Oil edges off low as strong export demand drains U.S. crude stocks | Reuters
Oil prices rose about 1.5% after hitting a six-month low on Wednesday, as a steeper-than-expected drawdown in U.S. crude stocks outweighed concerns over rising Russian output and exports as well as recession fears.
U.S. crude stocks (USOILC=ECI) fell by 7.1 million barrels in the week to Aug. 12 to 425 million barrels, Energy Information Administration (EIA) data showed, compared with analysts' forecasts for a 275,000-barrel drop in a Reuters poll.
Brent crude settled $1.31, or 1.42% higher at $93.65 per barrel. Earlier in the day, recession worries had pushed the benchmark price to its lowest since February at $91.51.
U.S. West Texas Intermediate (WTI) crude rose $1.58, or 1.8%, to $88.11 per barrel.
U.S crude exports hit 5 million barrels per day, the highest on record, EIA data showed, as WTI has traded at a steep discount to Brent, making purchases of U.S. crude more attractive to foreign buyers.
Wednesday 17 August 2022
#UAE economy is expected to grow by over 5% in 2022: UBS
UAE economy is expected to grow by over 5% in 2022: UBS
Michael Bolliger, Chief Investment Officer Emerging Markets at UBS Global Wealth Management, has stated that he expects the UAE’s economy to grow by over five percent in 2022.
In an interview with the Emirates News Agency (WAM), Bollinger said that the UAE’s economy grew by 3.8 percent in 2021, due to appropriate government incentives and plans and the vaccination of all citizens and residents, noting that the growth of the non-oil sector also played a significant role in this economic recovery.
All indexes, including the Purchasing Managers Index (PMI) and Business Confidence Index (BCI), showed that the growth of the non-oil sector is still robust after a good start to the year, as the country’s GDP grew by 8.2 percent in the first quarter of 2022 while oil-related GDP grew by 13 percent, in line with relevant OPEC+ agreements, he added.
The increase of the UAE’s real income levels, as a result of rising wages and employment rates, helped support local demand and, therefore, strengthened the country’s wholesale, retail and real estate sectors, he further added.
The transport, tourism and hospitality sectors also achieved solid recoveries in the past period, with the rise in the numbers of tourists and hotel occupancy rates, Bollinger said, noting that the rapid recovery from the COVID-19 pandemic and the significant contributions of non-oil sectors, highlight the UAE’s economic diversification.
The Gulf Cooperation Council (GCC) economies will grow by 6.4 percent in 2022 and 3.4 percent in 2023, he stressed. The global economy has entered a downward trend due to rising concerns of a recession and the US’s GDP decreased by 0.9 percent in the second quarter of 2022 while concerns of a recession in Europe are rising, he noted.
Inflation is still a major worry for monetary policy-makers worldwide and the current inflation dynamics do not leave much room for less restrictive policies by central banks. "We believe that the US Federal Reserve will continue raising interest rates to reach 100 basis points by the end of 2022," he said in conclusion.
Michael Bolliger, Chief Investment Officer Emerging Markets at UBS Global Wealth Management, has stated that he expects the UAE’s economy to grow by over five percent in 2022.
In an interview with the Emirates News Agency (WAM), Bollinger said that the UAE’s economy grew by 3.8 percent in 2021, due to appropriate government incentives and plans and the vaccination of all citizens and residents, noting that the growth of the non-oil sector also played a significant role in this economic recovery.
All indexes, including the Purchasing Managers Index (PMI) and Business Confidence Index (BCI), showed that the growth of the non-oil sector is still robust after a good start to the year, as the country’s GDP grew by 8.2 percent in the first quarter of 2022 while oil-related GDP grew by 13 percent, in line with relevant OPEC+ agreements, he added.
The increase of the UAE’s real income levels, as a result of rising wages and employment rates, helped support local demand and, therefore, strengthened the country’s wholesale, retail and real estate sectors, he further added.
The transport, tourism and hospitality sectors also achieved solid recoveries in the past period, with the rise in the numbers of tourists and hotel occupancy rates, Bollinger said, noting that the rapid recovery from the COVID-19 pandemic and the significant contributions of non-oil sectors, highlight the UAE’s economic diversification.
The Gulf Cooperation Council (GCC) economies will grow by 6.4 percent in 2022 and 3.4 percent in 2023, he stressed. The global economy has entered a downward trend due to rising concerns of a recession and the US’s GDP decreased by 0.9 percent in the second quarter of 2022 while concerns of a recession in Europe are rising, he noted.
