Dubai has recorded a 3.3% enhance in actual gross home product (GDP) within the first 9 months of 2023, additional demonstrating its financial energy, resilience and sturdy development potential.
This achievement displays town’s sustainable growth methods and its continued momentum as a number one world financial energy, Wam stated, citing the emirate’s not too long ago launched financial information.
From bustling vacationer hubs to technology-driven communications networks, Dubai’s financial panorama illustrates the depth and broad nature of its diversification, the report stated.
Lodging and catering actions recorded a outstanding development of 11.1%, cementing Dubai’s place as a world tourism chief. Transport and warehousing providers adopted go well with, rising by 10.9%, highlighting the emirate’s position as a outstanding worldwide logistics hub.
The data and communications sector, with a rise of 4.4%, underlines Dubai’s dedication to embracing cutting-edge applied sciences and selling a thriving information financial system. This multifaceted development throughout sectors is additional proof of Dubai’s financial stability and flexibility, it added.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Government Council, identified that this success was the results of the harmonious cooperation between all Dubai’s financial stakeholders, together with the private and non-private sectors.
“Additionally it is a mirrored image of Dubai’s favorable financial atmosphere, sturdy world-class infrastructure, pro-business rules and deep expertise pool that collectively constantly appeal to a various vary of traders and entrepreneurs from all corners of the world,” he acknowledged .
He stated the newest development figures paint a transparent image of progress in direction of the formidable targets of the Dubai Financial Agenda D33, which goals to double town’s financial development and make it one of many prime three city economies by 2033 to make on the planet.
“To proceed this development trajectory, we’re targeted on constructing on our strategic partnerships and additional strengthening our innovation, funding and entrepreneurship frameworks, strengthening Dubai’s place as a number one world financial heart within the coming decade,” stated Sheikh Hamdan.
Dubai’s financial engine noticed brisk exercise within the first 9 months of final yr, as evidenced by the newest figures from the Dubai Information and Statistics Institution. Actual property elevated by 4%, whereas monetary and insurance coverage actions elevated by 2.7%.
The information financial system excelled with a 2.6% enhance in training, whereas electrical energy, gasoline, water and waste administration actions grew by 2.2%. Manufacturing noticed a rise of two.2% and town witnessed a 1.9% enhance in skilled providers.
Helal Saeed Al Marri, Director Normal of Dubai’s Ministry of Economic system and Tourism, stated: “Dubai’s financial efficiency continues to construct on the sturdy, sustainable insurance policies and business-first initiatives which were up to date as a part of the launched long-term growth technique. via our visionary management for the emirate.”
“We’re dedicated to creating sustainable and engaging funding alternatives in key sectors, laying a strong basis for the subsequent decade that may additional strengthen our resilience and place us as a world chief in a extremely unstable and interdependent financial panorama,” he acknowledged . .
In response to the information, lodging and catering actions grew by 11.1% within the first 9 months of 2023, reflecting Dubai’s distinctive tourism energy.
The added worth of those actions elevated to AED10 billion, rising to AED11.1 billion in the identical interval in 2023. The contribution of those actions to GDP was 3.1% in 2022 and three.4% for a similar interval in 2023.
This development comes as Dubai continues to place itself as one of many world’s most essential hubs for attracting occasions, conferences and vacationer teams from around the globe.
Within the first 9 months of 2022, the worth of Dubai’s transportation and warehousing sector reached AED38.7 billion, rising to a strong AED42.9 billion within the first 9 months of 2023, a rise of 10.9%.
The contribution of transportation and warehousing actions to GDP elevated from 12.2% within the first 9 months of 2022 to 13.1% in the identical interval of 2023. This development displays the event of the logistics sector, pushed by superior infrastructure and highly effective financial exercise.
Info and communications know-how (ICT) actions symbolize the spine of growth in numerous fields and different sectors and type the idea for digital transformation initiatives and investments within the information financial system and numerous different scientific areas.
Though the worth of this exercise was roughly AED14.3 billion within the first 9 months of 2022, it elevated to AED15 billion in the identical interval of 2023, reaching a development of 4.4%.
Dubai’s actual property market stays firmly on the rise, with 4.0% development in worth added within the first 9 months of 2023.
This brings the worth of the sector to a strong AED26.8 billion, indicating continued demand for each housing and funding alternatives throughout the emirate. The expansion displays Dubai’s continued attractiveness as a world actual property vacation spot.
Dubai’s monetary and insurance coverage sector, which is a significant contributor to the financial system, recorded 2.7% development, reaching AED37.3 billion within the first 9 months of 2023, the Wam report stated.
This momentum reaffirms Dubai’s dedication to constructing a dynamic and diversified monetary ecosystem. With innovation and growth on the horizon, Dubai’s future as a number one monetary heart stays safe, the report stated.
