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.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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