Israel declared Dubai’s fastest-growing tourism source market in 2023
Israel has emerged as Dubai’s fastest-growing tourism source market, with the number of visitor arrivals rising 212% year on year in the first two months of 2023. More than 85,000 Israelis visited Dubai in January and February up from just 27,000 a year prior.
The remarkable increase comes amid rising interest in Dubai among Israeli investors following the signing of a landmark free trade agreement (FTA) between Israel and the UAE, which came into effect in March 2023.
The FTA – the first Israel has agreed with an Arab state – lowers or eliminates tariffs on more than 96% of goods and 99% value of trade between the two countries.
The agreement builds on the bilateral partnership forged between Israel and the UAE since the signing of the Abraham Accords in August 2020, which officially normalised relations between the two countries.
As the Gulf’s largest finance, trade and tourism destination, Dubai has forged a reputation as one of the region’s most stable and fastest-growing business hubs, thanks to an open and highly diversified economy that incentivises and safeguards international investors.
The First Group first established a presence in Israel in 2021 with a view to tapping booming interest in the city’s property investment market among Israeli investors.
Over the past two years, the firm has promoted the benefits of investing in Dubai’s hotel market, while showcasing Ciel and its other upcoming developments to potential clients.
Discussing the firm’s presence in Israel, Rob Burns, CEO of The First Group, said: “In addition to our fast-growing hotel portfolio, we have received significant interest in our exclusive Dubai Lifestyle Investment Visit, which offers Israelis the opportunity to view our properties first-hand on an enjoyable, informative trip to Dubai.
“We are confident the new FTA between Israel and the UAE will further boost interest among Israeli investors and we are very much looking forward to showcasing our world-class projects to them in the years to come.”
Dubai welcomed 3.1 million international visitors in the first two months of 2023, marking an impressive 42% rise on the 2.19m arrivals recorded during the same period in 2022.