Dubai recorded a 3.3 % improve in actual gross home product (GDP) within the first 9 months of 2023, in line with the newest figures from the Dubai Information and Statistics Institution.
The lodging and catering actions skilled robust progress of 11.1 %. The added worth of those actions within the first 9 months of 2022 amounted to Dhs10 billion, rising to Dhs11.1 billion in the identical interval in 2023.
Transport and warehousing companies adopted go well with, rising by 10.9 %, highlighting the emirate’s position as a outstanding worldwide logistics hub. The contribution of transport and storage actions to GDP elevated from 12.2 % within the first 9 months of 2022 to 13.1 % in the identical interval of 2023.
The data and communications sector noticed a rise of 4.4 %. Whereas the worth of the sector’s actions was roughly Dhs14.3 billion within the first 9 months of 2022, it rose to Dhs15 billion in the identical interval of 2023.
Actual property exercise elevated by 4 % within the first 9 months of 2023, bringing the worth of the sector to a strong Dh26.8 billion, reflecting continued demand for each residential and funding alternatives throughout the emirate.
Dubai’s monetary and insurance coverage sector, which is a serious contributor to the financial system, recorded a progress of two.7 %, reaching Dh7.3 billion within the first 9 months of 2023.
The worth added of the schooling sector within the first 9 months of 2022 was Dh5.7 billion, rising to Dh5.8 billion in the identical interval of 2023, a progress of two.6 %.
Dubai’s manufacturing sector noticed 2.2 % progress, pushing its worth to Dh27.4 billion within the first 9 months of 2023. This regular progress reveals the emirate’s adaptability and dedication to selling numerous industries.
Dubai’s electrical energy, water and waste administration sector grew 2.2 % to Dh10.9 billion within the first 9 months of 2023.
Based on figures from the Dubai Information and Statistics Institution, many different actions confirmed progress. These embrace skilled, scientific and technical actions, which grew 1.9 %, development actions, which elevated 1.6 %, and wholesale and retail actions, which grew 1.5 %.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Government Council, welcomed Dubai’s continued financial attractiveness.
So mentioned Sheikh Hamdan bin Mohammed. “This success is the results of the harmonious collaboration between all of Dubai’s financial stakeholders, together with the private and non-private sectors. It is usually a mirrored image of Dubai’s favorable financial surroundings, strong world-class infrastructure, pro-business laws and deep expertise pool that collectively constantly entice a various vary of traders and entrepreneurs from all corners of the world.”
He additional famous that the newest progress 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 progress and make it one of many three largest city economies on the planet.
“To proceed this progress trajectory, we’re centered on constructing on our strategic partnerships and additional enhancing our innovation, funding and entrepreneurship frameworks, strengthening Dubai’s place as a number one international financial middle within the coming decade,” Sheikh Hamdan added.
Dubai: Information displays GDP progress
Younus Al Nasser, CEO of Dubai Information and Statistics Institution, Digital Dubai, mentioned: “In at the moment’s world, real-time information is a real mirror of the financial actuality of each metropolis or nation. The info we see on Dubai’s efficiency within the first 9 months of 2023 helps entice traders searching for a greater future in an financial surroundings that retains tempo with growth and creates the most effective alternatives to develop financial to transform outcomes into inspiring and enticing success tales.”
Hadi Badri, CEO of Dubai Financial Growth Company, Dubai Division of Financial system and Tourism, mentioned: “Dubai’s financial efficiency is a transparent reflection of the efficient insurance policies and initiatives now we have applied as a part of our long-term growth roadmap time period. This technique, conceived and outlined by our management, is not only a plan, however a actuality that’s coming to fruition in our emirate.
“Wanting forward, we purpose to cement Dubai’s place as a high strategic precedence for international enterprise choice makers by 2024. Our purpose is to make sure that Dubai stays on the forefront of financial innovation and a hub for worldwide funding, leveraging our distinctive place to supply unparalleled alternatives for the worldwide market.”
Learn: UAE GDP anticipated to develop 3.7% in 2024, and three.8% in 2025: World Financial institution
