Dubai continues impressive economic growth

Dubai's GDP topped AED 115 billion in the first quarter of 2024, with its economy growing 3.2 per cent compared to the same period last year.

The figures were revealed by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, who emphasised the emirate's commitment to achieving the goals of the Dubai Economic Agenda D33, which aims to double the size of the economy and position Dubai among the world’s top three urban economies.

"What we witness today is a reflection of Mohammed bin Rashid’s vision, which has placed Dubai among the leading economic and commercial centres of the world," said Sheikh Hamdan.

Key sectors, including transportation, financial services, trade, communications, hospitality, and real estate all saw significant expansion during Q1 2024.

Both transportation/storage and financial/insurance sectors led the charge with growth rates of 5.6 per cent.

The trade sector expanded by 3 per cent, while information/communications (3.9%), accommodation/food services (3.8%), and real estate (3.7%) sectors also contributed solid gains.

This growth trend echoes the success of 2023, where Dubai's GDP soared to approximately AED 429 billion, marking a notable 3.3 per cent increase from the previous year's figure of about AED 415 billion.

. @HamdanMohammed: In the first quarter of 2024, Dubai's economy grew by 3.2%, increasing the emirate's GDP to AED115 billion. This performance underscores the success of Dubai's strategy to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum. We remain… pic.twitter.com/XdzukuAHbB

— Dubai Media Office (@DXBMediaOffice) July 23, 2024