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Dubai GDP surges 3.3% in 2023 as emirate pursues ambitious economic vision: Sheikh Hamdan

Posted by admin on January 28, 2024

he rearmost GDP numbers demonstrate the emirate is steadily progressing towards achieving the vision laid out in Dubai Economic Agenda 2033
real gross domestic product( GDP) rose by3.3 percent in the first nine months of 2023, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince and Chairman of The Executive Council of Dubai said via an X post.
The rearmost GDP numbers demonstrate the emirate is steadily progressing towards achieving the vision laid out in Dubai Economic Agenda 2033
launched by Sheikh Mohammed bin Rashid Al Maktoum to transfigure Dubai into one of the top three global civic husbandry over the coming decade.
“ Driven by the strategic vision of its leadership, Dubai has set an illustration for profitable strength, adaptability and invention. With the devoted sweats of our government brigades and transnational business mates, we look forward to achieving numerous further mileposts in 2024, ” Sheikh Hamdan said.

Dubai frugality rhrives with emotional growth across sectors
Accommodation and food services conditioning commanded the swell, passing an11.1 percent growth, solidifying Dubai’s global character as a tourism leader.
Transportation and storehouse services nearly followed, surging by10.9 percent, emphasising the emirate’s part as a prominent transnational logistics mecca.
The information and dispatches sector also demonstrated growth with a4.4 percent increase, showcasing Dubai’s commitment to slice- edge technologies and a thriving knowledge frugality.
The profitable machine of Dubai showcased vibrant exertion in colorful sectors during the first nine months of 2023, as revealed by the Dubai Data and Statistics Establishment.
Real estate saw a 4 percent swell, fiscal and insurance conditioning grew by2.7 percent, and the knowledge frugality bettered with a2.6 percent increase in education.
Helal Saeed Al Marri, Director General of Dubai’s Department of Economy and Tourism, stressed the success of Dubai’s profitable performance, attributing it to robust, sustainable programs and business-first enterprise.
He emphasised the nonstop cooperative sweats between the public and private sectors, working within a unified frame to achieve the objects of the Dubai Economic Agenda D33.
The comprehensive profitable system of Dubai operates with high situations of harmony and effectiveness, according to Hamad Obaid Al Mansoori, Director General of Digital Dubai.
He stressed Dubai’s success is fueled by visionary leadership and a unborn vision with global reach, situating the megacity among the world’s most dynamic and competitive.
The growth in colorful sectors, including accommodation and food services, transportation and storehouse, information and dispatches technology, real estate, finance, education, manufacturing, and essential services like electricity, water, and waste operation, reflects Dubai’s commitment to sustained development and unborn success on the global stage.
“ Dubai’s lifeline diligence – electricity, water, and waste operation – grew2.2 to reach AED10.9 billion in the first nine months of 2023. This increase reflects the rising demand for services in this sector, ” the Dubai Media Office said in a statement
“ As per Dubai Data and Statistics Establishment numbers, numerous other conditioning showed growth. These included professional, scientific, and specialized conditioning, which expanded by1.9 percent, construction conditioning which rose by1.6 percent, and noncommercial and retail trade conditioning, which expanded by1.5 percent. This multifaceted progress paves the way for Dubai’s sustained development and unborn success, ” the statement added.
Dubai an investment destination Economists
also reported on Standard & Poor’s protrusions that the UAE frugality will expand by over 5 percent in 2024, well above the estimated2.8 percent growth for the global frugality.
Tatiana Leskova from S&P Global Conditions said while the world frugality saw restrained exertion, UAE GDP grew roughly 3 percent in 2023, including nearly 6 percent growth in thenon-oil sector.
Leskova stressed that crucial motorists of UAE growth coming time will be the hospitality, noncommercial, retail and fiscal services sectors in Dubai.
So far, Dubai has remained fairly shielded from transnational headwinds thanks to limited perceptivity to interest rate hikes and contained affectation. Mortgage deals in Dubai continued growing despite advanced rates as over 80 percent of real estate deals are cash- grounded.
In discrepancy, European property requests have weakened with high rates and affectation squeezing copping power.
China’s request also faces challenges from tensed inventor perimeters and falling prices. The US saw some recovery in demand beforehand in 2023 after retardation.
Russians have come one of the largest investor groups in Dubai lately, though Indians, Europeans and GCC citizens remain the primary buyers long- term.
Overall, Dubai maintains an advantage as an investment destination over other emirates.

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