Dubai’s GDP Reached Dh115 Billion in the First Quarter, Marking a 3.2% year-on-year Growth

Sheikh Hamdan emphasizes the aim of “sustaining success and fostering a culture of excellence and leadership” across all sectors in the emirate

Dubai’s economy expanded by 3.2% in the first quarter compared to the previous year, with the emirate’s GDP reaching Dh115 billion.

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, stated, “Dubai’s ambitions are boundless, and its success story will continue to serve as a model for cities aspiring to create a promising future for future generations.”

Sheikh Hamdan emphasized that the goal is to “maintain success and foster a culture of excellence and leadership” across all sectors in the emirate.

The economic growth in the first quarter mirrors the achievements of 2023, when Dubai’s GDP reached approximately Dh429 billion, marking a 3.3% increase from the Dh415 billion recorded in 2022.

Dubai’s Sectors are Thriving:

• Transportation and storage: 5.6%, totaling Dh15.4 billion
• Financial and insurance activities: 5.6%, totaling Dh15.1 billion
• Wholesale and retail trade: 3%, totaling Dh26.3 billion (the largest GDP contributor at 22.9%)
• Information and communications: 3.9%, totaling Dh5.1 billion
• Accommodation and food services: 3.8%, totaling Dh4.7 billion
• Real estate: 3.7%, totaling Dh8.4 billion
• Utilities and waste management: 7.5%, totaling Dh3.2 billion
• Manufacturing: 1.6%, totaling Dh8.4 billion
• Other activities: 0.46% (including agriculture, mining, construction, professional services, and administrative services)

Sheikh Hamdan attributed Dubai’s successes to the collective efforts and teamwork of various stakeholders in achieving the objectives outlined in the emirate’s comprehensive development plans for 2033, particularly the Dubai Economic Agenda (D33) and Dubai Social Agenda 2033.

“The progress Dubai is making today aligns with a clear vision established by Sheikh Mohammed bin Rashid Al Maktoum,” remarked the Crown Prince. “What we see now is a tangible manifestation of this vision, positioning Dubai among the world’s foremost economic and commercial hubs.”