Dubai, UAE — Dubai’s GDP surpassed USD 31.3 billion (AED 115 billion) in the first quarter of 2024, marking a 3.2 percent increase compared to the same period in 2023. The growth reflects the emirate’s economic resilience and the effectiveness of its strategic policies.
The transportation and storage sector grew by 5.6 percent, contributing USD 4.2 billion (AED 15.4 billion) to the GDP, driven by increased demand for national carriers’ services. The financial and insurance sector also saw a 5.6 percent rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth in credit and deposit balances.
The wholesale and retail trade sector contributed USD 7.2 billion (AED 26.3 billion), up 3 percent from the previous year. The real estate sector recorded a 3.7 percent growth, adding USD 2.3 billion (AED 8.4 billion) to the GDP. The information and communications sector grew by 3.9 percent, contributing USD 1.4 billion (AED 5.1 billion), and the accommodation and food services sector increased by 3.8 percent to USD 1.3 billion (AED 4.7 billion), supported by high hotel occupancy rates and a rise in international visitors. Other sectors, including manufacturing and utilities, also contributed to the overall economic growth, demonstrating the diversification and resilience of Dubai’s economy.
Dubai’s economic performance in the first quarter of 2024 highlights its strategic vision, robust economic policies, and the resilience of its key sectors. As the emirate continues to implement its development plans, it is well-positioned to achieve sustainable and inclusive growth, solidifying its status as a global economic powerhouse.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence of the UAE, emphasized that this achievement is a result of the vision and leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. Sheikh Hamdan noted that the collaborative efforts of various stakeholders have been critical in realizing Dubai’s development plans for 2033.
The growth in Dubai’s GDP is driven by several key sectors:
Transportation and Storage: Achieved a growth rate of 5.6 percent, contributing $4.158 billion to the GDP. This sector’s expansion was primarily due to increased demand for national carriers’ services, marked by a 6.8 percent rise in passenger numbers.
Financial and Insurance Activities: Also grew by 5.6 percent, reaching $4.077 billion. This sector saw substantial growth in credit and deposit balances, with increases of 8 percent and 15.2 percent, respectively.
Wholesale and Retail Trade: Maintained its leading position by contributing $7.101 billion, up 3 percent from the previous year.
Real Estate: Recorded a 3.7 percent growth, driven by high demand and significant new projects, contributing $2.268 billion to the GDP.
Information and Communications: Grew by 3.9 percent, adding $1.377 billion to the economy.
Accommodation and Food Services: Posted a 3.8 percent increase, with a total value of $1.269 billion, supported by high hotel occupancy rates and a surge in international visitors.
Other sectors, including manufacturing and utilities, also contributed to the overall economic growth, reflecting the diversification and resilience of Dubai’s economy.