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, declared a statement that the emirate’s economy continues to grow gradually and depicts robust economic indicators that epitomizes the broad vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The economic growth rate of 3.2% achieved in the first quarter of 2024 demonstrates the strength and capacity of Dubai’s economy.
As per the statement released by Sheikh Hamdan : “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.”
His Highness further 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 several vital segments that add up to basic pillars of the economic system in the emirate. The sectors include transportation and storage sector, and the financial and insurance activities sector achieved identical growth rates of 5.6%, the trade sector logged a growth of 3%, the information and communications sector posted a growth of 3.9%, the accommodation and food services activities sector grew 3.8%, and the real estate sector achieved a growth of 3.7%.
His Excellency Helal Saeed Almarri, Director General, Dubai Department of Economy and Tourism, (DET) released a statement on this success: “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 further 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 Program 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.”
Source: Mediaoffice
