Photo Credits: Saudi Gazette
In the first half of 2023, Dubai’s economy outperformed forecasts, according to a report evaluated by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council.
By drawing more than 8.5 million foreign tourists, Dubai cemented its status as the world’s top tourism destination.
Additionally, the Dubai Financial Market experienced a significant growth of 14%, translating into a stunning increase in value of AED 71 billion.
The real estate industry also showed notable growth, with a staggering AED 285 billion in transactions.
Sheikh Hamdan tweeted, “I reviewed a report on the main highlights of Dubai’s exceptional economic performance in the first half of 2023,” expressing his delight with the economic achievements. Dubai had unprecedented growth and led the way in several industries. Since we had more than 8.5 million visitors in the previous six months, Dubai was named the top tourism destination in the world for 2023. Dubai has also emerged as one of the top three cities in the world for the affluent. A $75 billion increase in the value of Sukuk listed on Nasdaq Dubai has elevated the city to a prominent global center for Sukuk listings. The real estate market grew outstanding, totaling 285 billion AED in sales.
“Guided by His Highness’s vision and Dubai’s Economic Agenda D33, Dubai continues to reinforce its position as a major global economic hub, and will always be the best place to live and work worldwide,” he continued.
The world community and significant investors have gained faith in Dubai due to its success in numerous industries.
For the second year in a row, the city has been awarded the top travel destination in the world by Tripadvisor’s Travellers’ Choice Awards 2023.
In addition, it has become one of the top three wealth-owner hubs and one of the places that has recovered the quickest from the COVID-19 pandemic.
The Dubai Financial Market (DFM) index, one of the best-performing stock exchanges, increased by 14%, giving it a market value of AED652 billion.
The value of Sukuk listed on Nasdaq Dubai reached $75 billion, making it one of the world’s top centers for Sukuk listings. Nasdaq Dubai also saw considerable growth.
Dubai’s real estate market continued to experience robust demand growth, with AED285 billion in total sales.
This performance aligns with the objectives of Dubai Economic Agenda D33, which aims to build an environment and fiercely competitive infrastructure, making Dubai the best location in the world to live, visit, and work.
Sheikh Hamdan emphasized that the prognosis for record-breaking accomplishments in the upcoming months is strengthened by these extraordinary successes in the first half of 2023.
Following the Dubai Economic Agenda D33 goals, Dubai seeks to improve the business climate and speed up economic growth, which will help the emirate achieve its long-term objectives.