Dubai's GDP hits Dh115 billion in first quarter, grows 3.2% year on year

Sheikh Hamdan says the goal is to "sustain success and establish a culture of excellence and leadership" across all sectors in the emirate

Web Desk

Published: Tue 23 Jul 2024, 4:15 PM

Last updated: Tue 23 Jul 2024, 9:46 PM

Dubai's economy has grown 3.2 per cent in the first quarter of the year compared to the same period last year — with the emirate's gross domestic product (GDP) reaching Dh115 billion.

“Dubai’s ambition is limitless, and its success story will remain a role model for cities wishing to create a promising future for their coming generations," said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai.

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The goal, he said, is to "sustain success and establish a culture of excellence and leadership" across all sectors in the emirate.

The economic growth in the first quarter of the year mirrors the success story of 2023, when the GDP reached approximately Dh429 billion, marking an increase of 3.3 per cent compared to the 2022 figure of approximately Dh415 billion.

Numbers show that Dubai is booming across sectors — from transportation and storage to food services and real estate.

Here's how each sector has grown in the first quarter of the year:

Transportation and storage sector: 5.6%, amounting to Dh15.4 billion
Financial and insurance activities sector: 5.6%, amounting to Dh15.1 billion
Wholesale and retail trade sector: 3%, amounting to Dh26.3 billion (the top GDP contributor at 22.9%)
Information and communications sector: 3.9%, amounting to Dh5.1 billion
Accommodation and food services activities sector: 3.8%, amounting to Dh4.7 billion
Real estate sector: 3.7%, amounting to Dh8.4 billion
Utilities and waste management: 7.5%. amounting to Dh3.2 billion
Manufacturing sector: 1.6%, Dh8.4 billion
Other activities: 0.46% (These include agriculture, mining, construction, professional services and administrative services, among others.)

Sheikh Hamdan said the emirate’s successes highlight the combined efforts and teamwork of various stakeholders to realise the objectives of the emirate’s comprehensive development plans for 2033, especially the Dubai economic Agenda (D33) and Dubai Social Agenda 2033.

“Dubai is progressing in accordance with a clear vision whose foundations were laid down and whose goals were defined by Sheikh Mohammed bin Rashid Al Maktoum," the Crown Prince said.

"What we witness today is a practical reflection of this vision, which has placed Dubai among the leading economic and commercial centres of the world.”

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