The thriving real estate and hospitality sectors in the UAE

I'm thrilled to share some insights into our flourishing real estate and tourism sectors. The UAE, a beacon of economic resilience, is witnessing a remarkable upswing, primarily driven by the robust real estate markets in Dubai and Abu Dhabi. This exciting trend is highlighted in the Central Bank of the UAE's latest economic review.

In Abu Dhabi, we've seen an astonishing 56% year-on-year increase in residential transactions, reaching a value of AED67.8 billion ($18.5 billion). This is not just numbers; it's a testament to the confidence investors and homeowners have in our market.

Dubai's real estate scene is equally impressive, with property transaction values soaring by 37% year-on-year, surpassing AED500 billion ($136.1 billion). This vibrancy is echoed in the rising number of new investors in Dubai's market, which has increased by 15% compared to last year.

But it's not just about buying and selling properties. The rental market is also thriving. In Abu Dhabi, average rents have shown a steady upward trend, and in Dubai, the average rental yield stood strong at 8.8% in the third quarter of 2023.

Now, let's talk tourism and hospitality, the silent heroes of our economy. The UAE is ambitiously aiming to become a top global tourism destination by 2031, with plans to significantly boost tourism's contribution to our GDP. This strategy is already bearing fruit, as seen in Abu Dhabi’s hospitality sector, where hotel guests increased to 3.2 million, a 31% rise from the previous year.

Dubai continues to shine as a global tourism hub, with hotel occupancy rates surpassing even pre-pandemic levels. The city is expecting to welcome a record number of passengers through Dubai International Airport, indicating a healthy recovery and growth trajectory.

These figures are not just numbers; they represent the dynamic, resilient, and forward-looking spirit of the UAE's real estate and tourism sectors. It's an exciting time to be part of this journey."