H.H. Sheikh Hamdan highlighted Dubai’s robust economy with 3.2% growth in Q1 2024, adding over AED 115 billion to GDP….reports Asian Lite News
Dubai’s economy continues to grow steadily and showcase robust economic indicators, said H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai.
The strength of Dubai’s economy is amply demonstrated in the 3.2 percent economic growth it achieved in the first quarter of 2024 compared to the same period last year, by adding more than AED 115 billion in GDP terms, Sheikh Hamdan said.
Sheikh Hamdan said it is especially commendable that the emirate’s successes in this regard highlight the combined efforts and teamwork of various stakeholders to realise the objectives of the emirate’s comprehensive development plans for 2033, specially the Dubai economic Agenda (D33) and Dubai Social Agenda 2033, which serve to enhance overall standards of wellbeing and quality of life while consolidating Dubai’s standing as a global economic capital and its attractiveness as a destination for foreign investments.
Sheikh Hamdan said: “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 added: “Dubai’s ambition is limitless, and its success story will remain a role model for cities wishing to create a promising future for their coming generations. 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.”
The growth in Dubai’s GDP is the result of growth achieved in various vital sectors that constitute the basic pillars of the economic system in the emirate. The transportation and storage sector, and the financial and insurance activities sector achieved identical growth rates of 5.6 percent, the trade sector logged a growth of 3 percent, the information and communications sector posted a growth of 3.9 percent, the accommodation and food services activities sector grew 3.8 percent, and the real estate sector achieved a growth of 3.7 percent.
The economic growth in the first quarter of the year mirrors the success story of 2023, when the GDP reached approximately AED 429 billion, marking an increase of 3.3 percent compared to the 2022 figure of approximately AED 415 billion.
Outstanding display
Helal Saeed Almarri, Director General, Dubai Department of Economy and Tourism, (DET), said: “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. We remain committed to advancing the comprehensive economic framework set forth in Dubai’s Economic Agenda 2033, continuously refining and leveraging various economic instruments to enhance competitiveness, attract substantial investment, and facilitate seamless business operations.”
He added: “This achievement is a testament to the clear, stable, and forward-thinking leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and with high-impact initiatives such as the Foreign Direct Investment Development Programme to attract selective investments aligned with the D33 Agenda and the implementation of the Dubai Economic Model to monitor the city’s advancement, we are poised to further energise our growth initiatives. These measures will enhance collaboration between public and private sector stakeholders, propelling Dubai towards its goal of achieving top global status for economic growth and becoming a prime destination for business, talent, and investment.”
An upward trajectory
In this context, Hamad Obaid Al Mansoori, Director General of Digital Dubai, said: “The upward trajectory of economic growth indicators across various sectors shows that Dubai, under its wise leadership, is confidently moving towards enhancing its economic leadership and investment attractiveness. This progress is supported by economic diversification and the adoption of the latest technologies and solutions, including digital transformation, which has made the emirate a destination for entrepreneurs and those interested in creating successful experiences. Dubai’s economy has always drawn its strength from flexibility, keeping pace with changes, and proactive thinking that anticipates major economic transformations in the world, most notably the digital economy supported by artificial intelligence and data.”
Data to support decisions
Younus Al Nasser, Chief Executive of the Dubai Data and Statistics Establishment, emphasised the importance of providing accurate data on various economic sectors and their total contribution to the emirate’s growth. This data supports the leadership’s decision-making process and the development of relevant strategies and policies that contribute to achieving the city’s goals in all fields, he said.
“The recent data showing Dubai’s economy has grown by 3.2 percent compared to the same period last year gives us an indication about the future of the emirate’s economy. Dubai has always positioned itself as a leading example in attracting investments mainly in emerging technologies, which represents the backbone that supports the development of all sectors,” he added.