Dubai's economy sees a 3.3 percent boost through the first 9 months of 2023!

As we roll into the new year, and another week into 2024 - our news feeds are flooded with reports reflecting on the previous year’s performance. From real estate, tourism, down to the robust economy of Dubai - everything has outshined the previous year, shattering records on records!

One to note in particular, Dubai’s economy saw a 3.3% boost through the first 9 months of 2023!

And we’ve got the whole breakdown, so let’s get right into it…

This week, Dubai's Crown Prince, Sheikh Hamdan shared the details into the emirate's economy during 2023, and how the market saw a substantial 3.3% growth during the initial nine months.

How did this come about, you might ask?

This achievement was set to happen in its due course, but with the ambitious objectives set forth in the Dubai Economy Agenda D33, we saw the robust growth take shape quite quickly.

Sheikh Hamdan took to his social channels, where he shared his views on this and of course, commended the steady progress of the economy, and its contributors. He also shared Dubai's exemplification of economic strength, resilience, and innovation, highlighting the dedicated efforts of government teams and international business partners.

The economic growth - and how it all happened:

Dubai kicked off the year with a robust economic plan, in which the government allocated 32 trillion dirhams to boost trade and investments over the next decade. The comprehensive initiative of Dubai Economic Agenda, encompasses up to 100 different transformative projects, which are currently positioning Dubai as one of the world's top three economic cities! Now, that’s incredible!

Sheikh Mohammed bin Rashid Al-Maktoum invited a global community of over 300,000 investors to join Dubai on its journey to becoming one of the fastest-growing cities worldwide. The economic plan targets a foreign trade volume of AED 25.6 trillion over the next decade, a substantial increase from the 14.2 trillion dirhams recorded in the past ten years.

Furthermore, the ruler of Dubai announced ambitious plans to attract foreign direct investment, aiming for an average of 60 billion dirhams annually, with a grand target of over 650 billion dirhams by 2033. These initiatives collectively underscore Dubai's commitment to sustainable economic growth and global prominence in the coming years.

What else can we see coming in line?

In line with this economic growth, we have also seen multiple recent developments come out, some of them also include the approval of projects, which was worth AED 5.5 billion, and was signalled by Sheikh Mohammed under the Dubai Social Agenda D33.

Curious to know more about the robust economy?

Click here to read our latest blog on how Sheikh Mohammed has greenlit multiple housing projects for Emiratis!

Planning to call this impressive city home?

If you’ve been keeping up with Dubai’s market and record breaking tales, and have been thinking about moving here - check out some of our live listings!