In the first quarter of 2024, Dubai’s gross domestic product amounted to 115 billion dirhams (USD 31.3 billion), a 3.2% year-on-year increase.
Each of the financial and insurance activities sector, the transportation and storage industry, and the trade sector experienced a growth rate of 5.6%, while the trade sector experienced a 3% increase.
This development coincides with Dubai’s economy’s ongoing upward trajectory, which has experienced substantial growth in critical sectors. This growth is indicative of the government’s strategic objective to improve the emirate’s global economic status and attract foreign investment.
The Emirates News Agency, also known as WAM, reported that Dubai’s Crown Prince Sheikh Hamdan bin Mohammed Al-Maktoum stated that the most recent GDP figures reinforce the emirate’s strong economic indicators.
“His Highness Sheikh Mohammed bin Rashid Al-Maktoum established a distinct vision for Dubai, which is being implemented in accordance with its outlined objectives. What we are witnessing today is a practical manifestation of this vision, which has established Dubai as one of the world’s foremost economic and commercial hubs,” Sheikh Hamdan said.
The senior official further stated that the emirate’s accomplishments serve as a testament to the collaborative efforts and cooperation of a variety of stakeholders in the pursuit of the objectives outlined in the emirate’s 2033 comprehensive development plans.
The “Dubai Economic Agenda” and “Dubai Social Agenda 2033” are two initiatives that the government is devising to improve the quality of life and overall well-being of the emirate, as well as to enhance its appeal as a destination for foreign investments and to solidify its status as a prominent global economic hub.
“Dubai’s ambition is boundless, and its success tale will serve as a model for cities that aspire to establish a promising future for their future generations,” Sheikh Hamdan further noted, while adding, “Our objective is to maintain success and cultivate a culture of leadership and excellence in all sectors of the emirate in order to safeguard these accomplishments and advance to new levels of excellence.”
Other sectors also contributed to the overall economic expansion, with the accommodation and culinary services sector increasing by 3.8%, the real estate sector growing by 3.7%, and the information and communications sector increasing by 3.9%.
Helal Saeed Almarri, the director-general of the Department of Economy and Tourism, said, “Dubai’s remarkable quarterly growth performance underscores the robust diversification of our economic foundations, reflecting the sustained momentum and confidence within its dynamic business ecosystem.”
He added that initiatives like the Foreign Direct Investment Development Programme and the implementation of the Dubai Economic Model to track the city’s development will further boost the economy’s output.
“These measures will foster collaboration between public and private sector stakeholders, thereby advancing Dubai’s objective of attaining the highest global status for economic development and becoming a premier destination for business, talent, and investment,” Almarri concluded.
Dubai’s GDP increased by 3.3% annually in 2023, reaching an estimated 429 billion dirhams.