Dubai strengthened its status as a major global economic centre in the first half of 2023, as it continued to perform strongly across sectors, according to Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
The emirate hosted more than 8.5 million visitors in the past six months and also emerged as one of the world’s three most attractive cities for the wealthy, and one of the fastest-recovering cities since the Covid-19 pandemic, he wrote in a tweet on Sunday.
"Dubai achieved new levels of growth and was at the forefront of many economic fields ... Dubai continues to reinforce its position as a major global economic hub, and will always be the best place to live and work worldwide," Sheikh Hamdan said, as he reviewed a report on the main highlights of the emirate's economic performance in the January to June period.
The strong performance of Dubai's stock market and the property sector also added impetus to the emirate's growth in the first six months of the year.
Dubai Financial Market (DFM)-listed companies recorded a total market value of Dh652 billion ($178 billion), while trading volumes rose to more than Dh46 billion in the first six months, Dubai Media Office said. Nasdaq Dubai also recorded strong growth, with the value of listed Sukuk rising to $75 billion during the period, "making it one of the world’s leading hubs for sukuk listings".
The emirate's real-estate sector also continued to experience demand growth in the first six months of the year, with total transactions reaching Dh285 billion, Sheikh Hamdan said.
"This robust performance supports the objectives of [Dubai Economic Agenda] D33 to create a highly competitive environment and infrastructure," he said.
Dubai's economy is estimated to have grown 5 per cent last year and is forecast to increase by 3.5 per cent in 2023, according to Emirates NBD.
The emirate's economy expanded by 4.6 per cent on an annual basis in the first nine months of 2022, with wholesale and retail trade accounting for 24.1 per cent of its gross domestic product, data from the Dubai Statistics Centre shows.
Dubai International Airport increased its annual passenger forecast for this year after hitting 95.6 per cent of its pre-pandemic levels of traffic in the first quarter of 2023.
The airport handled 21.2 million passengers during the first three months of the year, up 55.8 per cent from the first quarter of 2022.
The Dubai property market registered strong growth in the first quarter, with total transaction value up 80 per annually to Dh157 billion in the first quarter of 2023, according to official data. The number of transactions also rose 49 per cent during the period to 38,715.
Dubai is the world's top market for $10 million homes as sales hit $3.1 billion in the first half of the year, edging past Hong Kong and New York, according to global property consultancy Knight Frank.
In the first six months, Dubai achieved 79 per cent of the total number of $10 million homes sold in 2022, according to the consultancy.
Dubai emerged as one of the world’s three most attractive cities for the wealthy because of its strategic location, robust infrastructure and economic growth, the media office said on Sunday.
The emirate’s growing attractiveness for wealth owners supports the goal of D33 to increase foreign direct investment inflows "to an annual average of Dh60 billion over the next decade", supported by efforts to nurture investor confidence and further enhance regulatory and legislative frameworks, it added.
Meanwhile, the DFM reached its highest point in nearly eight years last week in a sign of growing investor confidence in the UAE's capital markets amid continued structural reforms and efforts to boost liquidity. The DFM crossed the 3,987 level on July 13, the highest since August 2015, and is up nearly 20 per cent so far this year, beating MSCI World Index’s 12.6 per cent.
“Our economic accomplishments, as well as our future goals, have been shaped by rigorous strategic planning, the exemplary efforts of our institutions, and our remarkable resilience and adeptness in navigating global challenges and the rapidly evolving economic environment.
Leading the charts for the second year running, Dubai was also named the world’s top-ranked destination in Tripadvisor’s Travellers' Choice Awards 2023, the media office said, further contributing to the D33 goal of making Dubai one of the world’s three top destinations for tourism and business.
"Such accomplishments are testament to the trust placed by major investors, international institutions and business leaders in Dubai," Sheikh Hamdan said.
Killing of Qassem Suleimani
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
Killing of Qassem Suleimani
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
Killing of Qassem Suleimani
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The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah
Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz
RIDE%20ON
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AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
More on animal trafficking
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
MATCH INFO
First Test at Barbados
West Indies won by 381 runs
Second Test at Antigua
West Indies won by 10 wickets
Third Test at St Lucia
February 9-13
The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
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Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
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Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
More information
For ideas on planning a trip to Scotland, visit www.visitscotland.com
SQUADS
Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed
Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran
Russia's Muslim Heartlands
Dominic Rubin, Oxford
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
COMPANY%20PROFILE
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Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
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Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
