Dubai’s economy expanded by 3.2% in the first quarter of 2024, increasing the emirate’s GDP to Dh115 billion. This growth was primarily driven by several key sectors. The transportation and storage sector grew by 5.6%, contributing Dh15.4 billion and accounting for 13.4% of the GDP. Similarly, the financial and insurance activities sector also saw a 5.6% increase, reaching Dh15.1 billion and contributing 13.1% to the GDP.
“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,” said H.H. 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. “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.
“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. “Our goal is to sustain success and establish a culture of excellence and leadership across all sectors in the emirate to preserve these gains and move towards new horizons of excellence.”
The wholesale and retail trade sector recorded a 3% growth, contributing Dh26.3 billion, or 22.9% of the GDP. The information and communications sector experienced a 3.9% growth, adding Dh5.1 billion to the GDP, which constituted 4.4% of the total. The accommodation and food services sector posted a 3.8% growth, contributing Dh4.7 billion and accounting for 4.1% of the GDP. Meanwhile, the real estate sector achieved a 3.7% growth, contributing Dh8.4 billion and making up 7.3% of the GDP. The utilities and waste management sector grew by 7.5%, adding Dh3.2 billion, or 2.8%, to the GDP. The manufacturing sector registered a 1.6% growth, contributing Dh8.4 billion and accounting for 7.3% of the GDP.
In 2023, Dubai’s GDP grew by 3.3%, reaching Dh429 billion, up from Dh415 billion in 2022. The transportation and storage sector grew by 9.2%, reaching Dh49.3 billion. The wholesale and retail trade sector grew by 2%, reaching Dh108.6 billion. The real estate sector saw a 5.6% increase, reaching Dh33.9 billion, while the financial and insurance activities sector grew by 3%, reaching Dh49.4 billion.
