His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, announced that Dubai’s GDP grew 4.6% year-on-year to $84 billion during the first nine months of 2022 compared with the same period last year.
H H Sheikh Hamdan noted that Dubai’s exceptional GDP growth was the result of the efforts of various government and private entities to achieve the vision of H H Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai’s economy a global benchmark in sustainability and resilience.
He added that Dubai’s responsive and efficient economic framework, along with its ability to track and anticipate demand trends in both the short and long terms, ensure that it can swiftly leverage opportunities and continue its ambitious journey to excellence.
His Highness Sheikh Hamdan said: “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.”
He continued: “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 also appreciated all those who contributed to this exceptional growth despite the global economic slowdown and an uncertain financial environment worldwide.
“This performance is a testimony to Dubai’s prudent plans, sustainable policies, and strategic public-private partnerships,” he said and called upon all sectors to continue innovating and pivoting to maintain Dubai’s leading position as a resilient and dynamic economy.
According to the latest economic report by the Dubai Digital Authority’s Dubai Statistics Centre, ‘Wholesale and Retail Trade’ accounted for 24.1% of Dubai’s GDP during the January-September period this year, maintaining its position as the top contributor to the emirate’s economy.
In terms of growth, the hospitality and F&B services outperformed all other sectors, with a year-on-year increase of 28% during the year’s first nine months.
Among notable sectoral performances is the remarkable growth in ‘Transport and Storage,’ accounting for 2.5 percentage points or more than half of the 4.6 percentage-point growth in Dubai’s GDP in the first nine months of 2022.
The fact that the sector’s contribution to the overall GDP stood at just 11.6% during the period underscores the dynamism of Dubai’s economy, highlighting how different activities and sectors integrate to lend robustness and strength to the emirate’s economy.
Hamad Obaid Al Mansoori, Director General of Digital Dubai Authority, said: “These figures emphasise the solid foundations of Dubai’s economy, reinforced by the government’s successful economic policies and programmes. Dubai presents a resilient economic model supported by rational leadership, a strong economic framework, dynamic workflow, robust infrastructure, and world-class quality of service. Despite the global uncertainty, Dubai and the UAE are confidently moving towards a future shaped by the vision of its leadership, the intellect of its citizens and the dedication of its employees.”
Helal Saeed Al Marri, Director General of Dubai’s Department of Economy and Tourism, said: “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.
“Under Dubai’s decisive leadership, we will continue to intensify our efforts, consolidate public-private partnerships, and enhance Dubai’s status as a magnet for global investment and talent. 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,” he added.