His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council commended the robust economic performance of Dubai in the first half of 2023.
The economy exhibited a 3.2 percent growth in H1 2023 compared to the corresponding period in the previous year, with a total value of AED 223.8B ($60.9B), according to Arabian Business.
“The economic expansion is consistent with the goals of the Dubai Economic Agenda D33 to double GDP growth over the next decade and consolidate the emirate’s position as one of the world’s top three urban economies,” Sheikh Hamdan said.
The favourable economic performance was primarily fuelled by notable growth in sectors including transportation, wholesale and retail trade, financial and insurance, accommodation and food services, real estate, information and communication, and manufacturing.
These sectors collectively contributed to nearly 93.9 percent of the growth in H1.
Helal Saeed Almarri, Director General of Dubai’s Department of Economy and Tourism, affirmed the commitment to expediting projects under D33 and improving the regulatory framework for sustainable economic development.
“We are committed to the acceleration of all projects under D33 and the crystallisation of these critical economic levers, so we can continue to build the enabling ecosystem and regulatory framework for sustainable economic development, enhanced global attractiveness and a hyper-connected network for both increased expansion and inbound investment,” he said.
Dubai’s Economic Growth and Collaboration: Key Sectors, International Tourism, and Resilience
Hadi Badri, CEO of Dubai Economic Development Corporation, underlined the cooperative relationship between the government and private sectors as a driving factor behind Dubai’s economic growth.
Trade activities generated an additional value of AED 53.6B in H1 2023, making a substantial contribution to the GDP,
The transportation and logistics sector led the way with an impressive growth rate of 10.5 percent, while the hotel and food services sector reported a growth rate of 9.2 percent.
Dubai welcomed international visitors surpassing pre-COVID-19 levels, reaffirming its status as a top tourist destination.
Real estate, financial, and insurance activities all exhibited positive growth during this period. Information and communications activity also registered a growth rate of 3.8 percent.
Dubai’s economic resilience and determination to achieve economic goals were commended, and its capacity to adapt and recover swiftly was acknowledged.
The emirate’s model was described as a promising blueprint for future economies.
