributing to the market’s downward trajectory is the growing concern related to inflation.
As per the data which released by the Ministry of statistics and Programme Implementation regarding the India’ retail inflation, it showed that for the month of October, it surged to 6.21 per cent, breaching the Reserve Bank of India’s (RBI) upper tolerance limit of 6 per cent for the first time in over a year. The primary factors that contributed to surge include rise food prices, driven by the extended monsoon season and crop damage.
Adding to the pressure is the continued outflow of foreign portfolio investments (FPIs). On November 12, FPIs sold shares worth Rs 364.35 crore, bringing the total outflows for November to Rs 23,911 crore
The Indian rupee also struggled on November 13, weakening by 1 paisa to close at 84.38 against the US dollar.
The rise of the US dollar, which surged 1.8 per cent in November, has been exacerbated by the US presidential election result and higher bond yields. The US 10-year bond yield spiked to 4.42 per cent, further diverting capital away from emerging markets like India.
Business
Trump Victory Revives The Crypto Mania; Bitcoin Touches 81,000 Mark, Other Virtual Currencies Also Surge
The world of cryptocurrency, which was enduring its long-drawn-out winter since the end of the pandemic, appears all set to come out of its ‘haitus’.
And this new surge has been powered by the recent triumph of Donald Trump at the 2024 US election. The president-elect, Donald Trump, who once thought that crypto was a ‘scam’, has come a long way. Donald Trump, by all means, is the most crypto-friendly president that the US has had so far.
Bitcoin
As a result of this newborn optimism, major names in the crypto business. The biggest of them all, Bitcoin, saw the biggest jump. Bitcoin scaled the USD 80,000 mark for the first time.
In the past 5 days, the cryptocurrency has surged in value by 7.76 per cent or USD 5,865.47, taking the overall value to 81,456.88 for one USD. In the Indian context, one Bitcoin is worth Rs 68,72,585.50.
Ethereum
And it is not just Bitcoin that has seen its value gallop. The second biggest name in the crypto world, Ethereum has observed a rise in its price since Trump’s victory. 8.71
In fact, this crypto has seen an even bigger jump of 17.00 per cent or USD 462.66, in the past 5 days, taking the overall value to USD 3,184.54.
Ripple
Another cryptocoin, Ripple, has also seen its prices rise. In the past 5 days alone, the value of this digital currency has jumped to USD 0.59.
This came to pass after an 8.71 per cent USD 0.05 rise in its value.
Dogecoin
The meme coin or a currency that was started as a joke, Dogecoin or ‘Dog Coin’ also saw a gargantuan rise in its prices. Just in the past 5 days, Dogecoin jumped in value by a substantial 49.76 per cent.
The price increased by USD 8.24, taking the overall value to USD 24.80. It is to be noted that Tesla boss Elon Musk, who is a close ally of Donald Trump, is a major proponent of this cryptocurrency.
One of the controversial policies that Trump has advocated throughout his campaign is weakening the US Dollar and loosening any scope of scrutiny on cryptocurrency. In fact, it is even reported that he would ‘fire’ the Security Exchange Commission chair, Gary Gensler. Gensler has been at the forefront of attempts to regulate cryptos.
Business
India Set To Lead The World In 6G, Says Telecom Minister Jyotiraditya Scindia
In a bold declaration at the inaugural address of the Indian Mobile Congress 2024 (IMC) on Tuesday, Union Telecom Minister Jyotiraditya M. Scindia has said that India will lead the world in the adoption of 6G.
In his address at the event, Scindia emphasized that India is now prepared to lead the world in the development of 6G technology.
India’s Technological Rise: From Following to Leading
“It is our belief and commitment that India, which followed the world in 4G and marched with it in 5G, will lead the world in 6G,” Scindia stated.
The minister highlighted India’s remarkable achievements in the telecommunications sector over the last ten years, the country has become a global leader in innovation and technology.
“It’s a fundamental change in approach towards technology development,” he said, attributing this transformation to Prime Minister Narendra Modi’s leadership.
Telecom Sector Growth Under PM Modi’s Leadership
“Prime Minister who has always put people at the heart of progress Sabka Sath, Sabka Vikas Sabka Vishvas aur Sabka Prayas combined with his second motto, One Earth, One Family and One Future. It is combination of these two mottos that leads India under PM Narendra Modi leadership one of the leading sectors in the committee of Nations,” Scindia said.
Scindia underscored government’s initiatives to bridge the digital divide, particularly through the BharatNet program, the world’s largest rural broadband connectivity initiative to connect every panchayat of the nation. Over the past three years, the government has invested more than USD 10 billion and laid 7 lakh kilometres of fiber across rural India.
Digital Payments and UPI: Pillars of India’s Digital Economy
He cited staggering growth in mobile and broadband connectivity, with mobile connections rising from 94 million to 1.16 billion, and broadband users growing from 60 million to 924 million in just a decade. India’s optical fibre cable (OFC) networks has expanded from 11 million kilometers to 41 million kilometres over the last ten years, he added.
The minister further said that this growth is accompanied by the success of India’s digital payment systems, the 4G stack, and the Unified Payments Interface (UPI), which serve as pillars of India’s digital economy are expected to contribute significantly to the global digital infrastructure.
Scindia further noted that the government’s efforts to ensure that policy frameworks keep pace with the rapidly evolving digital landscape. “The recent changes to the Telecommunications act 2023 is a case in point. It has been drawing light upon hither to undressed areas such as a high potential sector of satellite communications, addressing the challenges of the digital leader. The most important being cyber security. The telecom sector much like other growth critical sectors in India is aggressive, is ambitioushe said.
“The telecom sector much like other growth critical sectors in India is aggressive, is ambitious and its outlook in our Journey from Amritkal to Shatabdikal is to lead the world,” Scindia said. By mid-next year, India will have achieved 100 per cent saturation of 4G across the entire country, covering even the most remote villages, the minister said.
He emphasised PM Modi’s vision of India as a first mover in 6G technology, underscoring the nation’s resolve to lead the world in future telecom innovations.
“The attitude put forward by the prime minister of not just embracing, but raising ourselves to becoming the first mover in the 6G technology,” he added.
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