Emirates NBD Earnings Presentation
Dubai: Positioning for future growth
Key contributors of Dubai GDP
Trade
Other
Transport
Financial Services
Manufacturing
Real Estate Services
Construction
Hospitality
Government
24.1
14.8
11.7
10.7
9.3
9.1
6.1
5.1
4.7
4.5
LO
10
15
20
20
25
30
ICT
0
5
Dubai tourists
In million tourists
16.7
15.8
15.9
7.3
5.5
2018
2019
2017
2020
Source: UAE Central Bank, Bloomberg, UAE Ministry of Health, Asteco
14.4
2021
2022
%
Key Highlights
•
The Dubai PMI remained robust at 54.5 in January 2023
International visitors reached 14.4 mn, almost double from 2021 total of 7.3 mn
Dubai GDP grew by 4.6% in first nine months of 2022 on track to achieve ENBD
Research full year forecast of 5%
Dubai's sale price for villas up 22% and apartments up 18% y/y in Q4-22
Dubai occupancy rates and RevPAR
100
200
80
160
60
120
40
80
20
40
0
0
2016
2017
2018
2019
2020
2021
2022
USD
Average hotel occupancy rates (LHS) -Average revenue per available room RevPAR (RHS)
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