Dubai’s economic performance indicators for the first half of 2023 have exceeded expectations and these exceptional results bolster its outlook for record results in the coming months, said HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

 

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 his 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, he was quoted as saying by Wam news agency.

 

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.

 

"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. It welcomed more than 8.5 million international visitors in the first six months of the year. 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.

 

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, he said.

 

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 AED60 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 AED71 billion to reach AED652 billion, while trading volumes rose to over AED46 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 AED285 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.

 

"We are very proud of what we have achieved so far this year, and the confidence that we have inspired in the global community,” Sheikh Hamdan further said.