Building the Bank of The Future
Non-oil GDP growth of 4.0% expected in 2024
UAE GDP Growth
1.1
4.4
7.9
4.0
3.6
3.3
-5.0
2019
2020
2021
2022
2023e
2024f
2025f
Key contributors of Dubai GDP - Q1-Q3 2023, %
Other
Trade
Transport
Financial Services
Manufacturing
Real Estate Services
ICT
Hospitality
3
LO
5
8
00
8
00
11
26
25
13
Emirates NBD
60 years together
1601
Key Highlights
The Dubai PMI rose to a 16-month high of 57.7 in December
2023, indicating a strong end to the year for the private sector.
Record international visitors to Dubai at 17.15 mn in 2023, up
19% y/y and 2.5% higher than pre-pandemic levels.
Dubai GDP grew by 3.3% y/y in the first nine months of 2023. We
estimate overall 2023 GDP growth at around 3.5-4.0% for Dubai.
Q3 saw a new record in the number and total value of
transactions in the Dubai real estate market.
Dubai private school enrollments
(in thousand pupils)
12%
212
242
231
252
365
326
288
289
260
267 276
275
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16
III
Sep-17
Sep-18
Sep-19
Sep-20
Sep-21
Sep-22
Sep-23
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