Inflation is still a major worry for monetary policy-makers worldwide and the current inflation dynamics do not leave much room for less restrictive policies by central banks. "We believe that the US Federal Reserve will continue raising interest rates to reach 100 basis points by the end of 2022," he said in conclusion.
Domino’s operator Alamar sees inflation start to bite
Domino’s operator Alamar sees inflation start to bite
Alamar Foods Co, which operates Domino’s and Dunkin restaurants, has announced falling quarterly profits as a result of rising costs of raw materials amid global inflation.
Alamar reported a profit of SAR 23.6 million in Q2 2022, down 7.9% year-on-year and down by 45.3% quarter-on-quarter.
The company said the cost of raw materials within global inflation contributed to its YoY profit fall, and seasonal impact due to the holy month of Ramadan to the QoQ fall in profits.
Revenue for the quarter was up YoY by 29.6% to SAR 256 million, but down QoQ by 5.5%.
For the first half of the year, profits were up by 9.8% YoY, with revenue up by 31.2% for the same period.
Alamar operates Domino’s pizza restaurants in 16 countries in the Middle East, North African and Pakistan, (MENAP) as well as Dunkin’ donut and coffee outlets in Egypt and Morocco.
It raised SAR 847 million in its initial public offering (IPO) for the Saudi Stock Market Tadawul last month.
Alamar Foods Co, which operates Domino’s and Dunkin restaurants, has announced falling quarterly profits as a result of rising costs of raw materials amid global inflation.
Alamar reported a profit of SAR 23.6 million in Q2 2022, down 7.9% year-on-year and down by 45.3% quarter-on-quarter.
The company said the cost of raw materials within global inflation contributed to its YoY profit fall, and seasonal impact due to the holy month of Ramadan to the QoQ fall in profits.
Revenue for the quarter was up YoY by 29.6% to SAR 256 million, but down QoQ by 5.5%.
For the first half of the year, profits were up by 9.8% YoY, with revenue up by 31.2% for the same period.
Alamar operates Domino’s pizza restaurants in 16 countries in the Middle East, North African and Pakistan, (MENAP) as well as Dunkin’ donut and coffee outlets in Egypt and Morocco.
It raised SAR 847 million in its initial public offering (IPO) for the Saudi Stock Market Tadawul last month.
Apollo takes minority stake in Aldar Properties real estate platform | Reuters
Apollo takes minority stake in Aldar Properties real estate platform | Reuters
Apollo Global Management Inc (APO.N), a manager of alternative assets, has acquired a minority stake in a subsidiary of Abu Dhabi developer Aldar Properties (ALDAR.AD), the companies said, part of a larger deal announced in February.
Apollo, through its managed investment vehicles, has taken an 11.1% stake in Aldar Investment Properties (AIP), the developer's real estate investment platform, in a transaction valued at $400 million, they said in a joint statement on Wednesday.
Apollo and Aldar said the deal was part of a previously announced $1.4 billion investment by Apollo into Aldar in February. read more
"By providing significant financial backing, the transaction is a catalyst for AIP to significantly scale up its real estate platform through further transformative acquisitions," the statement said on Wednesday.
AIP in July revealed it had acquired four prime commercial towers in Abu Dhabi Global Market, Abu Dhabi's financial centre, for 4.3 billion dirhams ($1.2 billion).
Apollo Global Management Inc (APO.N), a manager of alternative assets, has acquired a minority stake in a subsidiary of Abu Dhabi developer Aldar Properties (ALDAR.AD), the companies said, part of a larger deal announced in February.
Apollo, through its managed investment vehicles, has taken an 11.1% stake in Aldar Investment Properties (AIP), the developer's real estate investment platform, in a transaction valued at $400 million, they said in a joint statement on Wednesday.
Apollo and Aldar said the deal was part of a previously announced $1.4 billion investment by Apollo into Aldar in February. read more
"By providing significant financial backing, the transaction is a catalyst for AIP to significantly scale up its real estate platform through further transformative acquisitions," the statement said on Wednesday.
AIP in July revealed it had acquired four prime commercial towers in Abu Dhabi Global Market, Abu Dhabi's financial centre, for 4.3 billion dirhams ($1.2 billion).
