Dubai’s economy is flourishing at 3.2% year-on-year, amassing AED 115 billion in the first quarter of 2024. These biannual figures are a direct reflection of strategic growth and investments in sectors such as transportation, food services, real estate, and storage. The UAE’s booming retail sector, which comprised an impressive 22.9% of the emirate’s GDP breakdown, generated AED 26.3 billion in revenue in Q1 of 2024. The transportation and storage sector followed suit, racking up AED 15.4 billion and occupying 5.6% of Dubai’s GDP pie.
Here’s a sector-wise revenue breakdown for Dubai in the first quarter of 2024:Â
- Financial and insurance activities sector: 5.6%, amounting to Dh15.1 billion
- Information and communications sector: 3.9%, amounting to Dh5.1 billion
- Accommodation and food services activities sector: 3.8%, amounting to Dh4.7 billion
- Real estate sector: 3.7%, amounting to Dh8.4 billion
- Utilities and waste management: 7.5%, amounting to Dh3.2 billion
- Manufacturing sector: 1.6%, Dh8.4 billion
- Other activities: 0.46% These include agriculture, mining, construction, professional services, and administrative services, among others.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense of the UAE, and Chairman of The Executive Council of Dubai, commented on Dubai’s impressive projections: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.” He congratulated Dubai’s various stakeholders that contributed to its rapid growth and focused on the emirate’s comprehensive development plans for 2033, specifically the Dubai Economic Agenda (D33) and Dubai Social Agenda 2033.
“What we witness today is a practical reflection of this vision, which has placed Dubai among the leading economic and commercial centers of the world,” said the Crown Prince.
