Dubai’s Economy Grows by 3.2% in Q1 2024, Reaches AED115 Billion

Dubai’s economy showed continued strength in the first quarter of 2024, with a year-on-year GDP growth of 13.2%. This translates to an increase in Dubai’s GDP to AED 115 billion (approximately USD 31.1 billion). The growth is attributed to the success of Dubai’s economic strategy, which aligns with the vision of Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai.

The news was shared by Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defense, who highlighted Dubai’s commitment to achieving the goals of the Dubai Economic Agenda D33. This agenda aims to double the size of Dubai’s economy and position it as one of the top three urban economies globally.

Dubai’s economic growth appears to be broad-based, with several sectors showing strong performance in Q1 2024. Here’s a breakdown of some key sectors:

Transportation and Storage: This sector grew by 5.6%, reaching AED 15.4 billion (approximately USD 4.2 billion).
Financial and Insurance Activities: This sector also witnessed a 5.6% increase, reaching AED 15.1 billion (approximately USD 4.1 billion).
Wholesale and Retail Trade: This sector grew by 3%, reaching AED 26.3 billion (approximately USD 7.2 billion).
Information and Communication: This sector saw a 3.9% increase, reaching AED 5.1 billion (approximately USD 1.4 billion).
Accommodation and Food Services: This sector grew by 3.8%, reaching AED 4.7 billion (approximately USD 1.3 billion).
Real Estate Activities: This sector experienced a 3.7% growth, reaching AED 8.4 billion (approximately USD 2.3 billion).

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