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

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

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.

"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 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.