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Cyprus Sets Tourism Record in 2024, Looks Forward to Continued Growth

According to Deputy Minister of Tourism Kostas Koumis, in 2024, Cyprus recorded its highest-ever tourism performance for the first nine months of the year. Speaking at the inauguration of the Cyprus Airways Flying Academy in Larnaca, Koumis highlighted impressive growth in arrivals and revenue, attributing this success to dedicated efforts by tourism stakeholders amid challenges like Eastern Mediterranean instability and European economic conditions.

Despite early-year obstacles, Cyprus’s tourism numbers remain robust, with the winter season anticipated to increase over last year’s figures, which rose by 7%. Koumis noted that tourism facilities are extending their operations through mid-November, an unusual move that reflects the sector’s resilience.

Looking forward, Koumis expects 2025 to bring even greater tourism growth. He cited extensive preparations for the upcoming summer season, as well as an expanding flight schedule that connects Cyprus to 39 countries through 55 airlines. While tensions in neighboring regions, particularly Israel, present uncertainties, Koumis is optimistic about the industry’s ability to adapt, emphasizing that Cyprus’s tourism sector is well-prepared to sustain its strong performance and deliver further growth in the coming years.

UAE’s Foreign Trade Hits Record $820 Billion In 2024, Fueled By Strategic Deals

In 2024, the UAE’s foreign trade reached a historic $820 billion (AED 3 trillion), marking a significant achievement for the nation. This milestone was driven by a rise in international trade agreements, with Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, highlighting the pivotal role these partnerships played in the country’s economic growth.

Strong Trade Growth

The UAE’s foreign trade saw a robust 14.6% year-on-year growth in 2024, a stark contrast to global trade growth of just 2%. Sheikh Mohammed credited the nation’s ongoing efforts to strengthen economic ties globally, with a particular emphasis on the role of UAE President Sheikh Mohammed bin Zayed Al Nahyan, who has worked tirelessly to cultivate stronger international relationships.

The Impact Of CEPAs

A key contributor to the UAE’s foreign trade success is the implementation of Comprehensive Economic Partnership Agreements (CEPAs). These agreements, spearheaded by Sheikh Mohammed bin Zayed, added an impressive $36.8 billion (AED 135 billion) to the UAE’s non-oil trade in 2024, marking a 42% increase from the previous year. These agreements are helping to cement the UAE’s position as a global trade hub.

Achieving Ambitious Goals Early

In 2021, the UAE set an ambitious target of reaching $1.1 trillion (AED 4 trillion) in foreign trade by 2031. By the end of 2024, the country had already achieved 75% of this goal, putting it on track to surpass this target well ahead of schedule. This rapid progress reflects the UAE’s strong economic vision and strategic focus on progress over politics.

Exports Surge

The UAE’s exports also saw a significant jump in 2024, rising 32% between January and October compared to the same period in 2023. This performance highlights the strength of the country’s industrial strategy and its growing global market access.

Outlook for 2025

The UAE’s economic outlook remains strong, with the International Monetary Fund (IMF) forecasting 4% growth in 2025, driven by non-oil sectors such as tourism, construction, and financial services.

In conclusion, the UAE’s record-breaking trade figures are a testament to its effective economic strategies and its growing influence in global markets.

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