H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, announced that Dubai’s economy grew by 3.2% in the first quarter of 2024, reflecting the emirate’s strong economic indicators and the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. This growth brought Dubai’s GDP to over AED 115 billion.
Sheikh Hamdan emphasized in a WAM report that the success highlights the collaborative efforts of various stakeholders working towards Dubai’s comprehensive development plans for 2033, including the Dubai Economic Agenda (D33) and the Dubai Social Agenda 2033. “Dubai is progressing in accordance with a clear vision whose foundations were laid down and whose goals were defined by His Highness Sheikh Mohammed bin Rashid Al Maktoum,” he stated.
The transportation and storage sector, along with the financial and insurance sector, both grew by 5.6%, contributing significantly to the overall economic performance. Other key sectors also saw growth: trade (3%), information and communications (3.9%), accommodation and food services (3.8%), and real estate (3.7%).
H.H. Sheikh Hamdan highlighted the importance of sustaining success and excellence across all sectors to maintain Dubai’s position as a global economic leader. “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,” he added.
Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism, noted that the first quarter’s growth underscores the robust diversification of Dubai’s economy. He stated, “This achievement is a testament to the clear, stable, and forward-thinking leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum.”
Hamad Obaid Al Mansoori, Director General of Digital Dubai, pointed out that economic diversification and digital transformation have been key to enhancing Dubai’s investment attractiveness. “The upward trajectory of economic growth indicators across various sectors shows that Dubai, under its wise leadership, is confidently moving towards enhancing its economic leadership and investment attractiveness,” he said.
The data also indicated that Dubai’s economy grew by 3.3% in 2023, with significant contributions from transportation, trade, real estate, and financial activities, which accounted for nearly 69% of the total growth.
Younus Al Nasser, Chief Executive of the Dubai Data and Statistics Establishment, stressed the importance of accurate data in supporting leadership decisions and strategic development. “The recent data showing Dubai’s economy has grown by 3.2 percent compared to the same period last year gives us an indication about the future of the emirate’s economy,” he noted.