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Dubai’s economy achieved record performance by all standards during the first half of 2023, and every day the emirate proves that it is able to compete with itself and outperform the day before, and this has been translated into real estate, stocks, licenses, business establishment and attracting visitors.
During the first half, the population of Dubai exceeded, for the first time in its history, the barrier of 3.6 million people, an increase of 1.5%, representing an increase of more than 50 thousand since the beginning of the year, meaning that the emirate attracts 277 new residents every day.
Dubai continues to attract thousands of residents looking for new job opportunities, or to reside and invest in it, due to its highly developed infrastructure and components, as well as a legislative, legal, security and economic environment that is among the finest systems in the world.
Dubai’s economy has shined, and has received strong support since the beginning of 2023, with the launch of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God bless him, the Dubai Economic Agenda D33, which includes 100 transformational projects, with ambitious economic goals that seek to achieve Doubling the size of Dubai’s economy over the next decade, up to 2033, and consolidating its position among the top 3 economic cities around the world.
On that day, His Highness Sheikh Mohammed bin Rashid Al Maktoum said: “Our goal is to double the size of Dubai’s economy during the next decade and to be among the top 3 economic cities in the world.. Dubai’s economic agenda includes 100 transformational projects whose details will be announced.. and total economic targets amount to 32. One trillion dirhams over the next ten years … and doubling our foreign trade to reach 25 trillion dirhams during the next decade … and adding trade corridors to Dubai with 400 new cities around the world.
His Highness added: “Dubai will be among the 4 most important global financial centers, and our goal is to attract foreign direct investments that exceed 650 billion dirhams within 10 years, and the current digital transformation will add 100 billion dirhams to Dubai’s economy annually. Today we have more than 300,000 investors in Dubai.. and I invite Everyone to join our journey to be one of the fastest growing cities in the world.
Thus, Dubai began writing its plans to implement the priorities of the Dubai Economic Agenda 2033, which include: raising the added value of the industrial sector and promoting export growth by focusing on advanced industries, as the agenda seeks to consolidate the industrial sector as an essential tributary to the Dubai economy, with a focus on future industries that depend on technology Advanced and solutions of the fourth industrial revolution, in a way that contributes to enabling the economy, stimulating it, and providing it with the elements of sustainable growth, achieving self-sufficiency in many vital industries, and enhancing the added national industrial value, by improving the quality of the local industrial product, supporting and promoting it, locally and globally.
The main priorities include making Dubai one of the top 5 logistics centers around the world, and among the top 4 global financial centers, and raising the economy’s productivity by 50% through innovation and adopting digital solutions.
The main priorities include making Dubai the fastest growing and most attractive global business center, a center for operations of small, medium, international and national companies, and one of the top 3 global destinations for visitors in the fields of specialized and business tourism, providing a global environment for doing business and sustainability, and providing a globally competitive environment in the cost of doing business. For all companies in various sectors, as there are more than 300,000 investors of various nationalities in Dubai today.
The real estate sector
Real estate investment recorded a record half year, with transactions reaching 255 billion dirhams in 6 months, a growth of 52.7%, which is the highest in the history of the sector in 20 years. The value of real estate sales in Dubai during the first half reached 180 billion dirhams, a growth of 56.3%, which means that Dubai real estate records sales of one billion dirhams early every morning.
Sales of residential units in Dubai amounted to 110 billion dirhams since the beginning of 2023, of which 94.5 billion dirhams are apartments, and 15.5 billion dirhams are villas.
Since the beginning of 2022, the real estate sector in the Emirate of Dubai continues to assert its position as a fundamental pillar of growth for all sectors and economic activities in Dubai, thanks to the results that the sector succeeded in achieving in 2022 and the first half of 2023, due to many factors, foremost of which are the wise directives of the wise leadership and economic stimulus packages. provided by the Government of Dubai, in addition to the flexibility and attractiveness of the sector, and the confidence and transparency it guarantees to investors and various categories of dealers.
Trade and investment
In terms of trade and investment, Dubai has achieved new achievements. The Department of Economy and Tourism revealed that the business establishment movement recorded an increase of 30% in the first quarter compared to the corresponding quarter of 2022, while the growth rate of automatically renewed licenses during the same period reached 14% on an annual basis.
According to the available data, the number of commercial registration and licensing transactions during the first quarter of 2022 reached 136,034 transactions, a growth of 36% compared to the first quarter of 2021.
Through Jebel Ali Port, one of the largest ports in the world, 3.5 million TEUs were handled, an increase of 2.3% on an annual basis, meaning that about 39,000 containers were handled daily.
In addition, the Dubai Chamber of Commerce revealed a set of achievements during the first quarter, in implementation of its strategic priorities aimed at supporting Dubai’s development and economic march, and enhancing the competitiveness of the emirate and its private sector, in order to achieve its D33 economic agenda.
The number of new companies that joined the Chamber’s membership reached 15,366 companies during the first quarter, with a record growth rate of 48.7% compared to the same period in 2022, which reflects the emirate’s increasing ability to attract investments and enhance the competitiveness of its business environment.
Companies under the umbrella of the Chamber dealt with 71.7 billion dirhams of exports and re-exports in the first quarter, a growth of 17.3%, compared to 61.1 billion dirhams during the same period last year.
This means that the Dubai Chamber is on a date with 170 new companies
