Gulf News – July 16, 2023
Dubai: Dubai welcomed more than 8.5 million international visitors during the first six months of 2023. The emirate’s bourse, the Dubai Financial Market, rose 14 per cent, recording a Dh71 billion gain in value, during the same period. The real estate sector, too, saw significant demand growth, with total transactions reaching Dh285 billion.
This is the summary of a report on Dubai’s economic progress for the first half of 2023, reviewed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council.
“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,” Sheikh Hamdan said.
“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 Dh652 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
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.
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 Dh60 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 per cent to close at 3,792 points. The market value of listed companies increased by Dh71 billion to reach Dh652 billion, while trading volumes rose to over Dh46 billion. Institutional trading in DFM rose to 57 per cent of trading value while foreign trading grew to 48 per cent. 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 Dh285 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.