August 7: Developing Stories
RETURN FLIGHT
Chinese tourists are flocking back to the Gulf?in a post-pandemic travel boom, with arrivals in Dubai almost reaching pre-Covid levels. The resurgence has seen more than 1 million Chinese passengers set foot in Dubai International Airport in the first half of the year, up 80% from 2023 when Beijing lifted some of the world’s harshest travel restrictions. The Middle East’s tourism and hotel operators have been working hard to attract high-spending Chinese tourists, with new luxury resorts and attractions on Saudi Arabia’s Red Sea coast, as well as the Gulf’s first casino opening in the UAE’s Al Marjan Islands in 2027, expected to be major draw cards. Overall passenger numbers at DXB rose 8% in the first half of 2024, with the world’s busiest airport for international traffic welcoming 44.9 million passengers.?
DESK DRIVE
An influx of international companies and investors looking to capitalize on a robust economy and government incentives is driving up the value of commercial real estate in Abu Dhabi. Premium office space in top locations is up around 10% compared to last year, according to a new report from real estate consultancy ASTECO Polska , with growth in the last quarter ranging from around 3% to 8%. Abu Dhabi Global Market (ADGM), the UAE capital’s financial center, is embarking on a huge expansion plan which pulls neighboring Reem Island into its jurisdiction, creating one of the biggest financial districts in the world. Goldman Sachs, Blackstone, Apollo, Fifth Wall and the Asian Infrastructure Investment Bank are among the 1,950 firms now operating in the free zone.