Dubai Career Diary

The UAE’s economy is thriving, with a remarkable 3.6% growth in GDP to $457bn in 2023. According to the Federal Competitiveness and Statistics Centre, the non-oil sector’s contribution to the economy reached a record 74.3%, up 2.5% from 2022.

Top-Performing Sectors

Several sectors demonstrated impressive growth, including:

• Financial activities and insurance, leading the way with a 14.3% growth rate
• Transport and storage activities, with a 11.5% growth rate, driven by a significant increase in airport passengers
• Construction and building activities, witnessing an 8.9% growth rate, the highest in a decade
• Real estate activities, achieving a growth rate of 5.9%
• Residency and food services sector, growing by 5.5%, reflecting a remarkable increase in international visitors

Remarkable Growth in Tourism

The UAE attracted approximately 31.5 million international visitors in 2023, marking a 25% increase from 2022. Hotel guests totalled 28 million, an 11% increase from the previous year.

Government Support

The UAE government’s ambitious policies and legislation have fostered a diversified and sustainable economy. The country’s economic vision, ‘We the UAE 2031’, aims to elevate the GDP to AED3tn ($816.8bn) within the next decade.

Global Competitiveness

The UAE ranks among the top 10 economies globally in various competitiveness indicators, including the Real Economic Growth Rate Index and GDP (PPP) per capita. The country’s economic progress demonstrates its position as the fifth-largest economy globally in terms of real GDP growth index.