UAE: Dubai Chambers CEO emirate’s economy’s multiple sectors have exceeded pre-pandemic levels

Growth across multiple economic sectors in Dubai has exceeded pre-pandemic levels, particularly in trade, tourism, real estate, logistics, financial services, and the digital economy, said Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers.

Highlighting the competitiveness of Dubai’s economy, he emphasised the emirate has maintained its ability to surpass expectations and overcome the challenges faced by the global economy.

The emirate’s economy has bounced back strongly after the pandemic, driven by a strong inflow of foreign tourists, increased trade, and high demand for the real estate sector on the back of an influx of high-net-worth individuals among others.

According to figures released by Dubai Government, the emirate’s economy expanded 4.6 per cent year-on-year to Dh307.5 billion in the first nine months of 2022, driven by whole and retail trade, transport and storage, real estate, financial sector, accommodation and food services among other.

Dubai Chambers’s chief executive’s comments echo a statement made by BMI Research in June that the emirate has nearly reached its pre-pandemic size following two-and-half years of recovery post-pandemic. It projected real GDP growth of 4.2 per cent or 2022 to 3.4 per cent this year.

Dubai was also a beneficiary of the overall country’s growth, which expanded by 7.9 per cent.

“The wise leadership’s vision, flexible policies adopted by the emirate, and tireless efforts of all stakeholders are further cementing Dubai’s position as a leading global economic capital,” Mohammad Lootah said.

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