Dubai's GDP Surpasses AED 115 Billion In Q1 2024, Showing 3.2% Economic Growth

Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has said that Dubai's economy continues to grow steadily, highlighting 3.2% growth in the first quarter of 2024 compared to the same period last year, contributing more than AED 115 billion to the GDP.

Sheikh Hamdan, who also serves as Deputy Prime Minister, Minister of Defense of the UAE and Chairman of the Executive Council of Dubai, noted that this growth has been made under the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

"What we witness today is a practical reflection of this vision, which has placed Dubai among the leading economic and commercial centers 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 was quoted as saying by WAM.

"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," he added.

The Dubai Crown Prince noted that the emirate's successes highlight the combined efforts of various stakeholders working toward the emirate's development plans for 2033. These plans include the Dubai Economic Agenda (D33) and the Dubai Social Agenda 2033, which aim to improve well-being and quality of life alongside solidifying the emirate's position as a global economic hub and an attractive destination for foreign investments.

The crown prince highlighted that the transportation and storage sectors and the financial and insurance sectors grew by 5.6%. The trade sector saw a 3% increase, the information and communications sector grew by 3.9%, the accommodation and food services sector increased by 3.8%, and the real estate sector grew by 3.7%.

Helal Saeed Almarri, Director General of Dubai Department of Economy and Tourism (DET), praised Dubai's impressive quarterly growth performance, noting its sustained momentum and confidence within its dynamic business ecosystem.

"We remain committed to advancing the comprehensive economic framework set forth in Dubai's Economic Agenda 2033, continuously refining and leveraging various economic instruments to enhance competitiveness, attract substantial investment, and facilitate seamless business operations," he added.

Almarri also praised the Prime Minister of the UAE's leadership for this achievement, adding that high-impact initiatives such as the Foreign Direct Investment Development Program played a huge role in the city's advancement.

Last week, the Dubai Culture and Arts Authority (Dubai Culture) signed an agreement with Khalifa University of Science and Technology to enhance cooperation and best practices related to archaeological excavations in the emirate.