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UAE minister says economy grew 7.6% in 2022

Prices of Dubai’s prime property was among the highest in the world in 2022, aiding the UAE's economic growth Reuter/Mohammed Salem
Prices of Dubai’s prime property was among the highest in the world in 2022, aiding the UAE's economic growth

The UAE’s GDP grew by 7.6 percent in 2022, economy minister Abdullah bin Touq Al Marri said on Thursday.

Confirmation of the figures comes as the government is expected to issue its first 10-year dirham-denominated bond, part of plans to strengthen the local debt capital market.

“The UAE last year tapped the dirham bond market for the first time – so we now actually have a dirham sovereign debt curve [for] five years,” Satyajit Singh, CFA head of fixed income strategy at Emirates NBD, said last month.

Meanwhile, the net earnings of 123 UAE-listed companies reached AED191 billion ($52 billion) in 2022, rising 60 percent year-on-year, indicating a strong financial position and healthy revenue growth, WAM reported.

Another supporting factor was the growth in house prices in Dubai’s prime property areas, which was among the highest in the world in 2022.

At 12.4 percent, Dubai trailed only Miami (25.4 percent) and was markedly above the average 3.2 percent growth seen by the 30 cities tracked in Savills’ Prime Residential World Cities Index.

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