Trends
Dubai sees consistent economic performance as GDP tops Dh115 billion in first quarter of 2024
Published
2 months agoon
HH Sheikh Hamdan bin Mohammed took to X on July 23 to highlight that Dubai continues its steady economic performance. In the first quarter of 2024, Dubai’s economy expanded by 3.2%, increasing the emirate’s Gross Domestic Product (GDP) to Dh115 billion.
This performance underscores the success of Dubai’s strategy to achieve the vision of HH Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness noted in his post.
HH Sheikh Hamdan is the Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and recently became the Deputy Prime Minister and Minister of Defence of the UAE (as part of a significant UAE cabinet reshuffle).
Consolidating Dubai’s position as a global economic capital
In his X post, Sheikh Hamdan noted the emirate’s commitment to achieving the objectives of the Dubai Economic Agenda D33 – a plan seeking to double the size of Dubai’s economy and position the city among the top three global urban economies.
Both D33 and Dubai Social Agenda 2033 aim to consolidate Dubai’s position as a global economic capital and its attractiveness as a destination for foreign investments. These comprehensive plans for 2033 also seek to enhance the overall quality of life.
Dubai’s ambition is limitless and its success story is going to remain a role model for cities seeking to create a promising future for their coming generations, His Highness noted. The emirate’s plan is to establish a culture of excellence and leadership.
Stunning success stories across vital economic sectors
The figures Dubai’s GDP recorded in the first quarter of 2024 is the result of success achieved in various vital sectors: 5.6% in the transportation and storage sector, and the financial and insurance activities sector, and 3.9% in the information and communications sector.
The trade sector expanded by 3%, the accommodation and food services activities sector by 3.8% and the real estate sector by 3.7%. These vital sectors constitute the basic pillars of the economic system in the emirate.
The economic success in the first quarter of 2024 mirrors the success story of 2023. The GDP reached Dh429 billion last year, marking an increase of 3.3% compared to the 2022 figure of approximately Dh415 billion, according to the Dubai Media Office.
Read More: Experts predict UAE economy to mark exceptional 2024 performance
Sara is your reliable guide for the Gulf region's intricate developments. She is a part of The Gulf Independent's dedicated and dynamic team, digging deep into stories to give you a thorough update, going beyond the headlines. Interest: Sara has a keen interest in exploring unexplored events. She has an affinity for investigative journalism and showcasing essential stories in a unique light. Her favourite topics include geopolitics, human rights, business, migrants and other important categories. Education and Experience: Sara's affinity for news grew manifold as she received her degree in Media Studies from the Bayan College in Oman. Now, she lets her curiosity and years of experience take the front seat as she embarks on a mission to highlight the most relevant and important events.
You may like
-
UAE deepens climate action as clean energy investments exceed Dh45 billion
-
2024 STEAM Festival in Riyadh pays tribute to ‘father of chemistry’ for pioneering contributions
-
UAE and US share a burgeoning relationship in the evolving artificial intelligence field
-
UAE President and China’s Premier of State Council hold meticulous discussions on bilateral relations
UAE deepens climate action as clean energy investments exceed Dh45 billion
Gold Price surges in UAE – Shoppers highlights Diamond Price Protection
2024 STEAM Festival in Riyadh pays tribute to ‘father of chemistry’ for pioneering contributions
Diplomacy in focus as UAE mediates eighth Russia-Ukraine prisoner exchange
UAE and US share a burgeoning relationship in the evolving artificial intelligence field
Cristiano Ronaldo Hits 1 Bn Social Media Followers
Trending
-
Trends4 days ago
Qatar Charity Helps Sick People in Yemen with Big Heart and Kidney Operations
-
Uncategorized6 days ago
Your complete guide to Dubai Fitness Challenge 2024
-
Uncategorized1 week ago
Lana Nusseibeh stresses UAE’s constructive role in recent Sudan peace talks in Geneva
-
Entertainment5 days ago
Elon Musk’s creative response to Taylor Swift endorsing Kamala Harris