Consumer spending set to grow 5% y-o-y next year, MasterCard says

The UAE will see 5% year-on-year growth in consumer spending in 2024, outpacing Saudi Arabia’s 4.3% and Egypt’s 1.2%, according to the Mastercard Economics Institute (MEI)’s Economic Outlook 2024 report.

MEI predicts a rise in headline GDP growth within the GCC region, with efforts to diversify the economy set to bolster the non-oil sector and boost employment and domestic consumption. With these moves, the UAE can maintain its position as the regional trade and investment hub.

Gulf countries are projected to experience a 22% surge in spending by tourists in 2023 compared to 2019, 26% higher than the global average. The UAE is one of the ten fastest-growing destinations for European tourists, with this trend expected to continue in 2024.

SPEAKING OF TOURISTS- Abu Dhabi is pushing to meet its tourist arrival target before the year is out: Abu Dhabi’s Department of Culture and Tourism (DCT) inked 10 joint marketing campaigns with major travel and tourism companies last week to achieve its target to attract more than 24 mn visitors by the end of 2023, Zawya reports. DCT signed agreements with Kenwood Travel, Trailfinders, Destination2, Voyage Prive and El Corte Ingles, and also extended existing joint agreements with dnata, Expedia, lastminute and Amadeus. Over 10.2 mn passengers have arrived in Abu Dhabi over the first six months of 2023, up from 6.1 mn last year during the same period, according to Zawya.