A tourist in Al Ula, about 1,000km north-west of Riyadh. The World Travel & Tourism Council is hosting its annual global summit in Saudi Arabia's capital. AP
A tourist in Al Ula, about 1,000km north-west of Riyadh. The World Travel & Tourism Council is hosting its annual global summit in Saudi Arabia's capital. AP
A tourist in Al Ula, about 1,000km north-west of Riyadh. The World Travel & Tourism Council is hosting its annual global summit in Saudi Arabia's capital. AP
A tourist in Al Ula, about 1,000km north-west of Riyadh. The World Travel & Tourism Council is hosting its annual global summit in Saudi Arabia's capital. AP

International travel reaches highest point since Covid-19 pandemic


Hayley Skirka
  • English
  • Arabic

International travel has returned to its highest point since the start of the global pandemic, according to the World Travel and Tourism Council.

More than 63 per cent of people plan to take an overseas leisure trip in the next 12 months, says the latest report conducted by YouGov for WTTC.

The global survey questioned about 26,000 people in 25 destinations.

It also found that the return of international travel shows no signs of slowing, with more than a quarter of consumers — 27 per cent — planning three or more trips next year.

Australians plan to spend the most on international travel in 2023. The country had some of the world's longest Covid-19 restrictions, and was closed to international visitors for two years. Photo: Qantas
Australians plan to spend the most on international travel in 2023. The country had some of the world's longest Covid-19 restrictions, and was closed to international visitors for two years. Photo: Qantas

It's Australians that plan to spend the most on travel next year, with the nation topping the survey's list of highest expenditure.

The Australian government implemented some of the longest-running restrictions during the Covid-19 pandemic, effectively restricting international travel for nearly two years. Holidaymakers from Canada, Saudi Arabia and the Philippines also rank among the highest spenders for 2023 travel.

Travelling more sustainably has finally made its way to the forefront of holidaymakers' concerns, with more than 61 per cent of those surveyed preferring destinations and travel brands that are more sustainable.

Almost half of the respondents said they will only book travel with brands that are socially and environmentally responsible.

“The results of this global survey also show the growing importance of sustainable travel among consumers,” said Julia Simpson, WTTC president and chief executive.

Travel and tourism leaders are convening in Riyadh for the WTTC's annual summit under the theme Travel for a better future. Photo: Bloomberg
Travel and tourism leaders are convening in Riyadh for the WTTC's annual summit under the theme Travel for a better future. Photo: Bloomberg

The findings were released as Saudi Arabia prepares to host the World Travel and Tourism Council in Riyadh, for its annual global summit.

Travel and tourism leaders, government representatives and international speakers will convene in the kingdom for the three-day event which is being held under the theme Travel for a better future.

The yearly event is a chance for people working in the industry to align efforts to support its recovery and to create a safer, more resilient, inclusive and sustainable future for the world of travel.

“This global survey shows that international travel is back. As we kick off our Global Summit in Riyadh bringing together global travel leaders and governments from around the world, travellers are getting ready to explore the world again” said Simpson.

Harry Potter-themed lands, parks and experiences around the world — in pictures

  • The Hogwarts Express train at the Wizarding World of Harry Potter in Universal Studios Orlando, Florida. Reuters
    The Hogwarts Express train at the Wizarding World of Harry Potter in Universal Studios Orlando, Florida. Reuters
  • A goblin greets guests at the entrance to Harry Potter and the Escape from Gringotts in Orlando. Reuters
    A goblin greets guests at the entrance to Harry Potter and the Escape from Gringotts in Orlando. Reuters
  • Hogwarts castle at Universal Studios Hollywood. Photo: Universal Studios
    Hogwarts castle at Universal Studios Hollywood. Photo: Universal Studios
  • Jewellery on sale at Borgin and Burkes in Orlando. Reuters
    Jewellery on sale at Borgin and Burkes in Orlando. Reuters
  • Hogsmeade Village at the Florida attraction opened in 2014. Reuters
    Hogsmeade Village at the Florida attraction opened in 2014. Reuters
  • A map highlights places where guests can cast spells with interactive magical wands in Orlando. Reuters
    A map highlights places where guests can cast spells with interactive magical wands in Orlando. Reuters
  • Hogwarts castle, with a view of Flight of the Hippogriff, Universal Studios Hollywood’s first outdoor roller coaster. Photo: Universal Studios
    Hogwarts castle, with a view of Flight of the Hippogriff, Universal Studios Hollywood’s first outdoor roller coaster. Photo: Universal Studios
  • Novelties inside Weasleys' Wizard Wheezes in Orlando. Reuters
    Novelties inside Weasleys' Wizard Wheezes in Orlando. Reuters
  • 'The Nighttime Lights at Hogwarts Castle' at The Wizarding World of Harry Potter in Universal Studios Hollywood. Photo: Universal Studios
    'The Nighttime Lights at Hogwarts Castle' at The Wizarding World of Harry Potter in Universal Studios Hollywood. Photo: Universal Studios
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Company Profile

Company name: Yeepeey

Started: Soft launch in November, 2020

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani

Based: Dubai

Industry: E-grocery

Initial investment: $150,000

Future plan: Raise $1.5m and enter Saudi Arabia next year

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The biog

Name: Abeer Al Shahi

Emirate: Sharjah – Khor Fakkan

Education: Master’s degree in special education, preparing for a PhD in philosophy.

Favourite activities: Bungee jumping

Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.

Cry Macho

Director: Clint Eastwood

Stars: Clint Eastwood, Dwight Yoakam

Rating:**

Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
 

UAE currency: the story behind the money in your pockets
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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Biography

Favourite Meal: Chicken Caesar salad

Hobbies: Travelling, going to the gym

Inspiration: Father, who was a captain in the UAE army

Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter

Favourite film: The Founder, about the establishment of McDonald's

RESULT

Fifth ODI, at Headingley

England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)

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: November 28, 2022, 7:02 AM