Dubai’s economy grows 3.6% in second quarter of 2023
Dubai's economy grows 3.6% in second quarter of 2023 The National
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Dubai’s Economy Expands by 3.2% in the First Half of 2023
Dubai’s economy expanded an annual 3.2 per cent in the first half of 2023 to reach Dh223.8 billion ($60.9 billion), driven by 3.6 per cent growth in the second quarter of the year and solidifying the emirate’s position as a global economic hub.
Transport and Storage Sector Leads Economic Growth
The emirate’s transport and storage sector outperformed all other industries, expanding 10.5 per cent in the first six months of the year, according to government data.
- The sector contributed 42.8 per cent to overall growth.
- It injected Dh31.4 billion into the economy.
- The sector includes land, sea, and air transport and logistics.
Sustainable Development Goals (SDGs)
This economic expansion is consistent with the goals of the Dubai Economic Agenda D33 to double GDP growth over the next decade and consolidate the emirate’s position as one of the world’s top three urban economies, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of The Executive Council, said in a statement on Sunday.
The emirate’s rapid economic growth is a “natural outcome” of the country’s strategy to “invest in people and create the conditions to ensure continuous development of Dubai’s investment environment,” he said.
Trade Sector and Air Transport Sector
Dubai’s trade sector grew 1.7 per cent in the first half of the year from the same period in 2022, injecting Dh53.6 billion. It contributed 23.9 per cent of the economic output and 12.9 per cent of total growth.
Dubai, the travel and tourism hub of the Middle East, said its air transport sector benefited from increased demand for travel, with national airlines recording 56 per cent growth year-on-year in passenger numbers in the first half of 2023.
Hotel and Food Services Sector
The emirate’s hotel and food services sector expanded 9.2 per cent in the first six months of 2023, adding Dh7.9 billion to the economy. The sector contributed 3.5 per cent to the GDP and 9.5 per cent to overall growth.
Dubai’s Real Estate and Financial Sectors
Dubai’s real estate activity grew by 3.6 per cent on an annual basis, driven by higher property sales in the first half of this year, according to data from the Dubai Land Department.
Dubai’s financial and insurance activities grew 2.7 per cent during the first half of 2023, contributing 11.9 per cent to the GDP and contributing Dh26.6 billion to the economy. UAE Central Bank data indicate that the volume of credit and deposits grew by an average of 9 per cent compared to the same period of 2022.
Information and Communications Sector
The information and communications sector recorded a 3.8 per cent growth, compared to the first half of 2022, achieving an added value of Dh9.6 billion and contributing 5 per cent of the total growth.
Conclusion
Dubai recorded 8.55 million international visitors in the first half of 2023, up 20 per cent year-on-year, exceeding pre-Covid levels of 8.36 million international visitors in the first half of 2019, according to the emirate’s Department of Economy and Tourism.
“With this sustained economic growth, we are seeing actionable momentum as a direct result of the coordinated citywide delivery of the Dubai Economic Agenda, D33,” said Helal Al Marri, director general of DET.
“We are committed to the acceleration of all projects under D33 and the crystallization of these critical economic levers.”
Updated: October 15, 2023, 11:57 AM
SDGs, Targets, and Indicators
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SDG 8: Decent Work and Economic Growth
- Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries
- Indicator: Annual economic growth rate of Dubai’s non-oil economy
-
SDG 9: Industry, Innovation, and Infrastructure
- Target 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in least developed countries
- Indicator: Growth rate of the transport and storage sector in Dubai
-
SDG 11: Sustainable Cities and Communities
- Target 11.3: By 2030, enhance inclusive and sustainable urbanization and capacity for participatory, integrated, and sustainable human settlement planning and management in all countries
- Indicator: Dubai’s position as one of the world’s top three urban economies
-
SDG 12: Responsible Consumption and Production
- Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources
- Indicator: Contribution of the transport and storage sector to overall economic growth in Dubai
-
SDG 17: Partnerships for the Goals
- Target 17.17: Encourage and promote effective public, public-private, and civil society partnerships, building on the experience and resourcing strategies of partnerships
- Indicator: Coordinated citywide delivery of the Dubai Economic Agenda, D33
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries | Annual economic growth rate of Dubai’s non-oil economy |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in least developed countries | Growth rate of the transport and storage sector in Dubai |
| SDG 11: Sustainable Cities and Communities | Target 11.3: By 2030, enhance inclusive and sustainable urbanization and capacity for participatory, integrated, and sustainable human settlement planning and management in all countries | Dubai’s position as one of the world’s top three urban economies |
| SDG 12: Responsible Consumption and Production | Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources | Contribution of the transport and storage sector to overall economic growth in Dubai |
| SDG 17: Partnerships for the Goals | Target 17.17: Encourage and promote effective public, public-private, and civil society partnerships, building on the experience and resourcing strategies of partnerships | Coordinated citywide delivery of the Dubai Economic Agenda, D33 |
Analysis
The article highlights Dubai’s economic growth and its position as a global economic hub. Based on the content of the article, the following SDGs, targets, and indicators can be identified:
SDG 8: Decent Work and Economic Growth
The article mentions Dubai’s economic expansion and sustained growth, which aligns with SDG 8. The specific target identified is to sustain per capita economic growth, with an indicator being the annual economic growth rate of Dubai’s non-oil economy.
SDG 9: Industry, Innovation, and Infrastructure
The transport and storage sector in Dubai outperformed other industries, contributing significantly to overall growth. This aligns with SDG 9, which focuses on promoting inclusive and sustainable industrialization. The specific target identified is to raise industry’s share of employment and GDP, with an indicator being the growth rate of the transport and storage sector.
SDG 11: Sustainable Cities and Communities
Dubai aims to consolidate its position as one of the world’s top three urban economies, which aligns with SDG 11. The specific target identified is to enhance inclusive and sustainable urbanization, with an indicator being Dubai’s position as a top urban economy.
SDG 12: Responsible Consumption and Production
The transport and storage sector’s contribution to overall economic growth in Dubai indicates the sector’s role in resource management and efficiency. This aligns with SDG 12, which focuses on sustainable management and efficient use of natural resources. The specific target identified is to achieve sustainable resource management, with an indicator being the contribution of the transport and storage sector to overall economic growth.
SDG 17: Partnerships for the Goals
The coordinated citywide delivery of the Dubai Economic Agenda, D33, reflects the importance of partnerships in achieving sustainable development goals. This aligns with SDG 17, which emphasizes the need for effective partnerships. The specific target identified is to promote public-private partnerships, with an indicator being the coordinated delivery of the Dubai Economic Agenda.
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: thenationalnews.com
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