Emirates NBD Q1 2023 Financial Highlights
UAE economy rebounding with 8.0% growth in 2022
and 3.4% expected in 2023
UAE GDP Growth
8.0
8.0
% y/y
3.9
3.4
•
4.0
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 - Sept 2022
Key Highlights
UAE PMI rose to 56.6 in April 2023 with domestic economy driving growth
UAE corporate tax will help to further diversify budget revenues
Dubai's sale price for villas up 21% and apartments up 19% y/y in Q1-23
Strong demand for off-plan properties, with volume up 84% y/y
Office rents up for 8th consecutive quarter, up 21% y/y in Q1-23
Dubai private school enrollments
350
Trade
Other
Transport
Financial Services
24.1
Thousands
326
330
12.8%
14.8
310
11.7
288
289
290
10.7
276
275
267
Manufacturing
Real Estate Services
9.3
270
260
252
9.1
250
242
231
Construction
6.1
230
212
Hospitality
Government
5.1
210
4.7
190
ICT
4.5
170
0
5
10
15
20
25
30
150
Sep-12
Sep-14
Sep-16
Sep-18
Sep-20
Sep-22
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