Emirates NBD Earnings Presentation
50
40
30
20
10
0
(10)
(20)
UAE economy rebounding with 7.6% growth in 2022
and 3.9% expected in 2023
UAE GDP Growth
8.0
% y/y
7.6
3.9
3.9
4.0
2.4
1.2
1.1
0.0
(4.0)
(5.0)
(8.0)
2017
2018
2019
2020
2021
2022
2023f
Dubai property prices growth
Jun-15
Dec-15
Jun-16
Dec-16
Source: UAE Central Bank, Bloomberg, UAE Ministry of Health, Asteco
Jun-17
Dec-17
-Villas
Apartments
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Thousands
Key Highlights
.
The Dubai PMI remained robust at 54.5 in January 2023
International visitors reached 14.4 mn, almost double from 2021 total of 7.3 mn
Dubai GDP grew by 4.6% in first nine months of 2022 on track to achieve ENBD
Research full year forecast of 5%
Dubai's sale price for villas up 22% and apartments up 18% y/y in Q4-22
Real estate transactions
35
30
25
20
15
10
5
0
■■Existing properties
Off plan
Q1 2019 Q3 2019 Q1 2020 Q3 2020 Q1 2021 Q3 2021 Q1 2022 Q3 2022
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