#AbuDhabi’s IHC Plans to Invest Billions in India, Indonesia, Turkey, More - Bloomberg
Abu Dhabi’s IHC Plans to Invest Billions in India, Indonesia, Turkey, More - Bloomberg
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International Holding Co. plans to invest billions of dollars in markets including Indonesia, Colombia, Turkey and India as the United Arab Emirates firm controlled by the country’s national security adviser steps up its breakneck expansion.
IHC, the UAE’s most valuable listed firm, will target sectors such as food, infrastructure and health care across these countries and investments will range from $1 billion to $5 billion depending on the country and opportunity, Chief Executive Officer Syed Basar Shueb said in an interview.
“These new markets are more lucrative for us because they give decent returns and it gives us exposure to that country,” Shueb said. “Double-digit growth is the minimum of what we’re looking for.”
With investments ranging from Elon Musk’s SpaceX, to a local fishery and Abu Dhabi’s largest property developer, IHC is at the forefront of a drive to diversify the UAE economy and deploy its oil windfall overseas.
The company, whose market capitalization has rocketed to $170 billion within a matter of months, is controlled by the Royal Group, a conglomerate that lists Sheikh Tahnoon bin Zayed al Nahyan -- the UAE’s national security adviser and brother to the president -- as chairman.
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International Holding Co. plans to invest billions of dollars in markets including Indonesia, Colombia, Turkey and India as the United Arab Emirates firm controlled by the country’s national security adviser steps up its breakneck expansion.
IHC, the UAE’s most valuable listed firm, will target sectors such as food, infrastructure and health care across these countries and investments will range from $1 billion to $5 billion depending on the country and opportunity, Chief Executive Officer Syed Basar Shueb said in an interview.
“These new markets are more lucrative for us because they give decent returns and it gives us exposure to that country,” Shueb said. “Double-digit growth is the minimum of what we’re looking for.”
With investments ranging from Elon Musk’s SpaceX, to a local fishery and Abu Dhabi’s largest property developer, IHC is at the forefront of a drive to diversify the UAE economy and deploy its oil windfall overseas.
The company, whose market capitalization has rocketed to $170 billion within a matter of months, is controlled by the Royal Group, a conglomerate that lists Sheikh Tahnoon bin Zayed al Nahyan -- the UAE’s national security adviser and brother to the president -- as chairman.
OPEC Chief Haitham Al Ghais Sees High Risk of Oil Squeeze Amid Bullish Demand - Bloomberg video
OPEC Chief Haitham Al Ghais Sees High Risk of Oil Squeeze Amid Bullish Demand - Bloomberg
Global oil markets face a high risk of a supply squeeze this year as demand remains resilient and spare production capacity dwindles, the new head of OPEC said.
Fears over slowing consumption in China and the wider world -- which have pushed crude prices 16% lower this month -- have been exaggerated, OPEC Secretary-General Haitham Al-Ghais said in an interview with Bloomberg Television.
At the same time, producers in the Organization of Petroleum Exporting Countries and beyond are running out of extra supplies they can bring to market, Al-Ghais said at OPEC’s Vienna headquarters. The Kuwaiti oil executive was appointed as the group’s top diplomat this month.
“We are running on thin ice, if I may use that term, because spare capacity is becoming scarce,” Al-Ghais said. “The likelihood of a squeeze is there.”
Fears over slowing consumption in China and the wider world -- which have pushed crude prices 16% lower this month -- have been exaggerated, OPEC Secretary-General Haitham Al-Ghais said in an interview with Bloomberg Television.
At the same time, producers in the Organization of Petroleum Exporting Countries and beyond are running out of extra supplies they can bring to market, Al-Ghais said at OPEC’s Vienna headquarters. The Kuwaiti oil executive was appointed as the group’s top diplomat this month.
“We are running on thin ice, if I may use that term, because spare capacity is becoming scarce,” Al-Ghais said. “The likelihood of a squeeze is there.”
Watch Griffiths: #Dubai Passenger Growth Set To Continue - Bloomberg video
Watch Griffiths: Passenger Growth Set To Continue - Bloomberg
A steady surge of growth throughout the second quarter propelled Dubai International Airport's half yearly traffic to 27.9 million passengers. That's just 1.2 million shy of the airport's total traffic for the whole of last year. The CEO, Paul Griffiths, speaks to Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East" about the numbers. (Source: Bloomberg)
Oil slips to six-month low as recession fears weigh | Reuters
Oil slips to six-month low as recession fears weigh | Reuters
Oil hit a six-month low on Wednesday after a brief rally as concerns about the prospect of a global recession that would weaken demand overshadowed a report showing lower U.S. crude and gasoline stocks.
