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Tourism performance is positive but there must be no complacency

The tourist sector’s positive performance in the last two years is not a reason for complacency, Kostas Koumis Deputy Minister for Tourism said, addressing an event hosted by the Deputy Ministry to mark the World Tourist Day, that was held in Eleftheria Square, Nicosia, on Friday.

“We need to redefine the role of tourism for the economy, entrepreneurship, the environment and the society,” he said.

According to Koumis, the most significant challenge which acts as an existing threat to society as a whole, the economy and tourism is climate change.

“And for this reason, the Deputy Ministry has incorporated a special chapter on green transition in the updated National Strategy for Tourism,” he added.

Referring to the performance of the sector this year, Koumis said that data show that in the period from January to August, arrivals increased by 4.1%, compared to the respective period last year, while they marginally increased compared with the same period of 2019, which was Cyprus’ historic record year in terms of tourist arrivals. Furthermore, he added that revenue from tourism in the first six months of the year were up by 4.2% year on year, despite the fact that 2024 is marked by many adversities.

However, Koumis pointed out that the course of tourism is not secure, as a series of challenges, with the greatest stemming from climate change, call for the need to take immediate measures.

“Each destination’s competitiveness is directly attached to the implementation of sustained and environmentally responsible policies, and this is a one-way street if we want our country’s tourist sector to be competitive,” the Deputy Ministry said.

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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