The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Prime Minister and Minister of Defense, and the Chairman of the Executive Council of Dubai, declared that the emirate’s GDP increased 3.3% annually taking the number to Dh116 billion in the second quarter of 2024.
As per the statement released by the Crown Prince, Dubai’s economic performance is in alignment with the lofty objectives set by His Highness for sustainable development and reflects the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the UAE’s vice president and prime minister as well as the ruler of Dubai. Sheikh Hamdan highlighted the significance of harmonious teamwork and coordinated efforts that will help in achieving the goals set for Dubai 2033 Plan, specifically the Dubai Economic Agenda D33 and the Dubai Social Agenda 2033, that seeks to improve the emirate’s standing as a global model for well-being and sustainable economic growth and strengthen its position as a hub for international investment and business.
Sheikh Hamdan further said: “We will continue our ambitious journey, building on every success to reach new heights. Dubai today is more than a success story; it is an inspiring model for progress, where people’s aspirations and efforts shape a future filled with opportunity.”
A proof to visionary leadership
Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), commented: “Dubai’s exceptional GDP growth in the first half of 2024 stands as a testament to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the direction of His Highness 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. This growth has been fueled particularly by key sectors—logistics, technology, and tourism—which are at the core of the Dubai Economic Agenda D33.
“These sectors underscore our city’s ability to leverage strategic foresight, innovation, and cross-sector collaboration, to build a resilient and sustainable economy. The D33 strategy is already bearing fruit, consolidating Dubai’s position as a global economic leader, attracting investment, and fostering an ecosystem ripe for entrepreneurship and talent.”
“As we move forward, our focus will continue to be on accelerating innovation, embracing future technologies, and creating an inclusive, thriving business environment that aligns with our long-term goal of doubling Dubai’s economy over the next decade and the unwavering commitment to global competitiveness and sustainable development,” Almarri said.
Whereas, as per the statement released by Hamad Obaid Al Mansoori, Director General of Digital Dubai, stated: “The second-quarter statistics of 2024 signal a new and promising chapter in Dubai’s journey, one driven by a dynamic economy that attracts investment, a thriving community, and a government that is leveraging the latest digital technologies to improve the lives of its citizens. This progress is underpinned by a wise leadership committed to making Dubai a global capital and an inspiring model for future cities that offers its people all the conditions needed for success, prosperity, and sustainable growth.
“The economic development we see today across various sectors is the result of the spirit of collaboration between Dubai’s diverse industries, with achievements driven by the collective success of both government and private institutions. Everyone benefits from advanced infrastructure, legislative frameworks, positive competition, and government excellence that paves the way for the future through ambitious digital transformations.”
Q2 2024 economic performance
Q2 growth depends on a number of crucial sectors and reasons that includes in comparison to Q2 2023, the transportation and storage sector grew by an impressive 7.8%, accounting for 13.6% of Dubai’s GDP and 31.3% of overall growth. When compared to the same period last year, the information and communication sector grew at a rate of 5.6%. The industry for lodging and food service operations grew at a rate of 4.7%.
Real Estate Sector Also Needs a Special Mention
During the second quarter of 2024, the real estate sector in Dubai grew by 2.6%, contributing 6.9% to growth of the emirate and representing 8.7% of Dubai’s total GDP, which was valued at Dh10.15 billion. Real estate sales rose 38% year over year, according to data from the Dubai Land Department.
Source: Propertynews
