Mashable: The economy of Dubai recovered from the slowdown brought on by the coronavirus last year, gaining more growth momentum this year.

Dubai's economy grew by 4.6% on an annual basis in the first nine months of this year to about Dh307.5 billion ($84 billion). This growth was fueled by the emirate's efforts to strengthen its position as a business, financial, and tourism centre.

Taking it Twitter, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said this outstanding success "is the result of the collective efforts of various entities to make Dubai a global leader across all sectors."

He was quoted by the Dubai Media Office as saying that the emirate was able to quickly seize chances due to its responsive and efficient economic framework, as well as its capacity to "track and anticipate demand trends in both the short and long terms."

“Dubai’s economy is founded on strong principles of income diversification by developing strategic sectors, promoting future-focused economic activities, implementing prudent fiscal policies and constantly upgrading regulatory and legal frameworks to encourage investment and support business,” Sheikh Hamdan further added.

The wholesale and retail trade sector continued to be the largest contributor to Dubai's economy from January to September of this year, according to the latest economic data from the Dubai Digital Authority's Dubai Statistics Centre (via Gulf News).

The hospitality and food and beverage industries surpassed all other industries in terms of growth, increasing by 28 per cent during the first nine months of the year.

“Our strong partnership with the private sector, both locally and internationally, is a key enabler for sustaining our growth with a clear vision to maintain Dubai’s position at the forefront of various international competitiveness indicators,” the Crown Prince added.

Dubai’s GDP grew 4.6% year-on-year in the first nine months of 2022 to reach AED307.5 billion. This exceptional performance is the result of the collective efforts of various entities to make Dubai a global leader across all sectors. pic.twitter.com/Cd6f8Sy0NX

— Hamdan bin Mohammed (@HamdanMohammed) December 12, 2022
The economy of Dubai recovered from the slowdown brought on by the coronavirus last year, gaining more growth momentum this year.

This year's growth was further boosted by government efforts to minimize the effects of the Covid-19 outbreak and Expo 2020 Dubai.

Meanwhile, Dubai's Vice President and Ruler, Sheikh Mohammed bin Rashid, approved the emirate's budget for 2023 to 2025 last week, allocating Dh205 billion of expenditure.