Dubai's GDP exceeded AED 115 billion in the first quarter of 2024, marking a 3.2 percent economic growth compared to the same period last year. The announcement was made by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence. He emphasised Dubai's dedication to the objectives of the Dubai Economic Agenda D33, which aims to double the economy's size and secure Dubai's position among the top three urban economies globally.
"What we witness today is a reflection of Mohammed bin Rashid’s vision, which has placed Dubai among the leading economic and commercial centres of the world," said Sheikh Hamdan. Significant growth was observed in key sectors during the first quarter of 2024, including transportation, financial services, trade, communications, hospitality, and real estate.
Leading the growth were the transportation/storage and financial/insurance sectors, both posting a 5.6% increase. The trade sector grew by 3%, while information/communications (3.9%), accommodation/food services (3.8%), and real estate (3.7%) also demonstrated robust expansion.
This positive trend mirrors the achievements of 2023, when Dubai's GDP reached approximately AED 429 billion, reflecting a notable 3.3% rise from the previous year's figure of around AED 415 billion.
Original article reference: ARN News Centre.
