Dubai's economy registered a 3.2% year-on-year growth, reaching $31.3 billion (AED 115 billion) in the first quarter of 2024, reported Emirates News Agency (WAM) on Wednesday, thanks to a robust performance of the emirate's transport and storage sector.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince, Deputy Prime Minister, Minister of Defence of the UAE, and Chairman of the Executive Council of Dubai, said that the emirate's strong economic growth is a marker of the vision and directives of its vice president, prime minister, and ruler Sheikh Mohammed bin Rashid Al Maktoum, noted the WAM report.
He added that Dubai's economic growth is supported by the collective efforts and collaboration between different stakeholders to achieve its 2023 development goals, especially the objectives outlined in Dubai Economic Agenda (D33) and Dubai Social Agenda 2023.
These two agendas are focused on raising the standard of living of people in Dubai, strengthening its position as an economic capital globally, and highlighting it as an ideal location for overseas investments.
Among different sectors, the transportation and storage as well as the financial and insurance sectors each grew by 5.6% each during the January–March quarter.
Further, the information and communications industry grew 3.9% year-on-year, while the accommodation and food services industry and the real estate market climbed 3.8% and 3.7%, respectively. Trading activities also increased by 3% year-on-year in the first quarter.
Sector-wise performance The transportation and storage sector reached $4.2 billion (AED 15.4 billion), accounting for 13.4% of Dubai's GDP. Similarly, the financial and insurance activities sector totaled $4.1 billion (AED 15.1 billion) during the first three months of 2024, constituting 13.1% of Dubai's economy.
Wholesale and retail trade in the quarter amounted to $7.2 billion (AED 26.3 billion), contributing 22.9% to its economy.
A 7.3% or $2.3 billion (AED 8.4 billion) contribution was made by Dubai's real estate market to the GDP, with the electricity, gas, water, and waste management activities sector adding $871.2 million (AED 3.2 billion) and making up 2.8% of the emirate's economy.
The information and communications, accommodation and food services activities, and manufacturing industries were also significant, adding $1.4 billion (AED 5.1 billion), $1.3 billion (AED 4.7 billion), $2.3 billion (AED 8.4 billion), respectively, and making up 4.4%, 4.1%, and 7.3% of Dubai's GDP in the quarter.
