Dubai’s economy expanded an annual 3.2 per cent in the first half of 2023 to reach Dh223.8 billion ($60.9 billion), driven by 3.6 per cent growth in the second quarter of the year and solidifying the emirate's position as a global economic hub.
The emirate's transport and storage sector outperformed all other industries, expanding 10.5 per cent in the first six months of the year, according to government data.
The sector, which includes land, sea and air transport and logistics, contributed 42.8 per cent to overall growth and injected Dh31.4 billion into the economy.
“This economic expansion is consistent with the goals of the Dubai Economic Agenda D33 to double GDP growth over the next decade and consolidate the emirate’s position as one of the world’s top three urban economies,” Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of The Executive Council, said in a statement on Sunday.
The emirate's rapid economic growth is a “natural outcome” of the country's strategy to “invest in people and create the conditions to ensure continuous development of Dubai’s investment environment,” he said.
Dubai's economic performance extends the momentum of growth achieved in 2022, when the emirate expanded by 4.4 per cent. It is forecast to grow by 3.5 per cent in 2023, according to Emirates NBD.
Dubai's trade sector grew 1.7 per cent in the first half of the year from the same period in 2022, injecting Dh53.6 billion. It contributed 23.9 per cent of the economic output and 12.9 per cent of total growth.
Dubai, the travel and tourism hub of the Middle East, said its air transport sector benefited from increased demand for travel, with national airlines recording 56 per cent growth year-on-year in passenger numbers in the first half of 2023.
The emirate's hotel and food services sector expanded 9.2 per cent in the first six months of 2023, adding Dh7.9 billion to the economy. The sector contributed 3.5 per cent to the GDP and 9.5 per cent to overall growth.
Dubai recorded 8.55 million international visitors in the first half of 2023, up 20 per cent year-on-year, exceeding pre-Covid levels of 8.36 million international visitors in the first half of 2019, according to the emirate's Department of Economy and Tourism.
"With this sustained economic growth, we are seeing actionable momentum as a direct result of the co-ordinated citywide delivery of the Dubai Economic Agenda, D33," said Helal Al Marri, director general of DET.
"We are committed to the acceleration of all projects under D33 and the crystallisation of these critical economic levers."
Dubai's real estate activity grew by 3.6 per cent on an annual basis, driven by higher property sales in first half of this year, according to data from the Dubai Land Department.
Dubai's financial and insurance activities grew 2.7 per cent during the first half of 2023, contributing 11.9 per cent to the GDP and contributing Dh26.6 billion to the economy. UAE Central Bank data indicate that the volume of credit and deposits grew by an average of 9 per cent compared to the same period of 2022.
The information and communications sector recorded a 3.8 per cent growth, compared to the first half of 2022, achieving an added value of Dh9.6 billion and contributing 5 per cent of the total growth.
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
Charlotte Gainsbourg
Rest
(Because Music)
Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
The years Ramadan fell in May
The five pillars of Islam
More coverage from the Future Forum
ELECTION%20RESULTS
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SHAITTAN
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COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20Znap%3C%2Fp%3E%0A%3Cp%3EStarted%3A%202017%3C%2Fp%3E%0A%3Cp%3EFounder%3A%20Uday%20Rathod%3C%2Fp%3E%0A%3Cp%3EBased%3A%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3EIndustry%3A%20FinTech%3C%2Fp%3E%0A%3Cp%3EFunding%20size%3A%20%241m%2B%3C%2Fp%3E%0A%3Cp%3EInvestors%3A%20Family%2C%20friends%3C%2Fp%3E%0A
A meeting of young minds
The 3,494 entries for the 2019 Sharjah Children Biennial come from:
435 – UAE
2,000 – China
808 – United Kingdom
165 – Argentina
38 – Lebanon
16 – Saudi Arabia
16 – Bangladesh
6 – Ireland
3 – Egypt
3 – France
2 – Sudan
1 – Kuwait
1 – Australia
Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
Abu Dhabi Sustainability Week
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
RESULT
Arsenal 1 Chelsea 2
Arsenal: Aubameyang (13')
Chelsea: Jorginho (83'), Abraham (87')
The%20Super%20Mario%20Bros%20Movie
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Big%20Ape%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20LucasArts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20PlayStation%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Abu Dhabi Desert Challenge – Rally schedule:
Saturday: Super Special Spectator Stage – Yas Marina Circuit – start 3.30pm.
Sunday: Yas Marina Circuit Stage 1 (276.01km)
Monday: Nissan Stage 2 (287.92km)
Tuesday: Al Ain Water Stage 3 (281.38km)
Wednesday: ADNOC Stage 4 (244.49km)
Thursday: Abu Dhabi Aviation Stage 5 (218.57km) Finish: Yas Marina Circuit – 4.30pm.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
