نجاح دبي مصدر إلهام للمدن الراغبة في صناعة مستقبل واعد
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence and Chairman of the Dubai Executive Council, announced that “the emirate’s economy achieved a growth of 3.2% during the first quarter of 2024, compared to the same period last year, with the gross domestic product reaching AED 115 billion,” stressing the success of Dubai’s economic system in translating the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, and the ambitious goals set by His Highness for the future of sustainable development, into tangible achievements that support the steady growth rates witnessed by the emirate in light of the high performance of its various economic sectors.
His Highness the Crown Prince of Dubai pointed out that the economic successes achieved are the result of concerted efforts and working as one team to achieve the goals of the Dubai Plan 2033, specifically the Dubai Economic Agenda D33 and the Dubai Social Agenda 2033, which enhances the standards of well-being and decent living, consolidates Dubai’s presence as a global economic capital, and increases its attractiveness as a major centre for investment and business in the region.
His Highness said: “Dubai is proceeding according to a clear vision, the foundations of which were laid and the objectives set by His Highness Sheikh Mohammed bin Rashid Al Maktoum. The strong results we are witnessing today are a practical reflection of this vision, which has brought Dubai to the ranks of the world’s leading economic, commercial and tourism centres.”
His Highness added: “Dubai’s ambition is limitless. Its success story will remain a source of inspiration for cities that wish to build a promising future for their coming generations. Our goal is to sustain success and establish a culture of excellence and leadership across all sectors, to preserve our achievements and add more qualitative accomplishments in various fields.”
His Highness said in a post on the “X” website yesterday: “During the first quarter of 2024, Dubai’s economy recorded a growth of 3.2%, bringing the emirate’s GDP to more than AED 115 billion. These results and the rising performance reflect the success of Dubai’s economic system in translating the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum into tangible achievements on the ground. We continue to work to achieve all the goals of the Dubai Economic Agenda D33, to double the size of our economy, and consolidate Dubai’s position among the top 3 economic cities in the world.”
Vital sectors
The growth in GDP achieved during the first quarter of this year is the result of the progress made in the performance of various vital sectors that constitute the basic pillars of the economic system in the emirate, as transportation and storage, financial activities and insurance achieved equal growth rates of 5.6%, trade activities achieved a growth rate of 3.0%, information and communications activities achieved a growth rate of 3.9%, accommodation and food services activities achieved a growth rate of 3.8%, and real estate activities achieved a growth rate of 3.7%.
The growth in GDP performance for the first quarter of this year is a continuation of the success achieved during 2023, as GDP reached about 429 billion dirhams, achieving an increase of 3.3%, compared to 2022, when GDP reached about 415 billion dirhams.
Outstanding performance
“The outstanding performance of Dubai’s economy reflects the clear and ambitious vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and is in line with the efforts made to achieve the objectives of the Dubai Economic Agenda D33. It also confirms the continued momentum and great confidence in the emirate’s vibrant business ecosystem, which is based on strong and diversified economic foundations,” said Helal Saeed Al Marri, Director General of the Department of Economy and Tourism in Dubai.
He stressed the commitment to developing and strengthening the general framework of the economy within the Dubai Economic Agenda D33, through which the business environment and various tools are improved to be used to enhance the emirate’s competitiveness, as well as attracting more qualitative investments and facilitating procedures for commercial operations.
“With the adoption of impactful initiatives, such as the Foreign Direct Investment Development Programme, to enhance the attraction of quality investments, and the implementation of the Dubai Economic Model to assess the progress of the city, we are making steady progress towards achieving important achievements and enhancing initiatives that stimulate growth. We will also continue to work with partners in the public and private sectors to consolidate Dubai’s leading global economic position, to become a major destination for embracing talent and attracting investments and businesses,” Al Marri explained.
upward trajectory
In this context, Director General of Dubai Digital, Hamad Obaid Al Mansoori, said: “The upward trajectory of economic growth indicators across various sectors shows that Dubai, thanks to the vision and directives of its wise leadership, is confidently moving towards enhancing its economic leadership and investment attractiveness, supported by the concepts of economic diversification and the adoption of the latest technologies and solutions, including digital transformation, which has made the emirate today a destination for entrepreneurs and those interested in creating successful experiences. Dubai’s economy has always been and continues to be strengthened by its 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 the decision
In turn, the CEO of the Dubai Data and Statistics Corporation, Younis Al Nasser, pointed out the importance of providing accurate data on various economic sectors and their overall contribution rates to the growth witnessed by the emirate, as it supports the decision-making process and the development of relevant strategies and policies, which contributes to achieving development goals in all areas.
Al Nasser said, “The increase shown by the latest data on Dubai’s economy, which indicates a growth of 3.2% compared to the same period last year, gives a glimpse into the future of the economy in the Emirate of Dubai, which has always been a leading model in investment attractiveness, especially in emerging sectors such as digital technology and the information and communications sector, which is the lever for development in all other sectors.”
Joint efforts
Hadi Badri, CEO of Dubai Economic Development Corporation, the economic development arm of the Department of Economy and Tourism in Dubai, said: “Under the guidance of our wise leadership and the combined efforts of our partners in the public and private sectors, Dubai has been able to achieve outstanding economic performance across leading and emerging sectors, reinforcing its position as a global hub for business and investment. The joint cooperation has resulted in this strong economic performance and increased growth rates in Dubai’s key sectors, including logistics and financial services, trade, and real estate, in addition to maintaining the upward trajectory of increasingly important sectors such as manufacturing, information and communications, and accommodation and food services.”
“Dubai continues its commitment to encouraging innovation to accelerate the implementation of strategic economic initiatives in the future, including paving the way for companies and investors, creating new job opportunities, and attracting global talent to the city. These efforts are in line with the ambitious goals of the Dubai Economic Agenda D33, a comprehensive plan that aims to promote sustainable and inclusive growth across all key sectors in the emirate,” he added.
