Dubai's economy expanded by 3.2 percent in the initial quarter of the year, compared to the corresponding period in the previous year, with the emirate's gross domestic product (GDP) hitting Dh115 billion.
"Dubai's ambition knows no bounds, and its success narrative will continue to serve as an exemplar for cities aspiring to forge a bright future for their future generations," remarked 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. He emphasized the objective to "maintain success and foster a culture of excellence and leadership" throughout all sectors in the emirate.
The economic growth during the first quarter echoes the achievements of 2023, where the GDP approximated Dh429 billion, representing a 3.3 percent rise from the 2022 figure of about Dh415 billion. Statistics reveal that Dubai is thriving across various sectors, ranging from transportation and storage to food services and real estate.
Here's a breakdown of each sector's growth in the first quarter: Transportation and storage sector: 5.6%, totaling Dh15.4 billion; Financial and insurance activities sector: 5.6%, totaling Dh15.1 billion; Wholesale and retail trade sector: 3%, totaling Dh26.3 billion (the leading GDP contributor at 22.9%); Information and communications sector: 3.9%, totaling Dh5.1 billion; Accommodation and food services activities sector: 3.8%, totaling Dh4.7 billion; Real estate sector: 3.7%, totaling Dh8.4 billion; Utilities and waste management: 7.5%, totaling Dh3.2 billion; Manufacturing sector: 1.6%, Dh8.4 billion; Other activities: 0.46% (encompassing agriculture, mining, construction, professional services, and administrative services, among others).
Sheikh Hamdan highlighted that the emirate's achievements underscore the collaborative efforts and teamwork of multiple stakeholders to achieve the goals of Dubai's comprehensive development plans for 2033, notably the Dubai Economic Agenda (D33) and Dubai Social Agenda 2033.
"Dubai is advancing in line with a precise vision whose foundations were established and goals set by Sheikh Mohammed bin Rashid Al Maktoum," the Crown Prince stated. "What we observe today is a tangible manifestation of this vision, positioning Dubai as one of the foremost economic and commercial hubs globally."
