Dubai’s economy recorded a 3.3% growth in GDP during the second quarter of 2024, reaching Dh116 billion, HH 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.
This growth aligns with the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai for sustainable development. Key sectors, including logistics, technology, and tourism, were pivotal in this growth, supported by Dubai’s Economic Agenda D33.
“Dubai today is more than a success story; it is an inspiring model for progress, where people’s aspirations and efforts shape a future filled with opportunity,” Sheikh Hamdan said. “We will continue our ambitious journey, building on every success to reach new heights.
Sector-wise, the transportation and storage sector grew by 7.8%, the information and communication sector by 5.6%, and accommodation and food services by 4.7%.
The financial and insurance sector saw a growth rate of 4.6%, with its value rising to Dh13.16 billion from Dh12.58 billion in the same period last year. Its contribution to Dubai’s GDP grew to 11.3%, driving growth by 15.6%. According to data from the Central Bank, the average volume of bank credit increased by 8.2% in the second quarter compared to the same period last year, while average deposits saw a rise of 13.3%.
Furthermore, the wholesale and retail sector maintained its lead in terms of value, reflecting Dubai’s diverse economic fabric.