Dubai has showcased remarkable economic progress in the first half of 2023, according to a report evaluated by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council. The emirate welcomed over 8.5 million international visitors during this period, while the Dubai Financial Market experienced a 14% rise, resulting in a Dh71 billion increase in value. The real estate sector also flourished, with total transactions amounting to Dh285 billion.
Sheikh Hamdan commented:
“Our economic accomplishments, as well as our future goals, have been shaped by rigorous strategic planning, the exemplary efforts of our institutions, and our remarkable resilience and adeptness in navigating global challenges and the rapidly evolving economic environment. Such accomplishments are testament to the trust placed by major investors, international institutions, and business leaders in Dubai.”
He further expressed optimism about Dubai’s economic outlook, anticipating record results in the upcoming months. Sheikh Hamdan emphasized the city’s commitment to enhancing the business environment, accelerating economic growth, and aligning with the goals of Dubai Economic Agenda D33.
Growing visitor numbers
Dubai solidified its position as the world’s premier tourist destination, having been named the top-ranked destination in Tripadvisor’s Travellers’ Choice Awards 2023 for the second consecutive year. This achievement aligns with D33’s objective of making Dubai one of the top three global destinations for tourism and business.
A wealth hub
Dubai’s allure as a wealth hub was also evident, as it emerged as one of the world’s three most attractive cities for the affluent. The city’s strategic location, robust infrastructure, and strong economic growth contributed to its rapid recovery from the COVID-19 pandemic.
Impressive financial market growth
The Dubai Financial Market stood out as one of the best-performing stock markets in the first half of 2023. Its index surged by 14% to reach 3,792 points, and the market value of listed companies increased by Dh71 billion to reach Dh652 billion. Trading volumes exceeded Dh46 billion, with institutional trading accounting for 57% of the value and foreign trading comprising 48%. Nasdaq Dubai also displayed significant growth, becoming a leading hub for Sukuk listings with a value of $75 billion. These accomplishments support D33’s objective of establishing Dubai as one of the world’s top four financial centers.
A robust real estate sector
Dubai’s real estate sector demonstrated robust performance, with total transactions reaching Dh285 billion in the first half of 2023. This achievement aligns with D33’s goals of creating a highly competitive environment, developing infrastructure, and positioning Dubai as the best place to live, visit, and work.
Original article reference: Gulf News.