GCC becomes a top tourist destination
28 March 2024

This report on hotel investment also includes: Region heads for hotel boom
The GCC’s pulling power as a tourist destination was reinforced in early March when Dubai-based developer Emaar announced that Dubai Mall was the most visited place on earth in 2023, with 105 million visitors – a jump of over 19% from the 88 million recorded in 2022.
The developer also revealed that the performance has continued into 2024, with 20 million people visiting the mall during the first two months of this year.
Dubai Mall’s performance is just one facet of Dubai’s resurgent tourism industry. After a difficult year in 2020, the emirate has bounced back as a tourism destination and is now welcoming more visitors than it did before the Covid-19 pandemic.
In 2023, Dubai welcomed more tourists than ever before. There were 17.15 million international overnight visitors, according to data published by the emirate’s Department of Economy & Tourism. The total represents 19.4% growth when compared to the 14.36 million tourist arrivals recorded in 2022.
The 2023 total also exceeded the previous record of 16.73 million visitors that was registered in 2019.
The performance has continued into 2024. Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to the 1.47 million visitors recorded in the same period of 2023.
Dubai Mall was the most visited place on earth in 2023, with 105 million visitors
Saudi tourism growth
While full-year data for most other GCC markets has yet to be reported, one other GCC country that has recorded strong numbers for 2023 is Saudi Arabia.
The kingdom welcomed more than 100 million tourists last year, achieving its 2030 goal seven years early. The 2023 total comprised 77 million domestic and 27 million international visitors, generating revenues of $27bn for the kingdom.
Saudi tourism numbers cross 100 million
Riyadh wants more growth and aims to emulate Dubai by developing ambitious projects that are designed to be global attractions in the future. The target now is to increase tourist numbers to the kingdom to 150 million by the year 2030, with a split of 80 million domestic and 70 million international tourists.
Saudi Arabia welcomed more than 100 million tourists last year, achieving its 2030 goal seven years early
Regional travel
Digging deeper into the data for Dubai reveals an interesting trend. Western Europe ranked first in terms of source markets for international tourists with a share of over 18%, or 327,000 visitors. This was closely followed by the GCC countries with 311,000 visitors, representing nearly 18%.
Intra-GCC tourism has been identified by policy makers as a key driver for future growth in the region. The logic is simple: the six-country block is home to 60 million people with many wealthy frequent travellers.
The importance of GCC travellers is evidenced by statistics from GlobalData, which show that Saudi Arabia was the largest source market for travellers visiting the six GCC states in 2023, with a total of 6.3 million travellers.
Oman and Kuwait were also in the top 10, accounting for 2.3 million travellers each.
The GCC is also promoting travel within the region by implementing a unified tourist visa for the six countries. The concept was discussed, along with the Gulf Tourism Strategy, at the eighth meeting of GCC tourism ministers in Doha earlier this year.
The GCC tourist visa is expected to significantly improve the Gulf states’ standing as a tourist destination by making travel within the region easier for visitors from outside.
The visa, which is expected to operate in a similar way to the EU’s Schengen Visa, will allow tourists to visit GCC countries on a single visa.
The move to make travel within the region more frictionless should enhance the performance of the GCC’s tourism sector in the future.
Exclusive from Meed
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Consultants bid for Roshn’s north Riyadh scheme3 November 2026
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Sultan Al-Jaber appeals for global energy security reset2 November 2026
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The spill involved the tanker Gem No. 2, which was struck by a projectile in UAE territorial waters on 9 October. The resulting oil pollution has raised concerns over potential contamination of seawater used by desalination plants along the northern coast.
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The utility added that the precautionary measures will not affect the continuity of water supplies to consumers in the Northern Emirates.
In an earlier update on 30 October, the Climate Change & Environment Ministry said the oil slick was concentrated off the coast of Umm Al-Quwain, extending partially towards coastal areas in Ras Al-Khaimah, Ajman and Sharjah.
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Oman signs 1GW battery storage agreement3 November 2026
Oman's Nama Holding, a subsidiary of Oman Investment Authority (OIA), has signed a framework agreement with China's State Grid International Development to develop battery energy storage systems (bess) with a targeted capacity of 1GW.
The agreement covers two battery storage systems, each with a capacity of 500MW, at Duqm Industrial Station and Al-Subaikhi (Ibri Solar 3) Station.
It is understood that both systems will operate at 400kV and connect to Oman's national electricity transmission grid.
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Consultants bid for Roshn’s north Riyadh scheme3 November 2026

Saudi gigaproject developer Roshn Group has received proposals from lead design consultants for its planned flagship development in north Riyadh.
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The second package covers phases C and D, covering about 4.7 million sq m and with more than 15,000 units.
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Last month, Roshn signed a preliminary agreement with TMG Saudi, the local subsidiary of Egypt’s Talaat Moustafa Group, to establish a joint venture to explore a separate mixed-use project in Riyadh.
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Adnoc awards contract for Ruwais Diyab unconventional gas3 November 2026

