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Dubai’s economy grows by 5.9% in first quarter

Dubai's economy

Abu Dhabi, (Business News Report)|| Dubai’s economy grew by 5.9% in the first quarter of this year 2022, to reach 102 billion dirhams.

Dubai’s economy grew by 6.2% during the past year 2021.

The growth of Dubai’s economy in the first quarter came from several sectors, the most important of which are transportation, storage, accommodation services and restaurants, which positively contributed 93% of the achieved growth, according to data from the Dubai Statistics Center.

The transport and warehousing activity in the first quarter achieved a growth of 40.4% compared to the same period of the previous year, and accommodation and catering activities grew in the first quarter of this year compared to the same period of the previous year, when this activity grew by 47.1%.

The number of international visitors to the emirate increased during the first quarter of this year by 213% compared to the same period of the previous year.

The number of visitors coming to the Emirate of Dubai rose to 6.2 million international visitors during the first five months of 2022, with a growth rate of 197%, compared to the same period in 2021, which recorded more than two million visitors.

And Abdullah Al-Marri, Minister of Economy of the UAE, predicted last May that the UAE economy would grow by more than 5% this year.

In a separate context, real estate transactions in the Dubai Land Department amounted to more than 8 billion dirhams. This week, the department witnessed the registration of 2,031 pledges of allegiance worth 5.15 billion dirhams, it was 274 allegiance to land with a value of 1.15 billion dirhams, and 1,757 pledges of allegiance to apartments and villas with a value of 4 billion dirhams.

The most important land sales of 126 million dirhams in the Palm Jumeirah area, followed by a pledge of 53 million dirhams in the fourth Thaneya, followed by a pledge of 26 million dirhams in Umm Suqeim the third.

Al Habiyah Fifth Region topped the regions in terms of the number of allegiances, with 154 pledges worth 333 million dirhams, followed by Jebel Ali First region with 29 pledges of 89 million dirhams, and third in Al-Markadh with 17 pledges of 130 million dirhams.

As for the most important sales of apartments and villas, a pledge of 80 million dirhams came in the Nad Hessa area, followed by a pledge of 46 million dirhams in Palm Jumeirah, and another pledge of 46 million dirhams in Palm Jumeirah.


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