Dubai’s economy grows 3.2%, driven by financial, trade and transport sectors

Dubai’s economy saw 3.2 percent year-on-year growth in the first quarter of 2024, with its gross domestic product reaching 115 billion dirhams ($31.3 billion).

The transportation and storage industry, as well as the financial and insurance activities sector, each posted a growth rate of 5.6 percent, while the trade sector recorded a 3 percent increase.

This comes as Dubai’s economy continues its upward trajectory, with significant growth across key sectors, reflecting the government’s strategic agenda to enhance the emirate’s global economic standing and attract foreign investment.

Dubai’s Crown Prince Sheikh Hamdan bin Mohammed Al-Maktoum said the latest GDP figures cement the fact that the emirate showcases robust economic indicators, the Emirates News Agency, also known as WAM, reported.

“Dubai is progressing in accordance with a clear vision whose foundations were laid down and whose goals were defined by His Highness Sheikh Mohammed bin Rashid Al-Maktoum. What we witness today is a practical reflection of this vision, which has placed Dubai among the leading economic and commercial centers of the world,” said Sheikh Hamdan.

He added that the accomplishments of the emirate underscore the collaborative endeavors and teamwork of diverse stakeholders in achieving the goals set out in the emirate’s comprehensive development plans for 2033.

The government’s plans include the Dubai Economic Agenda and Dubai Social Agenda 2033, both aimed at elevating overall well-being and quality of life, while strengthening the emirate’s position as a leading global economic hub and enhancing its appeal as a destination for foreign investments.

“Dubai’s ambition is limitless, and its success story will remain a role model for cities wishing to create a promising future for their coming generations. Our goal is to sustain success and establish a culture of excellence and leadership across all sectors in the emirate to preserve these gains and move toward new horizons of excellence,” he added.

Other sectors also contributed to the overall economic expansion, with the information and communications sector rising by 3.9 percent, the accommodation and food services sector increasing by 3.8 percent, and the real estate sector seeing growth of 3.7 percent.

Helal Saeed Almarri, director-general of the Department of Economy and Tourism said: “Dubai’s impressive quarterly growth performance underscores the sustained momentum and confidence within its dynamic business ecosystem, reflecting the robust diversification of our economic foundations.”

He added that initiatives such as the Foreign Direct Investment Development Program and the implementation of the Dubai Economic Model to monitor the city’s advancement will further help fuel the economy’s output.

“These measures will enhance collaboration between public and private sector stakeholders, propelling Dubai toward its goal of achieving top global status for economic growth and becoming a prime destination for business, talent, and investment,” Almarri further said.

In 2023, Dubai’s GDP reached approximately 429 billion dirhams, marking an annual increase of 3.3 percent.