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  • btc = $64 436.00 164.88 (0.26 %)

  • eth = $3 511.83 7.11 (0.20 %)

  • ton = $7.54 0.44 (6.23 %)

2 Jul, 2022
1 min time to read

According to recent reports, Dubai’s GDP grew 5.9 per cent in the first quarter of 2022 as investors reposed trust in the emirate’s economic policies and legislative environment.

Transport and warehousing activities led the GDP growth in Q1 while hospitality sector, including hotels and restaurants, also contributed a significant share thanks to an increased number of international visitors during the period, according to the Dubai Statistics Centre.

The transport and warehousing activity recorded 40.4 per cent year-on-year growth during the first quarter, says the report.

In a speech at Dubai Executive Council meeting Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council said that the global success of Expo 2020 Dubai was a key factor in driving a post-pandemic tourism boom, leading to increased air and sea traffic and record foreign trade.

Previous reports highlighted that Dubai issued 24,662 new business licences in Q1 2022, an increase of 58 per cent compared to Q1 2021.