DUBAI: Dubai’s economy is doing really well, with growth in many key areas. In the first three months of 2024, Dubai’s GDP grew by 3.2%, reaching AED 115 billion. This is thanks to improvements in several important sectors.
The transportation and storage sector, and the financial and insurance sectors both grew by 5.6%. The trade sector grew by 3%, while information and communications saw a 3.9% rise. Accommodation and food services went up by 3.8%, and real estate grew by 3.7%.
This positive trend follows a strong performance in 2023, when Dubai’s GDP hit about AED 429 billion, growing by 3.3% from 2022.
Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism, highlighted that Dubai’s steady growth shows confidence in its business environment. He noted that Dubai’s leadership and its focus on innovation are key to this success.
Also read: Dubai’s property market records 12.2% growth in H1 2024
Almarri mentioned that Dubai’s smart strategies and investments have led to impressive results, including a drop in water waste from 7.06% to 4.6%, saving 12.5 billion gallons of water.
Hamad Obaid Al Mansoori, Director General of Digital Dubai, said the city’s growth in different sectors shows that Dubai is moving confidently towards being a top economic leader. He stressed that Dubai’s success comes from embracing new technologies and staying flexible.
Younus Al Nasser from Dubai Data and Statistics added that accurate data helps guide decisions and strategies for future growth. Dubai’s strong economy is built on attracting investment, especially in new technologies.
