Dubai’s GDP Surges 3.2% to $31.3 Billion in Q1 2024

UAE, 24 July, 2024 : Dubai's GDP reached $31.3 billion (AED 115 billion) in the first quarter of 2024, marking a 3.2% increase from the previous year. H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, highlighted this growth as a testament to the emirate's strong economic performance and adherence to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum.

Key sectors driving this growth include transportation and storage, and financial and insurance activities, both of which grew by 5.6%. The trade sector saw a 3% increase, while information and communications grew by 3.9%, accommodation and food services by 3.8%, and real estate by 3.7%.

In 2023, Dubai’s GDP grew by 3.3%, driven largely by transportation, trade, real estate, and financial activities. The transportation sector saw significant growth of 9.2%, while the real estate sector grew by 5.6%.

Helal Saeed Almarri of the Dubai Department of Economy and Tourism praised the city’s performance and commitment to its Economic Agenda 2033. Hamad Obaid Al Mansoori of Digital Dubai emphasized Dubai's focus on economic diversification and digital transformation. Younus Al Nasser of the Dubai Data and Statistics Establishment highlighted the importance of accurate data in shaping the city's economic strategies.

The growth reflects Dubai’s continued success in achieving its comprehensive development plans and enhancing its position as a global economic hub.

Source : www.zawya.com