Dubai business sees 30% growth in Q1-2023

Subscribe Subscribe Dubai business on verge of new growth phase – Crown Prince ALBAWABA – During his visit to the United Arab Emirates (UAE) Department of Economy and Tourism (DET) in Dubai on Tuesday, Crown Prince of Dubai and Chairman of the Dubai Executive Council Sheikh Hamdan al-Maktoum announced that Dubai is on cusps of a new phase of rapid growth. Helal al-Marri, Director-General of Dubai DET, received Sheikh Hamdan, accompanied by Sheikh Ahmad al-Maktoum, along with a number of senior DET officials. Sheikh Hamdan addressed the department during his visit, emphasising the importance of closer private sector-government cooperation.

It is vital to strengthen joint efforts to achieve the objectives of the Dubai Economic Agenda D33, he said, which was launched earlier in 2023 by Sheikh Mohammad al-Maktoum, Vice President, Prime Minister and Ruler of Dubai. Sheikh Hamdan al-Maktoum – Source: Shutterstock Marri highlighted the significant growth in new business establishments in Dubai in the first quarter of 2023 (Q1-2023). The number of new business licenses issued in Q1-2023 rose 30 percent compared to Q1-2022, DET data showed.

The overall number of automatically renewed business licenses, year-on-year, grew 14 percent in the first three months of the year. Dubai continues to embrace global changes and leverage next-generation technologies to raise its future readiness, Sheikh Hamdan said. With its robust infrastructure, business-enabling services and flexible globally-benchmarked legislative framework, combined with high levels of safety and security, Dubai offers entrepreneurs and investors an exceptional platform to realise their aspirations, he added.

In line with D33’s goal of increasing government spending, DET’s Government Procurement Program delivered exceptional results in 2022. The program awarded contracts and purchases worth AED1. 12 billion to members of the Mohammed bin Rashid Establishment for the Development of Small and Medium Enterprises.

The program’s total contracts value in 2022 grew over 21. 5 percent compared to 2021. Al Marri also highlighted the achievements of the manufacturing sector, emphasising the Department’s efforts to strengthen the sector’s contribution to the Dubai’s gross domestic product (GDP).

In 2022, the manufacturing industry accounted for 8. 6 percent of the GDP, and is expected to reach 9 percent in the next two years, he said. Global marketing campaigns and initiatives launched by the Dubai Corporation for Tourism and Commerce Marketing (DCTCM) attracted a significant share of international visitors.

DCTCM’s efforts account for 57 percent of the total number of 14. 4 million international visitors who arrived in Dubai in 2022. Dubai received 6.

02 million international visitors during the first four months of this year, an 18 percent increase compared to the same period in 2022. This has further validated Dubai’s ranking as the No. 1 global destination for the second consecutive year in the Tripadvisor Travellers’ Choice Awards 2023.

Average visitor spending in Dubai also increased by 6 percent compared to 2019, Marri said. Subscribe Sign up to our newsletter for exclusive updates and enhanced content Subscribe Now Subscribe Sign up to get Al Bawaba’s exclusive celeb scoops and entertainment news Subscribe to our newsletter for exclusive updates and enhanced content Subscribe Also Read For the First Time Ever. .

An Arab Transexual to Star in a Shamia Environment Series (Picture).