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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

Maharashtra first to qualify for second RKVY instalment after timely fund utilisation

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New Delhi, July 27: Maharashtra has become the first state to qualify for the second instalment of the government’s Rashtriya Krishi Vikas Yojana funding after utilising about Rs 260 crore of the Rs 335 crore first instalment, exceeding the 75 per cent utilisation benchmark, an official statement said on Monday.

Union Minister for Agriculture and Farmers’ Welfare Shivraj Singh Chouhan chaired the virtual review meeting to assess the utilisation of funds released under the scheme and to consider the issuance of the second instalment to Maharashtra, the statement said, adding that the process for release is being taken up.

The minister acknowledged satisfactory progress under the Mission for Integrated Development of Horticulture and urged the state to accelerate expenditure on digital agriculture, agriculture extension, the National Horticulture Mission, seeds, oilseeds and agroforestry components.

He also suggested that pending liabilities under the Seeds component be booked expeditiously to improve fund utilisation.

Chouhan said Maharashtra’s overall utilisation exceeding the required threshold reflected effective implementation of agricultural development programmes.

The minister emphasised that timely expenditure should always be accompanied by continuous monitoring to ensure that public funds are utilised strictly for the objectives for which they have been sanctioned.

He also appreciated Maharashtra’s performance in generating Farmer IDs and recalled the state’s prompt financial assistance to farmers affected by floods, wherein compensation amounting to around Rs 14,000 crore was transferred directly to farmers’ bank accounts within five days.

During the meeting, a separate discussion was also held on the implementation of the Pradhan Mantri Fasal Bima Yojana (PMFBY). The minister stressed the need for accurate disclosure of information by farmers while applying for crop insurance.

He clarified that both Kisan Credit Card (KCC) and non-KCC farmers are eligible to avail crop insurance benefits, but concealment of KCC status by applying through another account should be avoided.

The proposed declaration on the portal is intended solely to ensure transparency and correctness of information, and not to restrict benefits to any eligible farmer.

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Business

Zen Technologies shares tumble over 10 pc after weak Q1 earnings

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Mumbai, July 27: Shares of Zen Technologies Ltd. fell more than 10 per cent in early trade on Monday after the technology company reported a weak set of earnings for the first quarter of FY27, hurt by lower revenue and a sharp contraction in operating margins.

At around 10:50 am, the stock had plunged as much as 10.39 per cent to an intraday low of Rs 1,585.55 on the BSE. It later pared some losses to trade at Rs 1,688.95, down 4.55 per cent.

The disappointing quarterly performance has shifted investor attention to the company’s order book and management’s outlook for the rest of the financial year.

Revenue from operations declined 10.5 per cent year-on-year to Rs 142 crore in the April-June quarter, compared with Rs 158 crore in the same period last year.

The company’s operating performance also weakened, with EBITDA falling 38.8 per cent to Rs 38.7 crore from Rs 63.3 crore a year earlier.

Its EBITDA margin narrowed sharply to 27.3 per cent from 40 per cent in the corresponding quarter last fiscal, indicating increased pressure on profitability despite a relatively modest decline in revenue.

Net profit dropped 27.8 per cent to Rs 34.5 crore from Rs 47.8 crore in the year-ago period. The company said the quarterly performance was also affected by a one-time loss of Rs 3.4 crore.

Meanwhile, the board approved a two-year extension for the utilisation of proceeds raised through its qualified institutional placement (QIP). Zen Technologies had raised the funds in August 2024 and has been regularly updating stock exchanges on their utilisation through monitoring and deviation reports.

On Monday, the stock touched an intraday low of Rs 1,585.55. Over the past 52 weeks, it has traded between a low of Rs 1,224 and a high of Rs 2,023.40 on the BSE.

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Business

Sensex may face resistance at 76,300, Nifty support seen at 23,600: Analysts

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Mumbai, July 26: The benchmark equity indices are likely to remain under pressure in the coming week, with the Sensex facing immediate resistance around the 76,300 level and the Nifty expected to find crucial support near 23,600 after both indices extended losses in a volatile trading week marked by rising crude oil prices, geopolitical tensions and weak banking stocks, analysts said on Sunday.

According to experts, the Sensex surrendered the gains made in the previous week and slipped below the psychologically important 77,000 mark as geopolitical concerns and earnings-related pressures weighed on investor confidence.

“From a technical perspective, the 76,300 zone now acts as immediate resistance. On the downside, the 75,800–75,700 zone is likely to offer immediate support; a break below could open the door towards 75,500–75,400,” a market expert mentioned.

For the Nifty, analysts said the index slipped below the lower end of its month-long consolidation band of 23,800-24,400 and tested support near the rising trendline around the 23,600 level before ending the week at 23,767.45.

“A decisive breach below the 23,600 support zone could accelerate the correction towards the previous swing low of 23,100. On the upside, the 24,000–24,100 region is expected to act as the first resistance, followed by a stronger hurdle around the 24,400 mark,” a market expert mentioned.

Meanwhile, in the previous week, the Indian stock market witnessed heightened volatility as investors turned cautious amid a spike in global crude oil prices and renewed geopolitical uncertainties.

Mixed first-quarter earnings from banking companies further weighed on sentiment, while a weakening rupee and a broader risk-off mood restricted buying despite resilient domestic macroeconomic indicators and stock-specific opportunities emerging during the ongoing earnings season.

The Sensex fell 2.68 per cent over the week to settle at 76,059.77, while the Nifty declined 2.33 per cent to close at 23,767.45.

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