Dubai’s financial system grew 3.3 p.c year-on-year within the first 9 months of final yr, pushed by development within the emirate’s tourism and transport sectors, the newest authorities information exhibits.
Dubai’s lodging and meals providers sector recorded a development of 11.1 p.c, whereas the transportation and warehousing providers sector rose 10.9 p.c, the Dubai Media Workplace mentioned on Sunday.
“This success is the results of the harmonious cooperation between all Dubai’s financial stakeholders, together with the private and non-private sectors,” mentioned Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
“It’s also a mirrored image of Dubai’s favorable financial surroundings, sturdy world-class infrastructure, pro-business laws and deep expertise pool that collectively constantly entice a various vary of buyers and entrepreneurs from all corners of the world.”
Dubai, one of many Center East’s most vital business, tourism and monetary facilities, has maintained development momentum since recovering from the pandemic-induced slowdown.
Dubai’s GDP grew 3.2 p.c yearly to Dh223.8 billion ($60.9 billion) within the first half of final yr, pushed by development in sectors comparable to transport, commerce, monetary providers, lodging and meals providers, actual property , data and communication. and manufacturing. based on official information launched in October.
The transport and warehousing sector, which incorporates land, sea, air transport and logistics, contributed 13.1 p.c to Dubai’s GDP within the first 9 months of 2023, injecting Dh42.9 billion into the emirate’s financial system injected.
The lodging and meals providers sector accounted for 3.4 p.c of the emirate’s financial system, producing worth addition of Dh11.1 billion, based on the Media Workplace assertion.
“Our success can also be the results of continued, collaborative efforts between the private and non-private sectors. Collectively we’re working inside a unified framework to attain the goals of the Dubai Financial Agenda D33,” mentioned Helal Al Marri, Director Normal of Dubai Division of Financial system and Tourism.
“Our focus will not be solely on sustaining the present momentum, but additionally on additional strengthening an surroundings wherein companies can flourish,” mentioned Al Marri.
Launched in January final yr, D33 goals to double the dimensions of Dubai’s financial system, with the purpose of reaching Dh32 trillion by 2033 and putting the emirate among the many high three world cities.
The plan offers a program to help 30 non-public corporations in reaching so-called unicorn standing – an organization with a valuation of greater than $1 billion. Different incubators will help the expansion of personal corporations, with 400 of essentially the most promising recognized.
The D33 agenda additionally goals to make Dubai a pacesetter within the world digital financial system, the quickest rising and most engaging world enterprise heart, a middle for sustainability and financial diversification, and an incubator and enabler of gifted residents.
Within the first 9 months of final yr, Dubai’s data and communications expertise trade grew 4.4 p.c yearly to Dh15 billion.
In keeping with the newest information, the emirate’s actual property sector recorded year-on-year development of 4 p.c to Dh26.8 billion, as demand for each housing and funding alternatives continued.
Dubai’s actual property sector has bounced again strongly from the coronavirus-induced slowdown, helped by authorities initiatives comparable to residency permits for retirees and distant staff.
The non-oil non-public sector grew strongly in December, with exercise reaching a 16-month excessive as new orders elevated and price pressures eased.
The seasonally adjusted S&P International Dubai buying managers index stood at 57.7 final month, in comparison with 56.8 in November and properly above the impartial line of fifty factors that separates development from contraction.
The worth was the best since August 2022 and the second highest in 4 and a half years.
Sheikh Mohammed bin Rashid excursions the brand new One&Solely One Za’abeel resort in Dubai
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Emirates NBD expects Dubai’s GDP to develop 4 p.c this yr, in comparison with 3.3 p.c development within the UAE financial system.
“The outlook for the approaching months additionally stays constructive, with new order development at its highest degree since mid-2019, which bodes properly for the exercise pipeline till no less than early 2024,” the Dubai-based lender mentioned in a word this month analysis word. .
In October, the UAE Central Financial institution raised its development forecast for the nation’s financial system for 2024 to five.7 p.c from 4.3 p.c beforehand, attributable to an anticipated improve in oil manufacturing.
Nonetheless, the nation has revised down its development expectations for 2023 from 3.3 p.c to three.1 p.c, largely as a result of extension of oil manufacturing cuts till the tip of 2023, it mentioned in its report. Quarterly financial overview report.
“Dubai’s financial efficiency is a transparent reflection of the efficient insurance policies and initiatives we’ve got carried out as a part of our long-term growth roadmap,” mentioned Hadi Badri, Managing Director of Dubai Financial Growth Company, Ministry of Financial system and Tourism .
“We purpose to consolidate Dubai’s place as a high strategic precedence for world enterprise determination makers by 2024,” he added.
Up to date: January 21, 2024, 11:58 AM
