Dubai sees consistent economic performance as GDP tops Dh115 billion in first quarter of 2024

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 the first quarter of 2024, Dubai's economy grew by 3.2%, increasing the emirate's GDP to AED115 billion. This performance underscores the success of Dubai's strategy to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum. We remain committed to achieving… pic.twitter.com/NM7HjrN7Pm

— Hamdan bin Mohammed (@HamdanMohammed) July 23, 2024

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