Skip to content Skip to Search
Skip navigation

Dubai’s economy expands 3.2% on buoyant Q2 growth

Dubai's hotel and food services sector reported growth of 9.2 percent, injecting AED7.9 billion into the economy Wam
Dubai's hotel and food services sector reported growth of 9.2 percent, injecting AED7.9 billion into the economy

Dubai’s economy grew 3.2 percent year on year in the first half of 2023 to AED223.8 billion ($60.93 billion), supported by a 3.6 percent expansion in real GDP in the second quarter.

The positive economic performance was driven by growth in sectors such as transportation, wholesale and retail trade, financial and insurance, and real estate, the UAE state-run Wam news agency reported.

These sectors collectively contributed to 93.9 percent of H1 growth. The transportation and storage sector leading with 42.8 percent, followed by trade at 12.9 percent and financial and insurance activities at 9.9 percent.

Helal Saeed Almarri, director general of Dubai’s Department of Economy and Tourism, said the emirate is committed to accelerating all projects under Dubai’s economic agenda D33.

The 10-year economic plan seeks to double the size of the economy and make the emirate one of the top four global financial centres in the coming decade.

The trade sector expanded 1.7 percent yearly to AED53.6 billion in the first half, contributing 23.9 percent of the GDP and 12.9 percent of total growth.

Transportation and logistics outperformed all other sectors, with a significant annual growth of 10.5 percent in the first six months. It contributed 42.8 percent to the overall recorded first-half growth, adding AED31.4 billion to the economy.

Air transport’s performance was positively impacted by the increase in demand, as passenger numbers surged 56 percent in the first half year on year.

The hotel and food services sector reported a 9.2 percent growth, injecting AED7.9 billion into the economy. The sector contributed 3.5 percent to the economy and 9.5 percent to overall growth.

Dubai welcomed 8.55 million international visitors with 20 percent yearly growth, exceeding the number recorded before the pandemic, according to the emirate’s Department of Economy and Tourism.

Real estate activity grew by 3.6 percent, contributing 8.2 percent to the overall economy and 9.2 percent to total growth.

Financial and insurance activities grew 2.7 percent during the first half of 2023, adding AED26.6 billion to the economy.

Information and communications activity recorded a 3.8 percent gain, contributing AED9.6 billion to the economy.

Dubai’s real GDP rose 2.8 percent year on year in the first quarter of 2023, to reach AED111.3 billion ($30.3 billion).

Latest articles

Waste To Energy Biogas plant with solar, battery station and E-car charging station

African renewables are ripe for investment, says Irena

Africa accounted for less than 1 percent of the new renewable energy sources added globally last year, and a conference in Abu Dhabi this week called on wealthy investors to help the continent achieve its targets. Amani Abu Zeid, commissioner for infrastructure and energy of the African Union Commission, told the International Renewable Energy Agency […]

Saudi Arabia Ronnie O'Sullivan snooker

Ronnie O’Sullivan to be Saudi snooker ambassador

Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia.  It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […]

A man wades through a flooded street in Dubai. Some areas of the UAE received more than a year's worth of rain in one day Video length: 03:08

UAE president orders review after flooding

The UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan, has ordered an urgent review of the country’s infrastructure after historic levels of rainfall brought the Gulf state to a standstill, with some areas seeing more than a year’s worth of rain in one day. The president has contacted authorities “to quickly work on studying the […]

Visitor numbers to Lebanon for the first 10 months of 2023 were up 21% on 2022 but there is currently 'no significant traffic' from the West

Beirut airport arrivals drop as Westerners stay away

The daily arrival rate at Lebanon’s only functioning international airport is down by 4 percent year on year in the first quarter of this year, according to Marwan Haber, the head of Middle East Airline’s (MEA) commercial division. Speaking at the Horeca hospitality conference in Beirut on Tuesday Haber said 95 percent of arrivals were […]