Abu Dhabi National Oil Company (Adnoc) has taken the final investment decision (FID) for the Ruwais Diyab unconventional gas development in Abu Dhabi.
The project will deliver 345 million standard cubic feet a day (scf/d) of raw gas from 2029 over a 25-year period, with the potential to reach up to 1 billion scf/d in the future.
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According to sources, Adnoc has awarded the design, build and operate (DBO) contract for the Ruwais Diyab unconventional gas development to China-based Jereh Group.
A formal kick-off meeting between Adnoc and Jereh is expected to take place later in November, sources told MEED.
The DBO contract awarded by Adnoc to Jereh is understood to cover the second phase of the Ruwais Diyab unconventional gas development. The tendering exercise for the project started last year.
“The development [of Ruwais Diyab] follows a disciplined programme of technical studies, field testing and subsurface analysis, delivered by Adnoc Onshore under a DBO model, to reduce development risk,” Adnoc said in its statement on 2 November.
“It brings together advanced subsurface expertise, artificial intelligence-enabled drilling and completion technologies and integrated project delivery capabilities to support the efficient and responsible development of domestic gas resources,” it added.
The UAE holds the seventh-largest gas reserves in the world, with 298 trillion standard cubic feet (scf) of conventional gas reserves and 160 trillion scf of unconventional gas resources.
Adnoc holds the majority 60% stake in the Ruwais Diyab concession, the majority of which is situated onshore, while France’s TotalEnergies holds the other 40% interest.
The agreement to explore, appraise and develop the area’s unconventional gas resources was signed by Adnoc and TotalEnergies in November 2018. The partners announced first gas output at the concession, presumably on a pilot basis, two years later.
Adnoc has set a target of producing 1 billion scf/d of gas from the Ruwais Diyab concession by 2030, in line with its target to achieve self-sufficiency in overall gas production by the end of this decade.
“Ruwais Diyab’s additional unconventional gas supply will strengthen Adnoc’s gas value chain, including Adnoc Gas’s ability to meet rising domestic and international customer demand,” Adnoc said in its 2 November statement.
“Ruwais Diyab advances Adnoc’s ambition to establish a scalable unconventional gas business and create a platform for future growth,” the company added.
Ruwais Diyab first phase
Adnoc awarded the contract for engineering, procurement and construction (EPC) on the first phase of the unconventional gas development programme to local contractor Astra Engineering & Construction in early 2025, according to regional project tracker MEED Projects.
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Sultan Al-Jaber appeals for global energy security reset2 November 2026
The global energy industry must fundamentally rethink how it builds, protects and delivers secure energy, following a year of unprecedented disruption that has exposed critical vulnerabilities in international supply chains, Sultan Ahmed Al-Jaber, the UAE’s Industry & Advanced Technology Minister and managing director and group CEO of Abu Dhabi National Oil Company (Adnoc Group) has said.
Delivering the opening address at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) 2026 on 2 November, Al-Jaber said preparedness is essential to navigating an increasingly uncertain global landscape.
“For decades, energy security was a question for specialists. It was debated in rooms like this, by people like us, in a language that few needed to learn. This year, every family, every farmer, every industry and every business owner is asking about it, and our collective job is to find the answers.”
Noting that it is not possible to control every situation and remove every risk, Al-Jaber said: “The choices we make today will determine the energy landscape a decade from now. Let’s apply the lessons we have learnt. Let’s build capacity and everything that supports it. Let’s forge partnerships that hold when it matters. And if you want a partner you can count on, you are in the right room, in the right city, in the right country. Because when it counts the most, you can count on the UAE.”
Setting out the case for a more resilient energy system, Al-Jaber said that since the disruption in the Strait of Hormuz, nearly 1 billion barrels of crude have been drained from inventories. He noted that in some markets, stocks of diesel are at their lowest seasonal level in 35 years, while others are facing a supply gap for liquefied natural gas (LNG) of 600 billion cubic feet. “Simply put, the world has eroded its supply buffers,” Al-Jaber said.
“But supply is only half the story. The other half is delivery. Before the disruption, logistics were less than 5% of the cost of a barrel. Today, they are more than 30%. In short, energy security is not only measured at the point of production. It is now also measured at the point of delivery.”
Mitigation steps
Al-Jaber outlined five steps the energy industry can take to reduce the impact of future shocks. “First, accessible supply. We need expanded strategic storage, larger stockpiles of products and flexible refining capacity closer to consumer markets.
“Second, routes to market. Supply only counts when it arrives. Infrastructure must be built before it is needed and enabled by advanced logistics.
“Third, operational intelligence. Moving from automated operations to intelligent energy systems that anticipate risk, optimise performance and drive down the cost of every barrel.
“Fourth, capital follows confidence. Policy must create it, finance must accelerate it and insurance must keep trade moving.
“Fifth, which is in my view the most important, is people. Because behind every barrel that arrives is a person who made sure it did. Systems don’t carry responsibility, people do.”
Photo credit: Adipec via LinkedIn
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