Transportation and storage
The added value of transportation and storage activities reached AED 15.4 billion during the first quarter of this year, achieving a growth of 5.6% compared to the first quarter of last year, and contributing 13.4% of the emirate’s gross domestic product, which enhanced the impact of this activity on overall economic growth, as it pushed the growth achieved during the first quarter by 0.7 percentage points, which constitutes 23.2% of the total growth achieved in the emirate’s economy.
This sector includes all activities related to land, water and air transport services for individuals and goods, handling and storage activities and mail activities. Air transport is considered the activity that contributes the most to the transport and storage sector, due to the volume of its production, as its performance was affected by the increase in demand for the services of national carriers, whose number of passengers grew by 6.8% during the first quarter of this year.
Financial activities
The financial sector achieved a real growth of 5.6% compared to the same period last year, reaching a value of AED 15.1 billion, compared to AED 14.3 billion in the first quarter of the previous year, contributing 13.1% of the emirate’s total economy, driving economic growth by 0.7 percentage points.
Data from the Central Bank of the UAE, at the end of the first quarter of 2024, indicate a growth in the credit balance by 8%, and the deposit balance by 15.2%, compared to the same period in 2023.
Wholesale and retail trade
The data indicates that this activity maintained its lead in terms of contribution to the total GDP, contributing 22.9%, with a value of AED 26.3 billion, compared to AED 25.5 billion for the same period in 2023, with a growth rate of 3%, which pushed the overall growth in the emirate’s economy by 0.7 percentage points. The trade activity supports all other sectors of the economy by providing various goods that serve different purposes, whether inputs, intermediaries, final consumption, or for capital formation purposes.
Real estate activities
This activity is witnessing a great movement, driven by the boom in demand and the launch of distinguished real estate projects at the emirate level. This sector achieved a growth rate of 3.7% during the first quarter of 2024, with a contribution rate to the emirate’s GDP of 7.3%, and a total value of 8.4 billion dirhams, driving economic growth by 0.3 percentage points.
Real estate activity maintained its upward trend in value added growth during the first quarter. According to data issued by the Department of Lands and Properties, the value of real estate sales increased by 22%.
Electricity, gas and water
The real added value of electricity, gas, water and waste management activities amounted to AED 3.2 billion during the first quarter of this year, compared to AED 2.98 billion during the same period last year, achieving a growth of 7.5%, contributing 2.8% to the emirate’s overall economy and driving growth by 0.2 percentage points.
Information and Communication
This activity grew by 3.9%, reaching a value of AED 5.1 billion, driving economic growth by 0.2 percentage points, contributing 4.4% to the emirate’s GDP.
Accommodation and food services
This activity achieved a growth rate of 3.8%, reaching a value of AED 4.7 billion, and its contribution to the GDP reached 4.1%, driving economic growth by 0.2 percentage points. According to data from the Department of Economy and Tourism, Dubai hotels maintained high occupancy levels, with the average hotel occupancy rate reaching 83%. Dubai received 5.2 million international visitors during the first quarter of 2024, an increase of 11% compared to the same period in 2023.
Dubai’s economy to grow 3.3% in 2023
The total economy grew by 3.3% in 2023, with transportation, trade, real estate and financial activities accounting for approximately 68.8% of the total growth achieved during 2023, and the remaining activities contributing 31.2%.
The transportation and storage activity witnessed a growth rate of 9.2%, reaching a total value of AED 49.3 billion in 2023, compared to AED 45.2 billion in 2022, driving economic growth in the emirate by one percentage point.
The value of wholesale and retail trade activity increased from AED 106.5 billion in 2022 to AED 108.6 billion last year, achieving a growth rate of 2%, and its contribution to the emirate’s GDP was 25.3%, driving economic growth in the emirate by 0.5 percentage points.
Real estate activities were among the activities that achieved the highest growth rates during the past year, at a rate of 5.6%, driven by an increase in its total value, from 32.1 billion dirhams in 2022, to 33.9 in 2023, driving economic growth in the emirate by 0.4 percentage points.
The value of financial and insurance activities increased from AED 47.9 billion in 2022 to AED 49.4 billion in 2023, recording a growth rate of 3.0%, and the sector’s contribution to the emirate’s GDP reached 11.5%, driving economic growth in the emirate by 0.3 percentage points.
Transformative Industries
The manufacturing activity achieved a growth rate of 1.6%, reaching a total value of AED 8.4 billion during the first quarter of this year, compared to a value of AED 8.3 billion during the first quarter of last year, and its contribution to the emirate’s GDP reached 7.3%, driving economic growth in the emirate during the first quarter of 2024 by 0.1 percentage points.
While the rest of the activities witnessed a slight growth of 0.46%, with a contribution rate of 24.7%, and a driver of economic growth by 0.12 percentage points. These activities consist of agriculture, mining, construction, professional activities, administrative activities, and others.
Crown Prince of Dubai:
Dubai is moving forward according to a clear vision, the foundations of which were laid and goals set by Mohammed bin Rashid.
The results we are witnessing today are a reflection of the vision of Mohammed bin Rashid, which has brought Dubai to the ranks of the world’s leading economic, commercial and tourism centres.
We continue to work to achieve all the goals of the D33 agenda to double the size of our economy and consolidate Dubai’s position among the top 3 economic cities in the world.
Wholesale and retail trade maintained its lead in terms of contribution to the total GDP, at 22.9%, with a value of 26.3 billion dirhams.
للمزيد : تابع خليجيون 24 ، وللتواصل الاجتماعي تابعنا علي فيسبوك وتويتر
