Top Middle East Markets: Why Dubai is Booming

As a region, the Middle East is definitely climbing the levels of the global economy rankings. It is filled within individually high-performing markets and, as a collective, is securing its spot as a territory that is unrivalled in terms of potential and opportunity. Dubai is undoubtably one of the top Middle East markets and recent results have suggested its current boom is continuing with no end in sight. So why is Dubai booming and what can we expect to see in its economic future?

GDP Growth

As a city with visionary goals and a commitment to adaptive innovation, it is no wonder that Dubai’s economy is not only performing well, but developing at a highly competitive rate. In the first half of 2023, the economy grew by 3.2% to reach AED223.8 billion, driven largely by a 3.6% expansion in the year’s second quarter. This “positive economic performance was backed by growth in sectors such as transportation, wholesale and retail trade, financial and insurance, accommodation and food services, real estate, information and communication and manufacturing. These sectors collectively contributed to 93.9% of the growth in the first half of the year”.

Property Performance   

Dubai’s economic readiness is perhaps best demonstrated by its real estate market. Rapidly becoming one of the world’s top destinations for outstanding luxury property and bespoke investment opportunities, Dubai’s real estate market is going from strength to strength. In Q3 of 2023, Dubai’s real estate market witnessed a 40% YoY spike with sales of over AED 97bn. The variety of options available for buyers and investors, not to mention the unique benefits of the city’s economic strategy, continues to draw interest from around the world.

An Approach for the Future

One of the crucial ways in which Dubai as a destination will appeal to business owners, entrepreneurs and budding innovators is in its approach to stability. One of Dubai’s, and the UAE’s, top priorities in recent years is to cement its reputation as a solid location that is capable of weathering storms and adapting in a forward-thinking way. The Government’s emphasis on economic diversification has transformed the country’s GDP for the long-term and their commitment to evolving regulations and expanding inclusive societal practices has seen a steady rise in international talent and investment. Their efforts to ensure this growth is sustainable have also not gone unnoticed, as our Operations Director Aideen Hopkins shared, “if the last few years have taught us anything, it is that we really have no idea what is around the corner. Business continuity is therefore an essential part of any company’s strategic planning process and Dubai has taken the same approach. Their efforts to solidify the city’s advancement and create a framework to manage future expansion really sets them apart and is why we receive new enquiries from prospective clients on Dubai relocation and business set up every day”.

How EER Middle East Can Help

As the location of our headquarters, we know all too well the unique attributes offered by the UAE and the wider Middle East markets. Part of our mission is to help international clients understand the value and potential of this dynamic country and how best to navigate the route to relocation or set up a business. Our Managing Director Marie O’Neill recently completed a series of case studies with other local expert guests on ‘Moving to the UAE’, ‘Retiring in the UAE’ and a spotlight on ‘Relocating for a British Family’. If you are considering moving to Dubai, or the UAE, and want to find out more about its immigration processes or visa options, our expert team can guide you through everything, step by step.

Our Corporate Services team can also assist with advice on setting up a business, ensuring compliance with local regulations and provide ongoing corporate governance support for companies of all sizes.

If you would like to find out more about Middle East markets, what Dubai has to offer and the relocation, immigration and corporates services available at EER Middle East, please get in touch today on info@eerme.com or +971(0)4 421 1819.