- His Highness: Dubai’s economic system is making exceptional progress, pushed by Mohammed bin Rashid’s imaginative and prescient to ascertain the emirate as a number one world financial hub
- “Dubai in the present day is greater than a hit story; it’s an inspiring mannequin for progress, the place individuals’s aspirations and efforts form a future crammed with alternative”
- Helal Saeed Almarri: This development has been fueled significantly by key sectors—logistics, know-how, and tourism—that are on the core of the Dubai Financial Agenda D33
- Hamad Obaid Al Mansoori: Dubai’s progress is pushed by a dynamic economic system, a thriving group, and a authorities that’s leveraging the newest digital applied sciences to enhance the lives of its residents
- Younus Al Nasser: The true worth of our financial information lies in its means to supply an correct image of every sector’s contribution to complete growth
- Hadi Badri: Our distinctive financial development in 2024 stands out globally, overcoming financial headwinds and outperforming many markets
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Government Council of Dubai, introduced that the emirate’s GDP within the second quarter of 2024 grew 3.3% year-on-year to succeed in AED116 billion.
The Crown Prince mentioned Dubai’s financial efficiency displays the imaginative and prescient and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, and aligns with the formidable objectives set by His Highness for sustainable growth.
HH Sheikh Hamdan emphasised the significance of cohesive teamwork and concerted efforts to realize the targets outlined within the Dubai 2033 Plan, significantly the Dubai Financial Agenda D33 and the Dubai Social Agenda 2033, which intention to lift the emirate’s standing as a worldwide mannequin for well-being and sustainable financial development and improve its function as a global funding and enterprise hub.
His Highness reaffirmed that Dubai’s strong financial development aligns with the imaginative and prescient of His Highness Sheikh Mohammed bin Rashid Al Maktoum to position Dubai on the forefront of world financial centres.
His Highness additional mentioned: “We are going to proceed our formidable journey, constructing on each success to succeed in new heights. Dubai in the present day is greater than a hit story; it’s an inspiring mannequin for progress, the place individuals’s aspirations and efforts form a future crammed with alternative.”
A testomony to visionary management
His Excellency Helal Saeed Almarri, Director Normal of the Dubai Division of Financial system and Tourism (DET), commented: “Dubai’s distinctive GDP development within the first half of 2024 stands as a testomony to the visionary management of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the path of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Government Council of Dubai. This development has been fueled significantly by key sectors—logistics, know-how, and tourism—that are on the core of the Dubai Financial Agenda D33.
“These sectors underscore our metropolis’s means to leverage strategic foresight, innovation, and cross-sector collaboration, to construct a resilient and sustainable economic system. The D33 technique is already bearing fruit, consolidating Dubai’s place as a worldwide financial chief, attracting funding, and fostering an ecosystem ripe for entrepreneurship and expertise.”
“As we transfer ahead, our focus will proceed to be on accelerating innovation, embracing future applied sciences, and creating an inclusive, thriving enterprise atmosphere that aligns with our long-term purpose of doubling Dubai’s economic system over the subsequent decade and the unwavering dedication to world competitiveness and sustainable growth,” Almarri mentioned.
Complete growth
In the meantime, His Excellency Hamad Obaid Al Mansoori, Director Normal of Digital Dubai, acknowledged: “The second-quarter statistics of 2024 sign a brand new and promising chapter in Dubai’s journey, one pushed by a dynamic economic system that pulls funding, a thriving group, and a authorities that’s leveraging the newest digital applied sciences to enhance the lives of its residents. This progress is underpinned by a sensible management dedicated to creating Dubai a worldwide capital and an inspiring mannequin for future cities that gives its individuals all of the situations wanted for fulfillment, prosperity, and sustainable development. The financial growth we see in the present day throughout numerous sectors is the results of the spirit of collaboration between Dubai’s numerous industries, with achievements pushed by the collective success of each authorities and personal establishments. Everybody advantages from superior infrastructure, legislative frameworks, optimistic competitors, and authorities excellence that paves the way in which for the long run by means of formidable digital transformations.”