Figures on Wednesday did little to improve the economic backdrop, showing British consumer price inflation jumped to 10.1% in July, its highest since February 1982, intensifying a squeeze on households. read more
Brent crude fell as low as $91.51, the lowest since February, and by 0931 GMT was down 5 cents at $92.29. U.S. West Texas Intermediate (WTI) crude fell 20 cents, or 0.2%, to $86.33.
"The oil market is struggling to shake off recession fears, and there is little to suggest that this will change any time soon," said Stephen Brennock of oil broker PVM.
Earlier, prices gained support from a report showing lower U.S. crude and fuel stocks. Crude stocks fell about 448,000 barrels and gasoline by about 4.5 million barrels, said sources citing American Petroleum Institute figures on Tuesday.
Oil hit a six-month low on Wednesday after a brief rally as concerns about the prospect of a global recession that would weaken demand overshadowed a report showing lower U.S. crude and gasoline stocks.
Figures on Wednesday did little to improve the economic backdrop, showing British consumer price inflation jumped to 10.1% in July, its highest since February 1982, intensifying a squeeze on households. read more
Brent crude fell as low as $91.51, the lowest since February, and by 0931 GMT was down 5 cents at $92.29. U.S. West Texas Intermediate (WTI) crude fell 20 cents, or 0.2%, to $86.33.
"The oil market is struggling to shake off recession fears, and there is little to suggest that this will change any time soon," said Stephen Brennock of oil broker PVM.
Earlier, prices gained support from a report showing lower U.S. crude and fuel stocks. Crude stocks fell about 448,000 barrels and gasoline by about 4.5 million barrels, said sources citing American Petroleum Institute figures on Tuesday.
#UAE Oil Exports Boosted as #Fujairah Resumes Loading After Floods - Bloomberg
UAE Oil Exports Boosted as Fujairah Resumes Loading After Floods - Bloomberg
Crude oil and condensate exports from the UAE are set to gain traction as shipments from Fujairah’s off-shore export terminals resume after a hiatus of more than two weeks caused by heavy rains and flooding.
The supertanker Kashimasan loaded from Das Island, then also at the single-point mooring facility off the coast of Fujairah on Aug. 16 before sailing toward Cochin, India. The VLCC was the first tanker to arrive at Fujairah since Abu Dhabi National Oil Co., the state energy firm, suspended loading operations from the terminal late last month.
Oil shipments shrank marginally in August as Abu Dhabi diverted its Murban crude exports to the Jebel Dhanna terminals in the Persian Gulf. Emirati exports were about 3.57 million barrels a day in the first 16 days of August, according to tanker-tracking data monitored by Bloomberg. That was a modest drop from a revised 3.72 million barrels a day in July, when monthly volumes rose to the highest in more than five years.
The supertanker Kashimasan loaded from Das Island, then also at the single-point mooring facility off the coast of Fujairah on Aug. 16 before sailing toward Cochin, India. The VLCC was the first tanker to arrive at Fujairah since Abu Dhabi National Oil Co., the state energy firm, suspended loading operations from the terminal late last month.
Oil shipments shrank marginally in August as Abu Dhabi diverted its Murban crude exports to the Jebel Dhanna terminals in the Persian Gulf. Emirati exports were about 3.57 million barrels a day in the first 16 days of August, according to tanker-tracking data monitored by Bloomberg. That was a modest drop from a revised 3.72 million barrels a day in July, when monthly volumes rose to the highest in more than five years.
Oil slips to six-month low as recession fears weigh | Reuters
Oil slips to six-month low as recession fears weigh | Reuters
Oil fell on Wednesday to a six-month low after a brief respite as concerns about the prospect of a global recession that would weaken demand overshadowed a report showing lower U.S. crude and gasoline stocks.
Figures on Wednesday did little to improve the economic backdrop, showing British consumer price inflation jumped to 10.1% in July, its highest since February 1982, intensifying a squeeze on households. read more
Brent crude was down 44 cents, or 0.5%, at $91.90 a barrel by 0815 GMT and earlier fell to $91.64, the lowest since February. U.S. West Texas Intermediate (WTI) crude dipped 9 cents, or 0.1%, to $86.44.
