Dubai’s GDP grows 4.6% during first nine months of 2022

Dubai’s GDP grew 4.6 per cent year-on-year to reach Dhs307.5bn during the first nine months of 2022, compared with the same period last year.

Dubai’s GDP grew 4.6% year-on-year in the first nine months of 2022 to reach AED307.5 billion. This exceptional performance is the result of the collective efforts of various entities to make Dubai a global leader across all sectors. pic.twitter.com/Cd6f8Sy0NX

— Hamdan bin Mohammed (@HamdanMohammed) December 12, 2022

“Dubai’s economy is founded on strong principles of income diversification by developing strategic sectors, promoting future-focused economic activities, implementing prudent fiscal policies, and constantly upgrading regulatory and legal frameworks to encourage investment and support business,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council.

“Our strong partnership with the private sector, both locally and internationally, is a key enabler for sustaining our growth with a clear vision to maintain Dubai’s position at the forefront of various international competitiveness indicators,” he added.

The wholesale and retail trade sector reached a value of Dhs74bn during the first nine months of 2022, growing year-on-year by 1.6 per cent. The activity accounted for 24.1 per cent of Dubai’s nine-month GDP and contributed 9 per cent to the emirate’s GDP growth, according to an economic report by the Dubai Digital Authority’s Dubai Statistics Centre.

.@HamdanMohammed announced that Dubai’s GDP grew 4.6% year-on-year to AED307.5 billion during the first nine months of 2022 compared with the same period last year. https://t.co/nlOFWgaMg8 pic.twitter.com/cZFwmoZ0ey

— Dubai Media Office (@DXBMediaOffice) December 12, 2022

The transport and storage sector, meanwhile, reached a value of Dhs35.8bn during the first nine months of the year, growing by 26.3 per cent compared with the same period in 2021. The activity includes transportation of passengers and cargo by rail, road, water or air as well as associated activities such as terminal and parking facilities, cargo handling, storage facilities, etc.

Dubai’s airlines witnessed a 151 per cent increase in the number of passengers during January-September, compared to a year-earlier period.

In terms of growth in the first nine months of 2022, hospitality and F&B outperformed all other economic activities. The accommodation and food services activity reached a value of Dhs15.8bn during the first nine months of 2022, growing 28 per cent compared with the same period in 2021. The sector accounted for a 5.1 per cent share of Dubai’s GDP and a 26 per cent share of GDP growth during the nine months.

“These positive economic indicators validate both the strength of Dubai’s business ecosystem to achieve robust and sustainable growth, and the government’s business-enabling policies, attractive fiscal measures, and investor-centric approach in delivering this,” said Helal Saeed Al Marri, director general of Dubai’s Department of Economy and Tourism (DET).

“We strive to further improve the competitiveness of our economic and tourism pillars and related sectors, such as trade, retail, restaurants, and hotels – all of which have witnessed high growth.”

Dubai hosted 10.12 million international visitors from January to September 2022, growing 163 per cent year-on-year, from  3.85 million visitors welcomed during the same period of last year, according to DET data.

Dubai’s real estate activity grew by 2.5 per cent year-on-year during January-September, accounting for a 9.1 per cent share of the emirate’s GDP and contributing 5 per cent to its overall GDP growth.

The growth results from a 76 per cent year-on-year increase in real estate sales during the first nine months of the year, according to Dubai Land Department data. Meanwhile, financial and insurance activities reached a value of Dhs32.8bn during the first nine months of 2022, growing by 1.2 per cent compared to 2021.