According to the recent data released on Sunday, Dubai’s GDP grew by 3.3 per cent between January and September 2023. The information was made public by the state’s new agency, WAM.
During this period, accommodation and food service saw a hike of 11.1%, transportation and storage by 10.9%and information and communication by 4.4%.
D33, a ten-year economic strategy that aimed to double Dubai’s economy and position it among the top four global financial centres, was unveiled in January of last year. The initiative also encompassed one hundred transformation projects, such as expanding Dubai’s foreign trade by twofold, incorporating an additional 400 cities into its foreign trade map, and establishing ‘Sandbox Dubai’ to facilitate the testing and commercialization of novel technologies, thereby establishing Dubai as a prominent centre for innovation.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai, launched it. Foreign trade is anticipated to increase to AED 25.6 trillion, FDI to AED 650 billion, government expenditure to AED 700 billion, private sector investment to AED 1 trillion, and domestic demand for goods and services to AED 3 trillion. Digital transformation projects are anticipated to generate an annual contribution of AED 100 billion.
