60 Years Together

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 14

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