Dubai’s economy expanded by 3.2% in the first quarter of 2024 compared to the same period last year, as per data released by the emirate’s government.
This growth contributed over AED 115B to Dubai’s GDP, continuing a trend of consistent economic expansion.
On Tuesday, 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, announced the latest figures.
Sheikh Hamdan stated that Dubai’s economic growth aligns with comprehensive development plans for 2033, including the Dubai Economic Agenda (D33) and Dubai Social Agenda 2033.
Several sectors in Dubai, including transportation, financial services, trade, information technology, accommodation, and real estate, contributed significantly to the overall economic expansion.
The Q1 2024 results follow Dubai’s economic performance in 2023, where GDP reached around AED 429B, marking a 3.3% increase from 2022.
Helal Saeed Almarri, Director General of Dubai Department of Economy and Tourism (DET), highlighted Dubai’s dynamic business environment and commitment to economic diversification through initiatives like the Foreign Direct Investment Development Program and the Dubai Economic Model.
Younus Al Nasser, Chief Executive of the Dubai Data and Statistics Establishment, emphasized Dubai’s role in attracting investments, particularly in emerging technologies.
Hadi Badri, CEO of Dubai Economic Development Corporation at DET, attributed the strong economic performance to collaborative efforts between public and private sectors.
Breaking down sector performance in Dubai, the transportation and storage sector, financial activities, wholesale and retail trade, real estate, utilities, information and communications, and accommodation and food services sectors all saw notable growth.
Looking back at 2023, Dubai’s overall economy expanded by 3.3%, driven largely by sectors such as transportation, trade, real estate, and financial activities.
