Hamdan bin Mohammed: Dubai's Q2 2024 GDP Up 3.3% to AED 116 Billion

Photo : Dubai Government Media Office

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, recently announced a significant achievement for the emirate's economy. Dubai's GDP for the second quarter of 2024 rose by 3.3% year-on-year, reaching AED 116 billion.

This robust economic growth, according to Sheikh Hamdan, is a reflection of the vision and leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Sheikh Hamdan emphasized that Dubai’s current economic success aligns with the ambitious goals laid out in the Dubai 2033 Plan, with a focus on sustainable growth and enhancing the emirate’s position as a global hub for investment, business, and well-being. He reiterated that teamwork and collective effort are essential to achieving the goals of the Dubai Economic Agenda D33 and Dubai Social Agenda 2033.

His Highness also highlighted that Dubai's economic performance demonstrates the emirate's forward-thinking approach, building a resilient economy that supports long-term growth. "Dubai today is more than a success story; it is an inspiring model for progress," Sheikh Hamdan said, emphasizing the collective effort that has brought the emirate to its current success.

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Dubai's economic growth has been bolstered by strategic investments in key sectors, including logistics, technology, and tourism. These sectors play a crucial role in the Dubai Economic Agenda D33, driving the emirate's development while positioning it as a global leader in innovation, business, and sustainability.

In line with the achievements, His Excellency Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), praised the leadership of both Sheikh Mohammed and Sheikh Hamdan. He acknowledged the vital role of the logistics, technology, and tourism sectors in contributing to Dubai's growth. Almarri stressed that Dubai's successful economic strategy is already reaping rewards, consolidating its position as an economic powerhouse while fostering a thriving entrepreneurial ecosystem.

Digital transformation is also a cornerstone of Dubai’s development. His Excellency Hamad Obaid Al Mansoori, Director General of Digital Dubai, highlighted that the emirate's economic progress is supported by advanced digital technologies and a forward-thinking government. "Dubai is shaping the future with its digital transformation, positioning itself as a global model for modern cities that offer prosperity, growth, and opportunity to all its citizens," Al Mansoori said.

The strategic use of data also plays a significant role in shaping Dubai’s economic future. His Excellency Younus Al Nasser, CEO of the Dubai Data and Statistics Establishment, emphasized the importance of accurate data in decision-making. Al Nasser explained that the real-time analysis of economic data is crucial for forecasting and planning, which in turn helps achieve Dubai’s long-term goals of becoming a global hub for the new economy, focusing on sustainability and innovation.

Furthermore, Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC), credited Dubai’s strong economic performance to the coordinated efforts of both the government and private sectors. He pointed out that Dubai's success is not just a reflection of leadership but also of the city's commitment to fostering innovation, facilitating business, and attracting global investment.

The second quarter’s growth has been particularly strong in sectors such as transportation and storage, information and communication, and accommodation services. The transportation and storage sector, for instance, saw remarkable growth of 7.8%, contributing 31.3% of the overall GDP growth for the quarter. This increase is largely attributed to the rise in air transport demand, with passenger numbers increasing by 4.5% in Q2 compared to the previous year.

The manufacturing sector also recorded steady growth, rising by 2.5%, contributing AED 10.6 billion to the economy. The electricity, gas, water, and waste management sectors showed a modest growth of 2.9%, with AED 4 billion in total value. Additionally, the real estate sector, a key pillar of Dubai’s economy, saw a 2.6% increase in Q2, with real estate sales spiking by 38% year-on-year.

The retail and wholesale sector, which leads in terms of value, reached AED 28.68 billion, contributing significantly to the GDP with a 2.2% growth. Meanwhile, Dubai’s tourism sector continues to thrive, with 9.3 million international visitors in the first half of 2024, marking a 9% increase over 2023. This growth positions Dubai closer to its goal of becoming the world’s best city to visit, live, and work in.

As Dubai continues to progress, the city’s economic agenda remains focused on driving innovation, embracing emerging technologies, and creating an inclusive and sustainable business environment. The goal is to double Dubai’s economy in the next decade while maintaining global competitiveness and driving sustainable development. 

This growth is further supported by the seamless collaboration between public and private sectors, as well as the government's commitment to providing a conducive environment for business. As Dubai moves toward its long-term goals, it remains on track to solidify its position as a global leader in economic innovation and sustainability.

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