Strong UAE performance in the real estate, tourism and aviation sectors

Abu Dhabi International Airport recorded a significant growth in passenger traffic, up 29.3% year-on-year to nearly 6 million passengers in the third quarter of this year. The airport also recorded 37.9 thousand flights in the third quarter of 2023, representing an increase of 21.8% compared to the third quarter of 2022. At the same time, Abu Dhabi Airport has expanded its international network, offering eight companies flights to 119 destinations. London, Mumbai and Kochi were popular destinations.

The UAE Central Bank confirmed in its economic report for the third quarter of this year that the real estate, tourism and aviation sectors in the UAE continue to perform well despite ongoing global uncertainty. In Abu Dhabi, the average selling price of residential real estate increased by 3.2% in the third quarter of this year compared to last year, according to data from Redin.

The report also indicated that the UAE has launched a national tourism strategy under 'Projects 50', which aims to strengthen the country's position as a leading global tourism destination by 2031. The plan is to increase the tourism sector's contribution to GDP by AED 450 billion, attract investments worth AED 100 billion and welcome 40 million hotel guests by 2031. In Abu Dhabi, Eighth Hotel expects positive results with guest numbers up 31% year-on-year, with hotel occupancy at 70% and an average length of stay of 2.6 nights. Dubai International Airport has also shown growth in passenger traffic and plans to exceed pre-pandemic figures, attracting 86.8 million passengers by 2023. It welcomed 64.5 million passengers in the first three quarters of this year, up 39.3 percent from a year ago.