"The oil market is struggling to shake off recession fears, and there is little to suggest that this will change any time soon," said Stephen Brennock of oil broker PVM.
Earlier, prices gained support from a report showing lower U.S. crude and fuel stocks. Crude stocks fell about 448,000 barrels and gasoline by about 4.5 million barrels, said sources citing American Petroleum Institute figures on Tuesday.
Oil fell on Wednesday to a six-month low after a brief respite as concerns about the prospect of a global recession that would weaken demand overshadowed a report showing lower U.S. crude and gasoline stocks.
Figures on Wednesday did little to improve the economic backdrop, showing British consumer price inflation jumped to 10.1% in July, its highest since February 1982, intensifying a squeeze on households. read more
Brent crude was down 44 cents, or 0.5%, at $91.90 a barrel by 0815 GMT and earlier fell to $91.64, the lowest since February. U.S. West Texas Intermediate (WTI) crude dipped 9 cents, or 0.1%, to $86.44.
"The oil market is struggling to shake off recession fears, and there is little to suggest that this will change any time soon," said Stephen Brennock of oil broker PVM.
Earlier, prices gained support from a report showing lower U.S. crude and fuel stocks. Crude stocks fell about 448,000 barrels and gasoline by about 4.5 million barrels, said sources citing American Petroleum Institute figures on Tuesday.
Major Gulf bourses track oil prices higher | Reuters
Major Gulf bourses track oil prices higher | Reuters
Major stock markets in the Gulf rose in early trade on Wednesday, tracking oil prices higher, with the Abu Dhabi index edging closer to recent record highs.
Oil prices, a key catalyst for the Gulf's financial shares, rose over $1, rebounding from six-month lows hit the previous day, as an unexpectedly large drop in U.S. oil and gasoline stocks reminded investors that demand remains firm, even if at times overshadowed by the prospect of a global recession.
Saudi Arabia's benchmark index (.TASI) edged 0.2% higher, with Retal Urban Development Co (4322.SE) rising 1% and Al Rajhi Bank (1120.SE) gaining 0.5%.
Elsewhere, Saudi Enaya Cooperative Insurance (8311.SE) jumped more than 3% after the insurer swung to quarterly profit of 2.8 million riyals ($745,851), compared to a loss of 8.6 million riyals year ago.
Dubai's main share index (.DFMGI) gained 0.4%, bolstered by a 1.5% rise in blue-chip developer Emaar Properties (EMAR.DU) ahead of its board meeting on Thursday to discuss the sale of its e-commerce fashion business.
Last week, Emaar announced it would buy out Dubai Holding from their joint Dubai Creek Harbour development in a $2 billion deal equally financed by cash and Emaar Properties shares.
The operator of Dubai International said on Wednesday over 14 million passengers had travelled through the airport in the second quarter, and raised its forecast for the year to 62.4 million passengers. read more
Dubai International has recovered 67.5% of pre-pandemic passenger traffic comparing the first six months of this year to the same period in 2019, Dubai Airports said.
In Abu Dhabi, the index (.FTFADGI) added 0.4%, edging closer to recent record highs, with conglomerate International Holding Co (IHC) (IHC.AD) rising 0.8%.
Shares of IHC, the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $167 billion, have risen over 120% so far this year.
IHC, which straddles sectors from healthcare to real estate to IT and utilities, made 70 acquisitions worth 10 billion dirhams ($2.72 billion) this year.
The Qatari index (.QSI) climbed 0.7%, with Qatar Islamic Bank (QISB.QA) advancing 2%.
Major stock markets in the Gulf rose in early trade on Wednesday, tracking oil prices higher, with the Abu Dhabi index edging closer to recent record highs.
Oil prices, a key catalyst for the Gulf's financial shares, rose over $1, rebounding from six-month lows hit the previous day, as an unexpectedly large drop in U.S. oil and gasoline stocks reminded investors that demand remains firm, even if at times overshadowed by the prospect of a global recession.
Saudi Arabia's benchmark index (.TASI) edged 0.2% higher, with Retal Urban Development Co (4322.SE) rising 1% and Al Rajhi Bank (1120.SE) gaining 0.5%.
Elsewhere, Saudi Enaya Cooperative Insurance (8311.SE) jumped more than 3% after the insurer swung to quarterly profit of 2.8 million riyals ($745,851), compared to a loss of 8.6 million riyals year ago.
