H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, reaffirmed the steady growth of Dubai’s economy, exemplifying the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum. The emirate achieved a 3.2 per cent economic growth in the first quarter of 2024, adding over AED 115 billion in GDP.
His Highness praised the combined efforts of various stakeholders in realizing the emirate’s comprehensive development plans for 2033, particularly the Dubai Economic Agenda (D33) and Dubai Social Agenda 2033.
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 centres of the world,
he said.
H.H. added,
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 towards new horizons of excellence.
Several key sectors contributed to this growth. The transportation and storage sector and the financial and insurance activities sector both achieved growth rates of 5.6 per cent. The trade sector grew by 3 per cent, the information and communications sector by 3.9 per cent, the accommodation and food services activities sector by 3.8 per cent, and the real estate sector by 3.7 per cent.
Helal Saeed Almarri, Director General of Dubai Department of Economy and Tourism, remarked,
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 emphasized the importance of initiatives like the Foreign Direct Investment Development Programme and the Dubai Economic Model in enhancing Dubai's global competitiveness.
Hamad Obaid Al Mansoori, Director General of Digital Dubai, highlighted the impact of economic diversification and digital transformation in attracting entrepreneurs and supporting economic growth. Younus Al Nasser, Chief Executive of the Dubai Data and Statistics Establishment, stressed the importance of accurate data in supporting leadership decisions and strategy development.
Hadi Badri, CEO of Dubai Economic Development Corporation, noted,
Collaborative efforts are among the key drivers of a healthy economic performance, propelling sectors that have been core to Dubai’s growth story.
He reiterated Dubai’s commitment to innovation and strategic economic initiatives aligned with the D33 Agenda.
In 2023, Dubai’s overall economy grew by 3.3 per cent, driven by strong performances in transportation, trade, real estate, and financial activities. The continued growth in 2024 reflects the emirate’s robust and diversified economic foundation.
News Source: Emirates News Agency
