Dubai’s Foreign Visits Hit 8.5M in H1 2023, Becomes Region’s Wealthiest City

A consolidated mid-year economic update released on Monday by Edelman Africa, rated Dubai high in the number of visits from foreigners that was recorded in the first half (HI) of 2023.

According to the update, with over 8.5 million visits to the United Arab Emirate (UAE) country in the first half of 2023, Dubai becomes the region’s wealthiest city in the Middle East and North Africa, with regards to the number of billionaires currently residing in Dubai.

Key report findings show that Dubai has become the best performing financial market regionally, having crossed the 3,986 level on July 13, the highest since August 2015, and is up nearly 20 per cent so far this year, ahead of the MSCI World Index.

The report rated Dubai International Airport as the busiest international airport for international flights since July 2023, with the value of Sukuk listed on Nasdaq Dubai to a total of $75 billion, making it one of the world’s leading hubs for Sukuk listings.

The market value of DFM-listed companies increased by $19 billion to reach $178 billion, while trading volume in DFM exceeded $12.5 billion since the beginning of 2023. Institutional investors accounted for 57 per cent of trading value in DFM in the first half of the year, with net purchases of $172 million.

Foreign investors accounted for 48 per cent of the trading value in DFM during the first half of the year, with net purchases amounting to $890.2 billion.

The report further stated that the total real estate transactions amounted to $77.5 billion during the first half of 2023, as Dubai’s population increased by 50,000 in H1 in 2023, surpassing 3.6 million.

Figures from the report demonstrated the significant strides Dubai had already made towards achieving the objectives of the D33 Economic Agenda. Launched early this year, the ‘D33’ economic transformation plan aims to double the size of Dubai’s economy over the next decade and consolidate its position among the top three global cities.

The strategy was designed to augment Dubai’s economic competitiveness, implement growth plans, foster the diversification and sustainability of the economy, attract global talent and foreign investment in vital sectors, and reinforce Dubai’s position as a global destination for digital economy investments and entrepreneurial ventures. The initiative prioritises advancing innovation, artificial intelligence, and technology projects while making the emirate a leading hub for green economy and tourism.

Emma Okonji

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