Dubai: H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, announced that the emirate’s GDP in the second quarter of 2024 increased by 3.3% year-on-year, reaching AED116 billion. This growth reflects 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, aligning with the ambitious goals set for sustainable development.
According to Emirates News Agency, H.H. Sheikh Hamdan emphasized the importance of cohesive teamwork and concerted efforts to achieve the targets outlined in the Dubai 2033 Plan, including the Dubai Economic Agenda D33 and the Dubai Social Agenda 2033. These initiatives aim to enhance Dubai’s status as a global model for well-being and sustainable economic growth, solidifying its role as an international investment and business hub. H.H. reaffirmed Dubai’s robust econo
mic growth’s alignment with the vision of making Dubai a leading global economic center.
Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), highlighted the exceptional GDP growth in 2024 as a testament to the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum and the direction of Sheikh Hamdan. This growth has been driven by key sectors such as logistics, technology, and tourism, which are central to the Dubai Economic Agenda D33. Almarri noted that these sectors underscore Dubai’s ability to leverage strategic foresight, innovation, and cross-sector collaboration to build a resilient and sustainable economy.
Hamad Obaid Al Mansoori, Director General of Digital Dubai, stated that the second-quarter statistics of 2024 signify a promising chapter in Dubai’s journey, driven by a dynamic economy attracting investment and a government leveraging digital technologies. He emphasized the collaborative spirit between Dubai’s industries, resulting in achievements th
rough advanced infrastructure and positive competition.
Younus Al Nasser, CEO of the Dubai Data and Statistics Establishment, discussed the pivotal role of digital data in shaping new economic dynamics. He noted that real-time statistical analysis supports accurate forecasting and strategic planning, enabling maximum positive outcomes. Al Nasser stressed the importance of economic data in providing an accurate picture of each sector’s contribution to comprehensive development.
Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC), highlighted Dubai’s exceptional economic growth amid global challenges. He attributed this success to coordinated efforts to attract investment, foster key sectors, and advance innovation as part of the Dubai Economic Agenda D33. Badri emphasized the importance of streamlining processes for businesses, nurturing start-ups, and forging public-private partnerships to accelerate sustainable and inclusive growth.
The GDP growth in Q2 2024 resulted from enhanced perform
ance in several vital sectors. The transportation and storage sector grew by 7.8%, contributing 13.6% to Dubai’s GDP and 31.3% to overall growth. The information and communication sector recorded a growth rate of 5.6%, while the accommodation and food service activities sector achieved a 4.7% growth rate. The manufacturing sector grew by 2.5%, with a total value of AED10.6 billion in Q2.
The financial and insurance sector grew by 4.6%, with its value rising to AED13.16 billion. The wholesale and retail sector, leading in value, reached AED28.68 billion, growing by 2.2%. The information and communication sector maintained its 4.4% contribution to Dubai’s GDP with a growth rate of 5.6%.
The real estate sector grew by 2.6%, accounting for 8.7% of Dubai’s GDP. Other sectors, such as construction, grew by 1.8%, while others recorded a growth of 0.8%. The growth observed across various sectors reflects the emirate’s strong collaboration between public and private sectors, driving Dubai closer to its goal of becom
ing a premier global tourist destination and a thriving economic hub.
