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

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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.

Business

SIP inflows hit all-time high of Rs 26,632 crore in April: AMFI data

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Mumbai, May 9: India’s mutual fund industry saw a historic surge in systematic investment plan (SIP) contributions in April, with investors pouring in a record Rs 26,632 crore last month, according to data by the Association of Mutual Funds in India (AMFI) released on Friday.

This marks the highest-ever SIP inflow for any month, the report said.

In April, 1.36 crore SIP accounts were either closed or matured as part of this process. However, investor interest remained strong. The number of active SIP accounts grew to 8.38 crore in April, up from 8.11 crore in March, showing that people are still keen on building long-term wealth through mutual funds.

April also saw the creation of 46 lakh new SIP accounts, higher than the 40.19 lakh new accounts opened in March.

AMFI said the spike in account closures was due to a planned clean-up and is likely to reduce sharply from May onwards.

“The sustained inflows underscore improving investor sentiment, supported by strong corporate earnings, resilient macroeconomic fundamentals, and a continued tilt towards equities as the preferred asset class,” said Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India.

Notably, the absence of any major new fund launches during the month indicates that investors largely allocated capital to existing schemes — a testament to their confidence in the long-term growth prospects of Indian equity markets, he added.

The record-breaking investment came even as the industry undertook a large clean-up of inactive accounts.

Despite a slight dip in inflows into equity mutual funds, the overall mutual fund industry continued to grow rapidly.

Total assets under management (AUM) reached an all-time high of Rs 70 lakh crore in April.

This is a big jump from Rs 65.74 lakh crore recorded in March — showing strong investor confidence in the market.

Large-cap mutual funds, which had faced outflows in recent months, bounced back with net inflows of Rs 2,671.46 crore in April.

This was a slight increase from Rs 2,479.31 crore in March. According to the report, this suggest that investors are regaining interest in these relatively stable funds.

Mid-cap funds attracted Rs 3,313 crore during the month, a minor drop from Rs 3,438.87 crore in March.

Meanwhile, small-cap funds continued to perform steadily, drawing Rs 3,999.95 crore in April, only slightly lower than the Rs 4,092 crore they received the month before.

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Business

India, Chile make progress on comprehensive economic partnership agreement

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New Delhi, May 9: India and Chile have signed the terms of reference (ToR) for a comprehensive economic partnership agreement (CEPA), marking a significant advancement in their bilateral trade relations, the government said on Friday.

The mutually-agreed ToR were signed by Juan Angulo, Ambassador of Chile in India and Vimal Anand, Joint Secretary in Department of Commerce, who is also the Chief Negotiator for India-Chile CEPA from the Indian side.

Both sides reiterated their shared vision for strengthening bilateral relations and look forward to fruitful discussion during the first round scheduled in the national capital from May 26-30.

According to the Commerce Ministry, the CEPA aims to build upon the existing PTA (preferential trade agreement) between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSME and critical minerals, etc. thereby enhancing economic integration and cooperation.

India and Chile are strategic partners and close allies, sharing warm and cordial relations.

Bilateral ties have steadily strengthened over the years with the exchange of high-level visits. A Framework Agreement on Economic Cooperation was signed between the two countries in January, 2005, followed by PTA in March, 2006.

Since then, economic and commercial relations between India and Chile have remained robust and continue to grow.

According to the ministry, an expanded PTA was subsequently signed in September 2016 and became effective from May 16, 2017.

In April 2019, both countries agreed to pursue a further expansion of the PTA with three rounds of negotiations between the years during 2019-2021. To deepen their economic engagement, both sides expressed their intention to negotiate a CEPA to unlock the full potential of their trade and commercial relationship, boosting employment, facilitating investment promotion, and cooperation and exports, as suggested by the Joint Study Group established under the Framework Agreement.

The JSG report was finalised and signed on April 30, 2024.

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Business

Pakistan stock markets continue to bleed, down 14 pc since Pahalgam attack

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New Delhi, May 8: The stock markets in Pakistan further tanked on Thursday, as trading was halted at the Karachi Stock Exchange (KSE) amid rising geopolitical tensions.

Karachi Stock Exchange fell more than 6 per cent on Thursday before the trading was halted. The stock exchange has been witnessing a continuous decline since the barbaric Pahalgam terror attack.

The main index, Karachi Stock Exchange 100 Index (KSE-100), has slipped by more than 13 per cent since April 22 when the terror attack happened, killing 26 people, most of them tourists.

On April 22, the KSE-100 index was at 1,18,430, which has now dropped to 1,03,060.

Apart from this, another Pakistani stock index, KSE-30, has also fallen more than 14 per cent since April 22.

Amid the grim state of the stock markets, Pakistan has only $15 billion of foreign exchange reserves left and is on the verge of economic collapse.

The country is seeking a fresh loan worth $1.3 billion from the International Monetary Fund (IMF) to run its economy.

Pakistan’s economy, in the initial years after independence, grew at the same pace as India’s, backed by US aid and donations from the oil-rich Islamic nations.

However, while democratic India kept its focus on economic development and lifting its masses out of poverty, Pakistan has been rocked by bloody coups and military dictatorships, with the army Generals still calling the shots and fuelling hostility against its more prosperous neighbour.

Pakistan was on the brink of sovereign default in 2023 and had to be bailed out by a $3 billion IMF loan.

The country is still critically dependent on this financial lifeline and is desperately trying to raise another $1.3 billion climate resilience loan.

Overall, the neighbouring nation now faces an economic freefall – crippled by political chaos and the long-term cost of harbouring terrorism.

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