Dubai shines as the star of a recent mid-year economic update by Edelman Africa, showcasing its robust performance in the first half of 2023. With over 8.5 million visits, Dubai leads in foreign tourism, solidifying its position as the wealthiest city in the Middle East and North Africa, notably hosting a considerable number of billionaires.
The report highlights Dubai’s financial prowess, with its market crossing the 3,986 level on July 13—a peak since August 2015. Impressively, it has surged nearly 20% this year, surpassing the MSCI World Index.
Dubai International Airport maintains its rank as the busiest for international flights since July 2023. Meanwhile, Nasdaq Dubai lists Sukuk worth $75 billion, affirming Dubai’s status as a premier Sukuk listings hub globally.
The market value of companies listed on DFM soared by $19 billion, reaching a total of $178 billion, accompanied by trading volumes exceeding $12.5 billion since the year’s start. Notably, institutional investors constitute 57% of DFM’s trading value, with net purchases totaling $172 million.
Foreign investors significantly contribute, comprising 48% of trading value, equating to net purchases of $890.2 billion in DFM during H1.
Dubai’s real estate landscape is equally impressive, with transactions valued at $77.5 billion in the first half of 2023. This aligns with the city’s population growth of over 50,000, exceeding 3.6 million inhabitants.
These milestones affirm Dubai’s commitment to the D33 Economic Agenda, an ambitious plan launched earlier this year. This visionary strategy aims to double Dubai’s economy over the next decade, consolidating its place among the world’s top three cities. The agenda focuses on economic diversification, sustainability, innovation, technology, green initiatives, and making Dubai a global hub for digital investments and entrepreneurship. This narrative underscores Dubai’s irresistible charm for both investors and visionaries alike.