Dubai’s economy grows by 3.2% in the first half of 2023

Dubai’s economy grew by 3.2% during the first half of this year, with a total value of AED 223.8 billion ($61 billion), compared to the same period last year.

Dubai said that the positive performance of the economy came through the growth achieved in the transport sector, the wholesale and retail trade sector, the financial sector, accommodation and catering services activities, real estate activities, the information and communications sector, and manufacturing activities.

These sectors and activities contributed approximately 93.9% of the achieved growth, with transport and storage activity leading the way, which contributed 42.8% of the achieved growth, followed by trade activity contributing 12.9%, and then the financial activities sector contributing 9.9%.

The data issued by the “Dubai Data and Statistics Organization” at the Dubai Digital Authority showed that this performance was achieved as a result of the real GDP growth for the second quarter, by 3.6% from this year.

“The accelerated growth of Dubai’s economy is the result of the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and his directives to invest in people and provide the necessary ingredients to establish a prosperous economy and consolidate the pillars of an attractive, flexible, and constantly evolving investment environment,” Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the Executive Council, said.

“The promising results during the first half of this year are in line with the general course of the Dubai economic agenda (D33), which aims to sustain strong economic growth over the next ten years and consolidate Dubai’s leading position among the top 3 economic cities around the world,” he added.