Visa’s high-frequency data analytics also help financial institutions and businesses in the country understand shifting consumer trends. AP
Visa’s high-frequency data analytics also help financial institutions and businesses in the country understand shifting consumer trends. AP
Visa’s high-frequency data analytics also help financial institutions and businesses in the country understand shifting consumer trends. AP
Visa’s high-frequency data analytics also help financial institutions and businesses in the country understand shifting consumer trends. AP

F1 Abu Dhabi Grand Prix 2024 drives 34% net increase in international visitor spend, Visa data shows

Notable growth in international visitors to Abu Dhabi during F1 from the US, UK, Saudi Arabia, Oman and Kazakhstan

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February 13, 2025

Abu Dhabi’s growing status as a premier sporting destination was further reinforced by the Formula 1 Etihad Airways Abu Dhabi Grand Prix, which attracted 133,000 Visa cardholders from around the world, driving a 29 per cent net rise in transactions in the UAE.

In light of this, Visa has revealed insights from its latest Travel Pulse study, powered by VisaNet data. This edition, titled Eventful Travels, highlights the F1 event’s impact on UAE tourism and economy, showing a 34 per cent net increase in international visitor spending in Abu Dhabi compared to the same week in 2023.

“The Formula 1 Grand Prix is a cornerstone of Abu Dhabi’s tourism strategy, attracting global visitors and stimulating spending across multiple sectors,” said Saeeda Jaffar, senior vice president and group country manager for GCC at Visa. “Its impact extends far beyond the capital, creating a ripple effect throughout the nation’s economy.

Saeeda Jaffar, senior vice president and group country manager for GCC at Visa. Supplied Image
Saeeda Jaffar, senior vice president and group country manager for GCC at Visa. Supplied Image

"Our insights reflect how major sporting events are driving tourism and commerce. As part of the broader vision to welcome 39.3 million visitors by 2030 in Abu Dhabi, Visa continues to support economic diversification by leveraging data and digital payments, helping the emirate and the UAE lead in global tourism, commerce, and innovation.”

Key findings from VisaNet

Growing visitor footfall: During the F1 weekend, 133,000 Visa cardholders made in-person transactions in Abu Dhabi, a 9 per cent net increase in visitors and 29 per cent net rise in transactions. The impact extended beyond the capital, with 62 per cent of these visitors also spending in other emirates, particularly Dubai and Sharjah. Additionally, 4 per cent of non-GCC visitors continued their journeys to other GCC countries during or after the event, highlighting the boost to regional tourism.

Global visitor insights: Visitors from 178 countries made transactions during the F1 weekend, with the highest growth in visitors from South Africa, Kazakhstan and the UK.

Top-spending nationalities: Visitors from the US led with having the largest share of spending – 14 per cent. The average spend per card for US cardholders was $285, 29 per cent higher than the overall average for F1. Other top spenders included Kazakhstan ($298), the UK ($220), Saudi Arabia ($162), and Oman ($105). F1 also had a notable spillover effect across the UAE’s other emirates, with event visitors spending an additional $563 per card on average. The largest share of this spend came from Saudi Arabia (15%) and US (11%), who had the spend of $712 and $616 per card.

Spending patterns: While regular UAE visitors mostly spent on retail and fashion, F1 visitors to Abu Dhabi fuelled spend on travel services and dining.

Key spending categories in Abu Dhabi: Travel services experienced the largest growth in Abu Dhabi, rising by 68 per cent, representing 18 per cent of the total spend during the F1 weekend. Dining expenditure also saw a notable increase, up 53 per cent, accounting for 19 per cent of the total spend in the emirate. Retail spending grew by 17 per cent, contributing 14 per cent to Abu Dhabi's overall spend.

Key spending categories across the UAE: Across the UAE, travel services saw an 18 per cent increase, making up 9 per cent of the total spend. Dining spend rose 27 per cent, contributing 8 per cent to the total spend across the nation. Retail spending witnessed an impressive 83 per cent surge, accounting for 27 per cent of the total spend across the UAE during the F1 weekend.

Visa Travel Pulse Study UAE - English Infographic
Visa Travel Pulse Study UAE - English Infographic

Visa is committed to supporting tourism in the UAE and wider GCC with data-driven insights and innovative payment solutions that enhance their offerings for visitors. Visa’s high-frequency data analytics also help financial institutions and businesses in the country understand shifting consumer trends to tailor engagement strategies that foster brand loyalty and enable seamless and secure transactions for UAE cardholders when travelling worldwide.

With a suite of travel benefits and secure payment options, Visa cardholders in UAE can explore with confidence, making every journey more convenient and rewarding.

Travel Pulse has been prepared using transaction data from Visa cards issued globally. This report leverages VisaNet data and analytics to analyse inbound travel trends in the UAE and their impact on the local economy.

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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.”

Updated: February 13, 2025, 8:23 AM