Dubai strengthens its position as a major global economic hub by boosting its sustainable economic growth

Increase your global competitiveness

After assessing Dubai's economic progress in the first half of 2023, Sheikh Hamdan bin Mohammed highlighted that economic achievements, as well as future goals, have been forged through rigorous strategic planning.

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Mohammed bin Rashid, Crown Prince of Dubai and Chairman of the Executive Council, confirmed that Dubai continues to strengthen its position as an important global economic center by promoting its strategy to enhance the sustainable economic growth and increase global competitiveness.

 

Assessing Dubai's economic progress in the first half of 2023, Sheikh Hamdan bin Mohammed highlighted that economic achievements, as well as future goals, have been forged through rigorous strategic planning, exemplary efforts by institutions and high capacity of the city to face global challenges and its rapid evolution of the economic environment.

 

He also emphasized that “Dubai’s economic performance indicators in the first half of 2023 have exceeded expectations. These exceptional results reinforce our outlook for record-breaking performance in the coming months. We anticipate a strong start to 2024, during which we will strive to further enhance the business environment and accelerate economic growth to contribute to the goals of the Dubai Economic Agenda D33"He added.

 

The Sheikh explained how Dubai's economic performance indicators for the first half of 2023 exceeded expectations: “Dubai further consolidated its position as the world’s leading tourist destination in the first half of 2023. We welcomed more than 8,5 million international visitors in the first six months of the year, while companies listed on the Dubai stock exchange saw their returns rise significantly.” Dubai Financial Market (DFM)They registered a total market value of AED 652.000 billion.” Furthermore, for the second consecutive year, Dubai has been named the world’s top-rated destination in the 2023 TripAdvisor Travellers’ Choice Awards, contributing to D33’s goal of making Dubai one of the world’s top three travel and business destinations.

 

An exemplary global economy

Dubai's economy recorded strong growth across several sectors in the first half of 2023, supporting the objectives of the D33 Dubai Economic Agenda to make Dubai a global model of economic strength, growth, diversification and prosperity.

 

More than 8,5 million international visitors

Dubai welcomed more than 8,5 million international visitors during the first six months of 2023, data that demonstrates the strong momentum of its tourism sector and its ability to adapt to new global challenges.

A wealth magnet

Dubai has also become one of the three most attractive cities in the world for the rich and one of those that have recovered most quickly from the COVID-19 pandemic thanks to its strategic location, solid infrastructure and economic growth.

 

The emirate's growing appeal to wealth owners supports Dubai Economic Agenda D33's goal of increasing foreign direct investment inflows to an annual average of AED 60.000 billion over the next decade, supported by efforts to encourage investor confidence and continue to improve regulatory and legislative frameworks.

 

The effectiveness of your financial market

The Dubai Financial Market was one of the best performing stock markets in the first half of 2023, with a 14% rise in its index, which closed at 3.792 points. The market value of listed companies increased by AED 71.000 billion to AED 652.000 billion, while trading volumes exceeded AED 46.000 billion.

 

Institutional trading in DFM increased to 57% of the trading value, while foreign trading grew to 48%. Nasdaq Dubai, the Middle East's international financial exchange, also recorded strong growth in 2023, with the value of listed Sukuk rising to $75.000 billion, making it one of the leading global Sukuk listing centres. . These results further support D33's goal of developing Dubai into one of the world's top four financial centers.

A booming real estate sector

Dubai's real estate sector has continued to see demand growth in the first half of 2023, with total transactions reaching AED 285.000 billion. This strong performance supports D33's objectives of creating a highly competitive environment and infrastructure and making Dubai the best place in the world to live, visit and work.