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Dubai welcomes 6.17 mn int’l visitors from Jan-May

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3 years ago

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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.

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Explained: EPFO overhauls withdrawal rules to boost transparency, ease access for 30 crore members

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15 hours ago

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October 14, 2025

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New Delhi, Oct 14: The Employees’ Provident Fund Organisation (EPFO) has restructured its partial withdrawal regulations, combining 13 distinct clauses into three main categories: Essential Needs, Housing Needs, and Special Circumstances. This change aims to make it easier to access provident fund savings.

For the nearly 30 crore members who collectively own a corpus of about Rs 30 lakh crore, the reform aims to make the withdrawal process quicker, simpler, and more transparent.

The revised framework, referred to as EPFO 3.0, has standardised withdrawal limits.

Depending on the goal, members can now access up to 100 per cent of their eligible provident fund balance, which includes employer and employee contributions. However, at least 25 per cent of the EPF balance needs to stay in the account in order to maintain a safety net for retirement.

This implies that members can keep the required balance while withdrawing up to 75 per cent of their total corpus.

Additionally, the new regulations standardise the requirements for services. In the past, there were specific requirements for each type of withdrawal, such as five years of service for housing purposes and seven years for marriage-related withdrawals.

All partial withdrawals are now subject to a single 12-month minimum service period, which streamlines the procedure and removes any ambiguity.

Members will no longer need to provide documentation of their withdrawals under the “Special Circumstances” category, which is a significant relaxation. In the past, withdrawals under this heading required proof of emergencies, such as natural disasters or job loss.

The new clause, which permits members to leave without giving a reason, is anticipated to reduce red tape and expedite approvals.

The EPFO has also increased the withdrawal limits for marriage and education-related withdrawals. Instead of the previous cap of three combined withdrawals, members can now make up to 10 withdrawals for education and five for marriage.

Stricter guidelines for final settlements are also introduced by the reforms, though. In contrast to the previous two-month eligibility window, members can now only apply for an early final settlement 12 months after quitting their job and for pension withdrawal 36 months later.

In the event of a job loss, the 25 per cent minimum balance requirement only applies to partial withdrawals; it does not apply to full settlements.

While it is anticipated that the simplified framework will increase efficiency and transparency, workers who are laid off or have experienced extended periods of unemployment may find it difficult to obtain their provident fund savings immediately during a time when they may need it most, due to the revised settlement timelines.

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Silver hits record high above $52.50 as safe-haven demand fuel rally

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20 hours ago

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October 14, 2025

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Mumbai, Oct 14: Silver prices soared to an all-time high above $52.50 an ounce on Tuesday, boosted by a historic short squeeze in London and strong demand for safe-haven assets amid global economic uncertainty.

Spot silver rose as much as 0.4 per cent to $52.58 an ounce in London, breaking the previous record set in January 1980 when the billionaire Hunt brothers tried to corner the market.

Gold prices also climbed to a new record, marking eight consecutive weeks of gains, supported by rising geopolitical tensions and expectations of US interest rate cuts.

The rally in silver comes amid concerns over liquidity in the London market, which has triggered a worldwide rush to secure the metal.

Prices in London are trading at a rare premium compared to New York, prompting traders to fly silver bars across the Atlantic — a costly move usually reserved for gold — to benefit from higher prices.

The premium stood at around $1.55 an ounce on Tuesday, down from $3 last week.

Adding to the squeeze, silver lease rates in London — the cost of borrowing the metal — surged above 30 per cent for one-month contracts last Friday, making it expensive for traders to maintain short positions.

The situation worsened as strong demand from India in recent weeks further reduced available supply, following earlier shipments to New York amid fears of US tariffs.

Experts said the latest surge in both gold and silver reflects heightened market uncertainty.

Gold prices have jumped nearly 60 per cent this year, crossing the $4,100 mark for the first time, supported by geopolitical tensions, rate-cut expectations, and strong buying by central banks and investors.

Key US economic data such as inflation and retail sales are due later this week, but analysts warn that if the government shutdown continues, the release of these reports — including jobs data — could be delayed.

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Business

Indian stock markets open higher amid global trade concerns, Q2 earnings buzz

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21 hours ago

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October 14, 2025

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Mumbai, Oct 14: Indian stock markets opened higher on Tuesday as investors looked past global uncertainties caused by the ongoing trade tensions between the US and China, while also tracking quarterly earnings from Indian companies.

The Sensex began the day at 82,562, gaining 235 points or 0.29 per cent. Similarly, the Nifty opened at 25,283, up 55 points or 0.22 per cent.

Among the top performers on the Sensex were HCL Tech, Tech Mahindra, Tata Steel, Infosys, Bharat Electronics, Bajaj Finserv, Ultratech Cement, ICICI Bank, Kotak Mahindra Bank, and Larsen & Toubro, which rose up to 1.3 per cent.

On the other hand, stocks like Eicher Motors, Maruti Suzuki, Axis Bank, Sun Pharma, State Bank of India, Bajaj Finance, and Bharti Airtel witnessed early losses.

In the broader market, both the Nifty MidCap and Nifty SmallCap indices were trading in the green, rising 0.37 per cent and 0.38 per cent, respectively.

Among sectoral indices, the Nifty Metal index led the gains with a 1 per cent rise, supported by positive momentum in metal stocks.

Meanwhile, the Nifty Pharma index was the biggest laggard, slipping 0.37 per cent.

As per the experts, IT stocks, particularly the largecaps, are viewed as overvalued by the market since they are facing many headwinds and some strong structural issues.

“On the other hand PSU stocks have been trading at very low valuations despite decent growth and robust balance sheets. This anomaly in valuations have been corrected by the market. This trend is likely to continue,” market experts said.

‘However, in growth stocks like digital companies and renewable energy, their long-term growth potential will continue to attract investment despite high valuations,” they added.

With Muhurat trading approaching, there is room for a mild rally, according to analysts.

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