Dubai's 2023 tourist numbers buoy growth, Sheikh Hamdan says
According to Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Dubai has further solidified its position as a major global economic hub in the first half of 2023. The emirate witnessed remarkable performance across sectors and attracted over 8.5 million visitors in the past six months
Dubai Continues to Thrive as a Global Economic Hub
. It has also been recognized as one of the world's top three cities for the wealthy and as one of the fastest-recovering cities since the Covid-19 pandemic. Sheikh Hamdan emphasized Dubai's significant growth and its leading role in various economic fields, reaffirming its status as a premier destination for living and working globally.
Dubai's Stock Market and Property Sector Drive Growth
The robust performance of Dubai's stock market and real estate sector has played a pivotal role in driving the emirate's growth during the first half of the year. The Dubai Financial Market (DFM) witnessed impressive progress, with listed companies reaching a total market value of Dh652 billion ($178 billion), and trading volumes exceeding Dh46 billion in the first six months. Nasdaq Dubai also experienced strong growth, with the value of listed Sukuk reaching $75 billion, establishing it as a leading hub for Sukuk listings. Additionally, the real estate sector witnessed sustained demand growth, with total transactions amounting to Dh285 billion.
Dubai's Economic Outlook and Achievements
Emirates NBD estimates that Dubai's economy grew by 5% in 2022 and is projected to increase by 3.5% in 2023. The emirate's economy expanded by 4.6% in the first nine months of 2022, with wholesale and retail trade accounting for 24.1% of its gross domestic product. Moreover, Dubai International Airport is experiencing a strong recovery, surpassing 95.6% of its pre-pandemic traffic levels in the first quarter of 2023, handling 21.2 million passengers. The Dubai property market also demonstrated robust growth in the first quarter, with total transaction value increasing by 80% annually to Dh157 billion, while the number of transactions rose by 49% to 38,715.
Dubai's Appeal to Wealth Owners and Investor Confidence
Dubai has emerged as one of the world's top destinations for the wealthy, thanks to its strategic location, robust infrastructure, and economic growth. This increasing attractiveness to wealth owners aligns with the goals of D33, which aims to boost foreign direct investment inflows to an average of Dh60 billion annually over the next decade. Dubai's efforts to enhance investor confidence and regulatory frameworks have contributed to its success. The Dubai Financial Market's recent record high and the recognition of Dubai as the world's top-ranked destination in Tripadvisor's Travellers' Choice Awards 2023 further reinforce the trust placed in Dubai by major investors, international institutions, and business leaders.
Dubai Showcases Economic Resilience and Award-Winning Reputation
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, affirms Dubai's strengthened status as a major global economic hub in the first half of 2023. Despite challenging circumstances, Dubai has performed admirably across sectors, attracting over 8.5 million visitors and earning recognition as one of the world's most attractive cities for the wealthy. Dubai's growth achievements, highlighted in a report on the emirate's economic performance, demonstrate its unwavering commitment to remain at the forefront of economic progress and maintain its position as a leading global destination for living and working.
Dubai's Stock Market Soars and Real Estate Sector Flourishes
The dynamic performance of Dubai's stock market and real estate sector has been instrumental in propelling the emirate's growth during the initial six months of the year. Companies listed on the Dubai Financial Market (DFM) have reached a cumulative market value of Dh652 billion ($178 billion), with trading volumes surpassing Dh46 billion. Meanwhile, Nasdaq Dubai has established itself as a premier hub for sukuk listings, with the value of listed sukuk rising to an impressive $75 billion. Additionally, Dubai's real estate sector has experienced an upswing, with total transactions reaching Dh285 billion, reflecting sustained demand growth.
Dubai's Economic Outlook and Noteworthy Achievements
Emirates NBD forecasts a 3.5% economic growth for Dubai in 2023, building on the 5% growth witnessed in the previous year. Data from the Dubai Statistics Centre reveals a 4.6% annual expansion in the emirate's economy during the first nine months of 2022, with wholesale and retail trade contributing significantly. Dubai International Airport has also witnessed a remarkable recovery, achieving 95.6% of pre-pandemic passenger levels in the first quarter of 2023. Notably, the Dubai property market has demonstrated remarkable growth, with a transaction value surge of 80% to Dh157 billion in the first quarter and a 49% increase in the number of transactions.
Dubai's Allure for the Wealthy and Investor Confidence
Dubai has emerged as one of the top three cities worldwide that attract wealthy individuals, thanks to its strategic location, robust infrastructure, and sustained economic growth. This growing appeal to wealth owners aligns with the goals of D33, aiming to secure an annual average of Dh60 billion in foreign direct investment over the next ten years. Dubai's commitment to enhancing investor confidence and regulatory frameworks has contributed to its success. Investor confidence is further evident in the Dubai Financial Market's recent achievements, reaching its highest point in nearly eight years, surpassing 3,987 on July 13. Moreover, being recognized as the world's top-ranked destination in Tripadvisor's Travellers' Choice Awards 2023 showcases Dubai's position as a leading global destination for both tourism and business.