Dubai’s Q2 GDP Rises 3.3%, Driven by Key Sectors

UAE, 11 November, 2024 : Dubai’s GDP rose 3.3% year-on-year in Q2 2024, reaching AED116 billion ($31.6 billion), according to H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. This growth aligns with Dubai's strategic goals under the Dubai Economic Agenda D33 and the Dubai 2033 Plan, advancing the emirate’s status as a global business hub and model of sustainable development.

Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism, attributed this performance to Dubai's leadership and the strength of key sectors, including logistics, technology, and tourism. The transportation sector led with a 7.8% growth, contributing 13.6% to GDP. The information and communication sector grew by 5.6%, while the accommodation and food services sector rose 4.7%.

Supporting growth in these sectors are initiatives in digital transformation, public-private partnerships, and robust infrastructure, emphasized by leaders including Hamad Obaid Al Mansoori, Director General of Digital Dubai, who highlighted the role of advanced technologies in building Dubai’s resilient economy.

The financial and insurance sector grew 4.6%, driven by rising bank credit and deposits, while the wholesale and retail sector, Dubai's largest by value, grew by 2.2%. The real estate sector saw a 2.6% increase, reflecting a strong property market and rising sales. Additionally, Dubai’s visitor numbers rose by 9%, reinforcing its position as a top global tourist destination. 

This steady economic performance in H1 2024 shows Dubai's commitment to achieving its ambitious economic targets, leveraging strategic foresight, and fostering innovation.

Source :  www.zawya.com