Mid-Year Economic Update highlights Dubai’s accelerated growth
A consolidated Mid-Year Economic update released provides key updates and significant progress made in delivering against the goals laid out in the Emirate’s D33 Economic Agenda.
Key report findings
- 8.5+ million – Dubai recorded more than 8.5 million international visitors during the first half of 2023[1]
- The Region’s Wealthiest City – Dubai leads as the wealthiest city in the Middle East and North Africa, with regards to the number of billionaires currently residing in Dubai[2]
- Best Performing Financial Market Regionally – The Dubai Financial Market (DFM) crossed the 3,986 level on July 13, the highest since August 2015, and is up nearly 20% so far this year, ahead of the MSCI World Index[3]
- Busiest International Airport – Dubai International (DXB) retained its title as the busiest airport for international flights in July 2023[4]
- $75bn – The value of Sukuk listed on Nasdaq Dubai totalled $75bn, making it one of the world’s leading hubs for Sukuk listings[5]
- $178bn – The market value of DFM-listed companies increased by $19bn to reach $178bn[6]
- $12.5bn – Trading volume in DFM exceeded $12.5bn since the beginning of 2023[7]
- 57% – Institutional investors accounted for 57% of trading value in DFM in the first half of the year, with net purchases of $172m[8]
- 48% – Foreign investors accounted for 48% of the trading value in DFM during the first half of the year, with net purchases amounting to $890.2bn[9]
- $77.5 – Total real estate transactions amounted to $77.5bn during the first half of 2023[10]
- 3.6 million – Dubai’s population increased by 50,000 in H1 in 2023, surpassing 3.6 million[11]
Figures from the report demonstrate the significant strides Dubai has already made towards achieving the objectives of the D33 Economic Agenda. Launched early this year, the ‘D33’ economic transformation plan aims to double the size of Dubai’s economy over the next decade and consolidate its position among the top three global cities.
The strategy is designed to augment Dubai’s economic competitiveness, implement growth plans, foster the diversification and sustainability of the economy, attract global talent and foreign investment in vital sectors, and reinforce Dubai’s position as a global destination for digital economy investments and entrepreneurial ventures. The initiative prioritizes advancing innovation, artificial intelligence, and technology projects while making the emirate a leading hub for green economy and tourism.
[1] https://gulftoday.ae/news/2023/07/17/dubai-receives-8-5-million-visitors-in-first-half-of-2023-exceeding-pre-covid-levels
[2] https://altrata.com/reports/billionaire-census-2023
[3] https://abcnews.go.com/International/wireStory/dubais-stock-market-hits-8-year-high-lifted-101519465
[4] https://www.khaleejtimes.com/business/aviation/dubai-international-retains-busiest-airport-title-in-july
[5] https://www.islamicfinancenews.com/nasdaq-dubais-sukuk-listings-increase.html
[6] https://gulfnews.com/business/economy/growing-visitor-numbers-soaring-stocks-surging-property-market-dubais-latest-report-card-1.96994923
[7] https://gulfnews.com/business/economy/growing-visitor-numbers-soaring-stocks-surging-property-market-dubais-latest-report-card-1.96994923
[8] https://www.mediaoffice.ae/en/news/2023/July/27-07/DFM-Reports-77-percent-Upsurge-in-Net-Profit-during-the-First-Half-of-2023
[9] https://www.mediaoffice.ae/en/news/2023/July/27-07/DFM-Reports-77-percent-Upsurge-in-Net-Profit-during-the-First-Half-of-2023
[10] https://www.constructionweekonline.com/analysis/dubai-surpasses-growth-expectations-achieves-remarkable-results-in-h1
[11] https://whatson.ae/2023/07/dubai-population-increased-by-50000-in-the-first-6-months-of-2023/
Dubai’s Department of Economy and Tourism (DET)
With the ultimate vision of making Dubai, the world’s leading commercial centre, investment hub and tourism destination, Dubai’s Department of Economy and Tourism (DET) is mandated to support the Government in positioning the emirate as a major hub for global economy and tourism, and in boosting the city’s economic and tourism competitiveness indicators. Under this remit, DET is driving efforts to further enhance Dubai’s diversified, innovative service-based economy to attract top global talent, deliver a world-class business environment and accelerate productivity growth. Additionally, DET is supporting Dubai’s vision to become the world’s best city to live and work in by promoting its diverse destination proposition, unique lifestyle and outstanding quality of life, overall.
