His Highness 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, affirmed that Dubai's economy continues to expand steadily, reflecting strong economic indicators aligned with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Dubai's economic strength is evident in achieving a 3.2% growth in the first quarter of 2024 compared to the same period last year, contributing over Dhs 115 billion to its Gross Domestic Product (GDP).
His Highness Sheikh Hamdan highlighted the commendable achievements of Dubai, underscoring the collaborative efforts of various stakeholders in advancing the emirate's comprehensive development plans for 2033, including the Dubai Economic Agenda (D33) and Dubai Social Agenda 2033. These initiatives aim to elevate standards of well-being and quality of life while solidifying Dubai's global economic status and attractiveness for foreign investments.
Dubai's GDP growth in the first quarter of 2024 reflects strong performances across key sectors. The transportation and storage sector, along with financial and insurance activities, both saw growth rates of 5.6%. The trade sector grew by 3%, information and communications by 3.9%, accommodation and food services by 3.8%, and real estate by 3.7%.
This economic progress builds on the success of 2023, where Dubai's GDP reached approximately Dhs 429 billion, marking a 3.3% increase from around Dhs 415 billion in 2022.