October Sees Heightened Dubai Non-Oil Economic Growth Amid Soaring Optimism

10 Nov, 2023

October Sees Heightened Dubai Non-Oil Economic Growth Amid Soaring Optimism

In October, Dubai's non-oil private sector saw a notable upswing, marked by soaring business optimism and a four-year high in sales, as the emirate’s economic momentum continued to surge.

The seasonally adjusted S&P Global purchasing managers' index climbed to 57.4 from September's 56.1, reflecting a robust expansion in the non-oil sector, sustaining an upward trajectory in business conditions across various industries.

The buoyant economic activity was propelled by heightened demand, driving new business intakes to their most rapid pace since June 2019, observed across crucial sectors.

David Owen, senior economist at S&P Global Market Intelligence, highlighted the substantial demand surge, expressing confidence in the robust growth of Dubai's non-oil economy in the fourth quarter, steered by accelerations across multiple sectors.

Dubai's economy exhibited a 2.8% annual growth to Dh111.3 billion ($30.3 billion) in the first quarter, a trend forecasted to continue with a 3.5% growth in 2023, backed by a thriving property market and flourishing retail, hospitality, and travel sectors.

Dubai International Airport revised its 2023 passenger forecast to 85 million, indicating a steady rebound toward pre-coronavirus levels, while the emirate’s hotels witnessed a notable rise in occupancy bookings ahead of global events like the Dubai Airshow and the UN's Cop28 climate summit.

Dubai's strategic economic roadmap, the D33, aims to position the emirate among the world's top cities by 2033, driving transformative projects targeting a substantial economic boost through increased trade, investment, and digital transformation.