Bullish Oasis

Bullish Oasis

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  • Dubai's economy demonstrated a growth of 2.8% in the initial quarter of this year, propelling the aggregate domestic product value to 111.3 billion dirhams for the first quarter of 2023. This impressive expansion follows last year's remarkable 4.4% growth, which culminated in a total value surpassing 414 billion dirhams. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum emphasized that these growth rates outpace those of major global economies like the United States and the euro zone. This achievement aligns with the Dubai Economic Agenda D33, which aspires to position the emirate among the world's top 3 economic hubs by 2033.
  • As stated by the Dubai Government Media Office on this Tuesday, the transport and storage sector witnessed an impressive growth rate of 10.3% during the first quarter, compared to the corresponding period in the previous year. This sector added a substantial value of 15.6 billion dirhams. Concurrently, trade activity contributed an added value of 25.5 billion dirhams, registering a growth rate of 1.2% in comparison to the first quarter of 2022. Moreover, the real estate sector exhibited a growth of 2.4%.

Why it matters

The strategic framework of international conferences and exhibitions championed by Dubai played a pivotal role in bolstering sectors like tourism, hotels, and restaurants. Additionally, the real estate segment experienced growth due to heightened sales margins. Simultaneously, the financial sector flourished, propelled by a substantial increase of approximately 15% in bank deposits.


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