Emirates NBD Hyperinflation and Financial Performance Review
UAE economy rebounding with 7.9% growth in 2022
and 2.9% expected in 2023
UAE GDP Growth
7.9
8.0
% y/y
4.4
4.0
2.9
2.4
1.2
1.1
0.0
-4.0
-5.0
-8.0
2017
2018
2019
2020
2021
2022
2023f
Key contributors of Dubai GDP - March 2023
Key Highlights
•
UAE PMI averaged 56.3 in Q2 on strong domestic demand.
•
UAE corporate tax will help to further diversify budget revenues from 2025.
•
•
•
Dubai CPI slowed to 2.1% y/y in June, the lowest rate since Jan 2022
Dubai tourism fully recovered from pandemic. H1-2023 visitors up 2.3% on H1-2019
Dubai's Villa sales prices rose 17.1% y/y and Apartments up 15.8% y/y in Q2 2023.
Office rents rose 18% y/y in Q2 2023.
Off-plan sales made up 56% of total residential transactions.
Dubai private school enrollments
350
Trade
Other
Transport
Financial Services
22.9
Thousands
326
15.8
330
12.8%
14.1
310
12.7
290
276
Manufacturing
Real Estate Services
Construction
7.4
267
270
260
7.4
252
250
242
7.0
231
230
Government
4.3
212
ICT
4.3
210
Hospitality
4.1
190
170
0
LO
5
10
15
20
25
اس
288
289
275
150
Sep-12
Sep-14
Sep-16
Sep-18
Sep-20
Sep-22
14View entire presentation