Dubai International Airport (DXB) handled a record 92.3 million passengers last year, an annual increase of nearly 6 per cent, as the emirate solidified its standing as a global tourist destination.
The world's busiest airport by international traffic beat its November forecast of 91.9 million annual passengers last year, up from 87 million in 2023 and exceeding its pre-Covid record of 89.1 million in 2018.
“Dubai is the airport of the world … and a new world in the aviation sector,” Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on X on Thursday.
Dubai Airports over the next 10 years will invest Dh128 billion ($34.8 billion) to “restructure the global aviation landscape with Emirati standards”, he said.
DXB recorded 300,000 flight movements, served 106 airline customers and operated flights to 272 cities in 107 countries last year, he added.
December was the airport's busiest month of last year, with 8.2 million passengers, the Dubai Media Office said.
Dubai welcomed nearly 17 million international visitors in the first 11 months of last year, the Dubai Department of Economy and Tourism's latest data shows. Western Europe was its top source market followed by South Asia and the Gulf countries, as the emirate continued to expand its tourism sector.
Emirates, the world's largest long-haul airline and the home carrier at DXB, said in November that it expects travel demand to “remain strong” for the rest of its 2024-2025 financial year, with plans to increase capacity and grow revenue as new aircraft join its fleet.
To accommodate future growth in passenger traffic, Dubai is also expanding its second hub, Al Maktoum International Airport (DWC), with a $35 billion terminal that will have a capacity of 260 million passengers a year once the final phase is completed. That airport currently has a capacity of 32.5 million passengers − handling mainly cargo and some low-cost airlines.
Dubai is pursuing a strategy to diversify its non-oil sector with a heavy focus on tourism, aviation, hospitality, technology and trade.
For the first half of last year, the emirate’s economy grew by 3.2 per cent to reach Dh231 billion, according to the latest available official data from the Dubai Media office in November.
Popular markets
Last year, India retained its position as DXB’s largest destination market, with 12 million passengers. Saudi Arabia recorded double-digit growth, with passenger numbers reaching 7.6 million.
Other top markets included the UK (6.2 million), Pakistan (4.5 million) and the US (3.5 million), while China recorded a 30.7 per cent year-on-year growth, driven by a surge in direct traffic.
London remained the top city destination, with 3.9 million passengers, followed by Riyadh (3.2 million), Mumbai (2.5 million), Jeddah (2.3 million) and New Delhi (2.2 million).
In terms of air freight, DXB handled 2.2 million tonnes of cargo throughout last year, an year-on-year increase of 20.5 per cent.
Outlook for DXB
Dubai Airports is “confident” about reaching the milestone of 100 million annual passengers by 2027, it said.
However, Paul Griffiths, chief executive of Dubai Airports, said on Thursday that the operator is likely to bring that forecast forward, predicting that DXB can reach the 100 million-mark in 2026.
“Because of the strong growth we've had and the fact that we've revised our forecast during the course of last year at least three times in the upward direction, that's giving us the confidence to suggest that we might end up reaching 100 million earlier,” Mr Griffiths said.
In 2025, DXB is expected to handle “94 million plus” passengers, as a continuing shortage of new aircraft risks constraining its growth, Mr Griffiths said.
“The uncertainty of delivery schedules and the hugely long lead times that both Boeing and Airbus have for their aircraft is having a big impact, exacerbated by the aircraft retirements that many airlines put in place during the Covid-19 pandemic,” he said.
“So many airlines are waiting for aircraft deliveries that are, in some cases, years behind schedule. That's why in 2025 we've got only a 1.7 million passenger increase in that number in our forecast. We don't believe that the supply of new aircraft will be in sufficient volume to fuel the growth that we would otherwise be able to facilitate if the aircraft were available.”
UAE airlines such as Emirates have joined a chorus of international carriers airing their frustration about continuing delays in aircraft deliveries that are costing them growth opportunities.
DWC airport terminal expansion
Meanwhile, the Dubai government is working on plans for the expansion of DWC with a new airport terminal to accommodate the anticipated growth in passenger numbers in the next decade.
The planned airport terminal expansion is still in the detailed design phase, with discussions under way with Emirates and flydubai, as well as construction companies, Mr Griffiths said.
“The aim is, by 2032, to have the airport pretty close to finishing and to have a capacity of 150 million on opening day,” he said. “We're working very closely with all the partners on this mega-project to ensure that we have timely delivery, because we cannot afford to constrain the growth of aviation here in Dubai, because that's a constraint on the growth of the economy, and both of those are absolute no-go areas.”
Asked if DXB's capacity will be able to stretch to accommodate increasing passenger traffic until the new DWC terminal is ready, Mr Griffiths said this is “clearly a challenge”.
However, there is a “safety valve” with the current passenger terminal in DWC to which some airlines can migrate their operations over the next few years, he said.
The biggest concern is to ensure that the road and railway network around DXB is able to cope with an increasing numbers of passengers, to ensure that the DWC expansion project is delivered on time and to maximise the growth at DXB, he added.
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
%3Cp%3E%E2%80%A2%20The%20digitisation%20of%20financial%20services%20will%20continue%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Managing%20and%20using%20data%20effectively%20will%20become%20a%20competitive%20advantage%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Digitisation%20will%20require%20continued%20adjustment%20of%20operating%20models%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Banks%20will%20expand%20their%20role%20in%20the%20customer%20life%20through%20ecosystems%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20The%20structure%20of%20the%20sector%20will%20change%3C%2Fp%3E%0A
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Killing of Qassem Suleimani
