TOURISM AND TRADE IN DUBAI IS LIKELY TO BOOST FROM NARENDERA MODI’S VISIT TO UAE
- August 16, 2015
- Posted by: RKonnect
- Categories: Business & Economy, Hospitality & Tourism
In line with Dubai’s Tourism Vision for 2020, which aims to welcome 20 million annual visitors, the Department of Tourism and Commerce Marketing (DTCM) are taking series of steps to promote Dubai as the tourist destination. Recently, DTCM collaborated with www.musafir.com and conducted various roadshows in India to enhance awareness of Dubai among Indian tourists and boost inbound leisure and cruise tourism in the Emirate. With Narendera Modi’s visit to UAE today, tourism and trade between both countries is likely to bolster with Dubai benefiting the most, in terms of growth in inbound tourist as well as foreign direct investments from India.
Indian Tourist Among Top 5 to Visit Dubai
India being one of top five feeder markets for Dubai along with Saudi Arabia, UK, USA and Russia, witnessed near around 10 percent of Dubai’s total number of international overnight visitors in 2014. The trend is likely to increase with the growth of Indian economy as well as of young adult population in India.
Multiple Entry Visa System Encourages Cruise Tourism
Likewise, the introduction of multiple-entry visa system will benefit cruise tourism in Dubai as it aims to attract more passengers in general and from India for the upcoming season (September 2015 – June 2016). According to DTCM, Dubai is likely to attract 128 ship calls and 410,000 passengers in 2015-16 compared to 110 ship calls and 381,000 passengers in the current season.
Arrival of Narendera Modi in UAE
The arrival of Narendera Modi today (first by an Indian Prime Minister in 34 Years) will boost bilateral relations between both countries (India and UAE) through cooperation in energy, trade and tourism. It will also allow Dubai to capitalize and attract potential Indian tourists as well as investors to invest in various sectors of Dubai economy. Currently, India-UAE trade is valued around $60 billion (in 2014-15) as UAE is India’s third largest trading partner after China and the USA. On the other hand, India became the largest trading partner for UAE with over $28 billion in non-oil trade in 2014.
Indians Among Top Foreign Investors in Dubai’s Real Estate
According to Dubai Land Department (DLD) Indian nationals accounted for more AED 3 billion in total real estate transactions in Dubai in Q1 2015. Around 1,293 investors from India invested in Dubai’s real estate market making them the largest non-Arab investors in Dubai both in terms of value and volume. Indian investors have invested near around AED 44 billion in last three years including AED 18 billion in 2014. British and Pakistani investors were second and third in real estate investments with AED 1.89 billion and AED 1.39 billion for Q1 2015.
The Way Forward
The strategic importance of UAE can be assessed from the fact that Narendera Modi chose UAE as the first country in the Arab World to visit. It is likely that his visit will have positive impact on both India and UAE. However, in doing so, Dubai will aim to increase in inward tourism apart from providing Indian investors with a unique and comprehensive value-added platform.