UAE – Mubasher: Dubai’s GDP grew by 3.20% in the first quarter (Q1) of 2024, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence of the UAE.

The emirate’s GDP growth has been fuelled by significant achievements in various vital sectors, including transportation and storage sector, along with the financial and insurance activities sector, both grew by 5.60% in Q1-24, according to the Emirates News Agency (WAM).

The trade sector saw a 3% increase, the information, and communications sector grew by 3.90%, the accommodation and food services activities sector expanded by 3.80%, and the real estate sector experienced a 3.70% growth.

This economic progress in the first quarter reflects the success of 2023, when Dubai's GDP reached approximately AED 429 billion, a 3.30% increase from the AED 415 billion recorded in 2022.

“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,” Sheikh Hamdan said.

He added: “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.”

According to forecasts released by the Central Bank of the UAE (CBUAE), the country's GDP is set to grow by 3.90% in 2024.