Abu Dhabi Airports raised its passenger forecast for the full year after a strong performance in the third quarter of 2022, as the aviation industry continues to recover "remarkably" from the Covid-19 pandemic.
Passenger traffic across Abu Dhabi's five airports is expected to reach more than 15 million people in 2022, up from an August forecast of at least 13 million and a February estimate of 10.7 million, the state-owned airports operator said on Monday.
A total of 4.7 million passengers travelled through Abu Dhabi's five hubs in the third quarter, up from 1.3 million passengers in the same quarter of 2021, as the UAE capital attracted more airline customers and launched new routes.
“These figures are a demonstration of how the aviation industry has recovered remarkably," said Jamal Salem Al Dhaheri, managing director and chief executive of Abu Dhabi Airports.
"New airlines and air routes continue to be attracted to Abu Dhabi, while new and improved services have played a prominent role in accommodating the expected surging demand head-on."
Abu Dhabi Airports owns and operates Abu Dhabi International, Al Ain International, Al Bateen Executive, Delma Island and Sir Bani Yas Island airports.
The global tourism industry is on track to reach 65 per cent of pre-pandemic levels of international visitors by the end of this year as the sector, led by Europe, recovers from the worst crisis in its history.
The industry could bring in $1.2 trillion to $1.3 trillion in tourism revenue this year, a 60 per cent to 70 per cent increase over 2021, according to the latest data from the UN World Tourism Organisation (UNWTO). This year's revenue forecast is 70 per cent to 80 per cent of the $1.8 trillion the global industry generated in 2019.
In the first nine months of 2022, an estimated 700 million tourists travelled internationally, more than double the number for the same period last year, the UN tourism body said last week.
Another report from the World Travel and Tourism Council showed that international travel had returned to its highest point since the start of the pandemic. More than 63 per cent of people plan to take an overseas leisure trip in the next 12 months, according to the latest report conducted by YouGov for WTTC.
The recovery at Abu Dhabi International Airport, a hub for Etihad Airways, continued with strong travel demand during the peak summer season as international borders reopened and coronavirus restrictions eased.
The Gulf hub benefitted from running smooth operations, compared with some major European airports that were left reeling from delays that caused widespread disruption as demand roared back after the pandemic.
The top-five countries in terms of the increase in passenger volume during the third quarter were from India (933,640), the UK (291,576), Pakistan (265,793), Saudi Arabia (217,656) and Egypt (197,193), Abu Dhabi Airports said.
The busiest destinations served during the July to September period included London Heathrow (232,002), Mumbai International (155,294), Delhi International (130,723), Cairo International (118,885) and Kochi International Airport (101,828).
Year to date, the five airports handled 10,982,114 passengers by the end of September, which is equivalent to passenger traffic in 2020 and 2021 combined, Abu Dhabi Airports said.
"For Abu Dhabi Airports, 2022 has been a year of sustained momentum," Mr Al Dhaheri said.
In terms of air cargo, Abu Dhabi International Airport handled 144,083 tonnes of air freight in the third quarter, compared with 182,929 tonnes during the same period in 2021.
The decline in freight volume was due to airlines "rebalancing the fleet between passenger and cargo aircraft", the airports operator said.
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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Kolkata Knight Riders 245/6 (20 ovs)
Kings XI Punjab 214/8 (20 ovs)
Kolkata won by 31 runs
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
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