UAE Economy Will See 'Counterattack Year' In 2027, Says Minister

(MENAFN- Khaleej Times) [Editor's Note: For the latest updates on US-Iran hostilities since a 14-point MoU expired on August 17, follow the Khaleej Times live blog.]

The UAE will see a“counter-attack year” next year after a slow economic growth due to the war, the UAE's economy minister said.

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Abdulla Bin Touq Al Marri, the UAE Minister of Economy and Tourism, admitted that the economy is currently experiencing slow growth, but that the real test would be next year which he called a“counter-attack year.”

He added that the country will come back very strongly, with a“huge rebound happening here.”

“People think that we are recovering. We're not recovering, we're actually coming peacefully back,” Al Marri was speaking on the second day of the Future Hospitality Summit World in Madinat Jumeirah, where he was awarded the FHS Leadership Award.

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The International Monetary Fund forecasted that the UAE's real gross domestic product (GDP) will grow 3.1 per cent, with 2027 projected to restore a stronger growth path as tourism, trade, property and transport volumes normalise.

More hotel keys needed

The UAE is targeting 40 million hotel guests by 2031 through its Tourism Strategy, which Al Marri said faced a bit of a shortfall due to the regional tensions, but that he expects more tourists to come in.

He said that the country has 216,000 keys in total, with 10,000 not in operation due to refurbishment plans in some hotels.

“They're going to come back in the next probably six months. But that's not enough. UAE needs more than 216,000 keys.”

UAE Grand Tour

The minister mentioned the UAE's latest nationwide tourism scheme, the UAE Grand Tour, which he said was an important facet of increasing the length of stay for tourists.“People who visit the UAE today visit a few emirates and not really enjoy the whole seven,” he said, adding that each and every emirate has much to offer.

The UAE Grand Tour was launched earlier this month and offers an 11-day/10-night journey with different curated experiences. The website also allows you to book and receive your voucher without having to go to different websites or platforms.

“What we ask as well for the tour operators and the hospitality industry, to connect with the ministry, to really engage, to put your offerings as well on the UAE Grand Tour,” Al Marri said.

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