Dubai is renowned all over the world for its tourist industry. The industry is one of the significant contributors to Dubai’s growth and prosperity. While Dubai has been attracting travellers from all over the world, at the same time it lures entrepreneurs and investors to earn and enjoy the vast opportunities of the travel industry.
Tourism is one of the major non-oil industries contributing to growth, prosperity and GDP of Dubai and the United Arab Emirates (UAE).
The UAE's ambitious economic diversification strategy has identified the travel and tourism sector as a significant development industry.
The UAE Cabinet approved the formation of the Emirates Tourism Council to strengthen the tourism portfolio by developing a tourist plan that acknowledges the goals of the country and the UAE Centennial 2071, as well as incorporating all pertinent local agencies and ministries. The council would work for promoting tourism industries, suggesting and revising legislations to support tourism, producing a comprehensive database of information about national tourism, and attracting tourism investments.
Tourism investment as been one of the greatest contributing factors to the rapid growth of Dubai and the UAE as a whole, Dubai has also retained its top ranking as a Foreign Direct Investment (FDI) destination for tourism. This top rank as an FDI destination for tourism reasserts the significance of the industry's status as an economic force that presents great opportunities for steady and sustained returns to foreign investors.
Dubai attracted Dh83.5 billion in foreign investment through 205 FDI projects, providing more than 30,000 job opportunities.
UAE also made many legislative changes in more than 40 fields that positioned the country among the most competitive economies and easy-to-do businesses which included a five-year multi-entry visa which was introduced for employees of multinational companies and the popular Golden Visa initiative targeting investors, entrepreneurs and specialised talents, and the Virtual Working and Retire in Dubai Programmes.
The new policies and legislation being adopted to align the UAE economy with global developments and the long-term residency being offered to investors and entrepreneurs will see Dubai and its tourism sector sustaining the FDI momentum through to 2022 and beyond.
Dubai is a quickly evolving city which has already opened the flood gates of FDI in tourism and is on the path of realising its envisaged future as a leading global tourism centre.
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