Dubai has ranked as the world’s most popular destination for holidaymakers in Tripadvisor’s 2023 Travellers' Choice Awards.
Known for its luxury hotels, record-breaking buildings, traditional souqs and family-friendly attractions, Dubai has retained the title for the second year running.
The annual TripAdvisor awards are based on millions of reviews submitted on the platform by the global travel community.
“Dubai is a destination that mixes modern culture with history, and adventure with world-class shopping and entertainment,” said Tripadvisor. “If you’re looking for thrills, you can float above the desert dunes in a hot-air balloon, climb aboard a high-speed ride at IMG Worlds of Adventure or skydive over the Palm Jumeirah."
This year's winners were selected based on the quality and quantity of ratings from travellers for accommodation, restaurants and things to do in destinations worldwide between November 2021 and October 2022.
“The top ranking by global travellers reflects the vision of the leadership to transform Dubai into the world’s top destination for tourism and business, as embodied by a key goal of the Dubai Economic Agenda D33. The Agenda’s objective of consolidating Dubai’s status as one of the world’s top three cities for tourism and business signifies the leadership’s determination to mark Dubai out as a clear leader not only as a leisure and lifestyle destination but also as a hub for connectivity, commerce and investment," said Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
"Dubai’s diverse tourism attractions and hospitality offerings, combined with its emergence as a leading venue for global events and a magnet for talent and enterprise will continue to reinforce its status as a favourite among global travellers over the next decade."
The world's second-most popular destination, according to the travel community, was Bali.
The picturesque island destination had a slump in tourism during the pandemic because of strict Covid-19 regulations in place across Indonesia. But the tourism hotspot has recovered well and Tripadvisor called the destination “a living postcard, an Indonesian paradise that feels like a fantasy".
"Soak up the sun on a stretch of fine white sand, or commune with tropical creatures as you dive along coral ridges or the colourful wreck of a WWII warship,” it said.
Bali also topped Airbnb's recently released most-searched-for destinations list, with the accommodation platform finding that international travellers were flocking to Kuta on the island's south-western coast.
The UK capital ranked third, and retained the number one spot in Europe. “From Shoreditch’s swaggering style to Camden’s punky vibe and chic Portobello Road, London is many worlds in one," said Tripadvisor. "The city’s energy means that no two days are the same.”
Rome in Italy ranked fourth and the French capital Paris ranked fifth.
Tripadvisor's most popular destinations in 2023
- Dubai, UAE
- Bali, Indonesia
- London, UK
- Rome, Italy
- Paris, France
- Cancun, Mexico
- Crete, Greece
- Marrakesh, Morocco
- Dominican Republic
- Istanbul, Turkey
“We saw a resurgence of travel demand in 2022, and the outlook for this year is bright,” said Sarah Firshein, head of editorial at Tripadvisor.
“Long-haul trips have made a comeback, and we’re seeing a lot of travellers excited to plan trips to Asia and the Pacific region for the first time in several years. Cities like Paris and London, which may have taken a back seat to less populous destinations throughout the pandemic, are back on travellers' minds, while far-reaching parts of the United States like Alaska and previously restricted countries like Cuba are also piquing a lot of interest.”
Cuba is Tripadvisor's trending destination in 2023
The travel website also listed its up-and-coming destinations for this year.
Cuba ranked first in the Trending Destinations category, with the greatest year-on-year growth in interest. “The island offers fascinating opportunities for cultural exchange … and some simply amazing beaches. Havana is a balance of old-world architecture and contemporary nightlife,” said Tripadvisor.
It was followed by Hoi An in Vietnam in second place, and the East African island nation Mauritius, which ranked third. Asia dominated the category, accounting for half of the top 10 spots with Siem Reap, Chiang Mai, Baku and Kathmandu all making it to the top 10 trending destinations list.
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.”
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Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned
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