Dubai continues to reinforce its position as major global economic hub, says Sheikh Hamdan

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said Dubai continues to reinforce its position as a major global economic hub, guided by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

Driven by Sheikh Mohammed’s visionary strategy to enhance sustainable economic growth and raise global competitiveness, Dubai has emerged as one of the world’s safest and most attractive cities to live, visit and work.

Reviewing a report on Dubai’s economic progress in the first half of 2023, Sheikh Hamdan Bin Mohammed said: “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.

“Dubai’s economic performance indicators for the first half of 2023 have exceeded expectations. These exceptional results bolster our outlook for record results in the coming months. We look forward to a new, strong beginning in 2024, during which we seek to further enhance the business environment and accelerate economic growth in order to contribute to the goals of Dubai Economic Agenda D33,” he added.

“Dubai further consolidated its status 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 Dubai Financial Market (DFM)-listed companies recorded a total market value of Dhs652 billion. Dubai also strengthened its status as one of the world’s top three hubs for wealth owners, and one of the fastest-recovering cities since the COVID-19 pandemic. We are very proud of what we have achieved so far this year, and the confidence that we have inspired in the global community,” he further said.

Global role model

Dubai’s economy recorded strong growth across various sectors in the first half of 2023, supporting the objectives of the Dubai Economic Agenda D33 and  Sheikh Mohammed Bin Rashid’s vision to make Dubai a global role model for economic resilience, growth, diversification and prosperity.

Leading the charts for the second year running, Dubai was named the world’s top-ranked destination in Tripadvisor’s Travellers’ Choice Awards 2023, further contributing to the D33 goal of making Dubai one of the world’s three top destinations for tourism and business.

More than 8.5 million international visitors

Proving its ability to overcome challenges brought by global changes and the renewed momentum of its tourism sector, Dubai welcomed more than 8.5 million international visitors during the first six months of 2023.

Wealth magnet

Dubai also emerged as one of the world’s three most attractive cities for the wealthy and one of the cities that have recovered the fastest from the COVID-19 pandemic thanks to its strategic location, robust infrastructure and economic growth.

The emirate’s growing attractiveness for wealth owners supports the goal of the Dubai Economic Agenda D33 to increase foreign direct investment inflows to an annual average of Dhs60 billion over the next decade, supported by efforts to nurture investor confidence and further enhance regulatory and legislative frameworks.

Outstanding financial market performance

The Dubai Financial Market was one of the best-performing stock markets in the first half of 2023, with its index rising 14 percent to close at 3,792 points. The market value of listed companies increased by Dhs71 billion to reach Dhs652 billion, while trading volumes rose to over Dhs46 billion. Institutional trading in DFM rose to 57percent of trading value while foreign trading grew to 48 percent. Nasdaq Dubai also recorded strong growth in 2023, with the value of listed Sukuk rising to $75 billion, making it one of the world’s leading hub for Sukuk listings. These results further support D33’s objective of making Dubai one of the world’s top four financial centres.

Robust real estate performance

Dubai’s real estate sector continued to experience demand growth in the first half of 2023, with total transactions reaching Dhs285 billion. This robust performance supports the objectives of D33 to create a highly competitive environment and infrastructure and make Dubai the world’s best place to live, visit and work.

WAM