Dubai GDP Recorded $84bn Growth In First Nine Months Of Year
Dubai recorded an inspiring GDP growth of $84 billion in the first nine months of 2022. The growth was recorded in multiple economic sectors like real estate, retail and hospitality. Around twenty billion was contributed from the retail sector and this was the major contribution while the hospitality sector comprising tourism had the fastest growth of about thirty per cent when compared to the growth of last year.
The crown prince of Dubai, Sheikh Hamdan bin Mohammed bin Radhi’s Al Maktoum said that Dubai was able to make such phenomenal economic growth because of the united efforts of various public and private sector institutions.
Dubai’s growth is driven by resilience in the retail, real estate and hospitality sectors
He said that Dubai is a benchmark for sustainability and innovation which has been made clear by the economic growth it has been achieving in the post covid period. Sheikh Hamdan observed that the emirates had always looked at multiple ways of income diversification through strategies that align with future-focused initiatives.
The legality and regulations concerning investments and entrepreneurial efforts have been constantly kept in check and updated. This has helped the Dubai economy a great deal in that it has unlocked productive channels inside the economic system which would enable future investments and technical advancements.
All of this zooms down to the basic quality of life of the residents of Dubai and on that front too, Dubai has excelled as the place is known to offer some of the best living experiences for ex-pats and its own citizens.
2022 was a major year for Dubai as the economy was in full swing by organizing multiple exhibitions, events etc. that could attract global talents into Dubai’s investment hub.
Among the different sectors, wholesale and retail had a growth of 1.6% from last year. Dubai retail market is considered to be one of the top markets of the world where all types of international brands offer their products. Dubai is like a bridge between the West and the East, it connects and trades different products like food, general commodities, capital goods etc.
On the other hand, the transport and storage sector had an increase of 26.3% from that of last year. Other than the transportation of passengers, this also involved movement of goods, cargo, parking infrastructures, warehouses and storage facilities, air transport etc. The Dubai airports witnessed a steep rise in their income this year with an increase of a whopping 151 % when compared to passenger traffic of last year.
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The real estate activity also had an impressive growth that added to 9% of Dubai’s GDP and 5% to the overall growth. One of the main reasons for the growth in this sector was the governmental stimulus packages that encouraged more investments in the Dubai economy.
Dubai has been swimming against the tide making a global impact as most of the other countries are facing an economic slowdown. Strategic planning and setting an eye for future sustainable resources are seen as one of the main strengths of UAE and Dubai. The commitment and dedication shown by both public and private sectors in boosting economic sustainability were highly appreciated by all experts around the world.
Both the sectors worked as a single unified whole and they shared the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of Dubai. Dubai also aims at becoming a zero-emission emirate by 2050 and the roadmap for a green energy model has already been made in different economic areas such as transportation, infrastructure, the health sector etc. Sheikh Rashid Al Maktoum has approved the budget for 2023-25 last week and Dh205 billion has been allocated for the expenses.
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