Dubai's main share index (.DFMGI) gained 0.4%, bolstered by a 1.5% rise in blue-chip developer Emaar Properties (EMAR.DU) ahead of its board meeting on Thursday to discuss the sale of its e-commerce fashion business.
Last week, Emaar announced it would buy out Dubai Holding from their joint Dubai Creek Harbour development in a $2 billion deal equally financed by cash and Emaar Properties shares.
The operator of Dubai International said on Wednesday over 14 million passengers had travelled through the airport in the second quarter, and raised its forecast for the year to 62.4 million passengers. read more
Dubai International has recovered 67.5% of pre-pandemic passenger traffic comparing the first six months of this year to the same period in 2019, Dubai Airports said.
In Abu Dhabi, the index (.FTFADGI) added 0.4%, edging closer to recent record highs, with conglomerate International Holding Co (IHC) (IHC.AD) rising 0.8%.
Shares of IHC, the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $167 billion, have risen over 120% so far this year.
IHC, which straddles sectors from healthcare to real estate to IT and utilities, made 70 acquisitions worth 10 billion dirhams ($2.72 billion) this year.
The Qatari index (.QSI) climbed 0.7%, with Qatar Islamic Bank (QISB.QA) advancing 2%.
#SaudiArabia's economy set to grow at fastest pace in a decade, IMF says
Saudi Arabia's economy set to grow at fastest pace in a decade, IMF says
Saudi Arabia’s economy is set to grow at the quickest pace in a decade and will likely be one of the world’s fastest-growing economies this year, according to the International Monetary Fund.
Sweeping pro-business reforms implemented by the country, together with a sharp rise in oil prices and increased crude production, have powered the kingdom’s recovery from the pandemic-induced recession in 2020, the IMF said on Wednesday.
“The authorities’ continued implementation of Vision 2030 policies will help diversify and liberalise the economy and thus pave the way to more stable growth,” Amine Mati, an IMF assistant director and Sidra Rehman, an economist at the fund, said.
Saudi Arabia’s gross domestic product is forecast to expand 7.6 per cent this year after 3.2 per cent growth in 2021, the IMF said in its World Economic Outlook update last month.
Saudi Arabia’s economy is set to grow at the quickest pace in a decade and will likely be one of the world’s fastest-growing economies this year, according to the International Monetary Fund.
Sweeping pro-business reforms implemented by the country, together with a sharp rise in oil prices and increased crude production, have powered the kingdom’s recovery from the pandemic-induced recession in 2020, the IMF said on Wednesday.
“The authorities’ continued implementation of Vision 2030 policies will help diversify and liberalise the economy and thus pave the way to more stable growth,” Amine Mati, an IMF assistant director and Sidra Rehman, an economist at the fund, said.
Saudi Arabia’s gross domestic product is forecast to expand 7.6 per cent this year after 3.2 per cent growth in 2021, the IMF said in its World Economic Outlook update last month.
#Dubai airport sees passenger travel surge, hikes annual forecast | Reuters
Dubai airport sees passenger travel surge, hikes annual forecast | Reuters
The operator of Dubai International said on Wednesday over 14 million passengers had travelled through the airport in the second quarter, and raised its forecast for the year to 62.4 million passengers.
That was the ninth consecutive quarter that saw greater passenger figures than the prior quarter as international travel demand ramps up amid an easing of pandemic restrictions worldwide.
Dubai's airport screened 14.2 million passengers in the April to June period, nearly three times the 4.9 million in the same quarter a year earlier, Dubai Airports said in a statement.
The airport, the busiest for international travellers globally, handled 27.9 million in the first half, more than double the number of a year ago and just short of the 29.1 million recorded in all of 2021.
The operator of Dubai International said on Wednesday over 14 million passengers had travelled through the airport in the second quarter, and raised its forecast for the year to 62.4 million passengers.
That was the ninth consecutive quarter that saw greater passenger figures than the prior quarter as international travel demand ramps up amid an easing of pandemic restrictions worldwide.
Dubai's airport screened 14.2 million passengers in the April to June period, nearly three times the 4.9 million in the same quarter a year earlier, Dubai Airports said in a statement.
The airport, the busiest for international travellers globally, handled 27.9 million in the first half, more than double the number of a year ago and just short of the 29.1 million recorded in all of 2021.