Correct information
His Excellency Younus Al Nasser, CEO of the Dubai Knowledge and Statistics Institution, highlighted the pivotal function of digital information in shaping new financial dynamics. He mentioned that real-time statistical evaluation helps correct forecasting and strategic planning, enabling the maximisation of optimistic outcomes.
Al Nasser acknowledged, “The true worth of our financial information lies in its means to supply an correct image of every sector’s contribution to complete growth. That is essential for decision-makers in each organisation as they plan and strategise for the long run, driving successes aligned with our overarching objectives. These objectives embody positioning Dubai as a worldwide hub for the brand new economic system, grounded in sustainable growth, digitisation, sensible metropolis options, and optimising the usage of information as a key useful resource.”
Distinctive financial development
Hadi Badri, CEO of the Dubai Financial Improvement Company (DEDC), the financial growth arm of the Dubai Division of Financial system and Tourism (DET), mentioned: “Below the visionary management of Dubai, our distinctive financial development in 2024 stands out globally, overcoming financial headwinds and outperforming many markets. This success is pushed by coordinated efforts to draw funding, foster key sectors and advance innovation as a part of the Dubai Financial Agenda D33. By streamlining processes for companies, nurturing start-ups, and forging public-private partnerships, Dubai is accelerating sustainable and inclusive development. As we progress, we stay dedicated to solidifying our place as a number one world hub for expertise, funding, and technological development.”
Q2 financial efficiency
The GDP development within the second quarter of 2024 resulted from the improved efficiency of a number of important sectors inside the emirate’s financial framework. The transportation and storage sector skilled exceptional development of seven.8% in comparison with Q2 2023, contributing 13.6% to Dubai’s GDP and 31.3% to total development. The data and communication sector recorded a development price of 5.6% in comparison with the identical interval final 12 months. The lodging and meals service actions sector achieved a development price of 4.7%.
The second quarter efficiency intently matched that of the primary, yielding related development charges for each quarters within the first half of the 12 months. Second-quarter development introduced the full GDP in H1 2024 to AED231 billion, a 3.2% development price from the primary half of 2023, reflecting regular development throughout most sectors.
Manufacturing
The manufacturing sector recorded a development price of two.5%, bringing its whole worth to AED10.6 billion in Q2 this 12 months in comparison with AED10.34 billion in the identical interval final 12 months. It contributed 9.1% to the emirate’s GDP, and seven% to the expansion achieved within the second quarter.
Electrical energy, gasoline, water and waste administration
The worth of the electrical energy, gasoline, water, and waste administration actions reached roughly AED4 billion in Q2 this 12 months in comparison with AED3.88 billion throughout the identical interval final 12 months, attaining a development price of two.9%. It contributed 3.4% to the emirate’s GDP and three.1% to development achieved in Q2.
Transportation and storage
The transportation and storage sector achieved a complete worth of AED15.85 billion in Q2 this 12 months, attaining a development of seven.8% in comparison with the identical interval final 12 months. It contributed 13.6% to the emirate’s GDP and 31.3% to the expansion achieved.
This sector covers all actions associated to land and water transport, dealing with and storage, postal companies, air transport, and supporting actions. Air transport is a key contributor to this sector, positively influenced by the elevated demand for companies from nationwide carriers, with passenger numbers rising by 4.5% in Q2 this 12 months in comparison with the identical interval in 2023.
Monetary and insurance coverage actions
This sector recorded a development price of 4.6% in comparison with the identical interval final 12 months, with its worth rising to AED13.16 billion from AED12.58 billion in the identical interval. Its contribution to Dubai’s GDP grew to 11.3%, driving development by 15.6%. In response to information from the Central Financial institution, the typical quantity of financial institution credit score elevated by 8.2% within the second quarter in comparison with the identical interval final 12 months, whereas common deposits noticed an increase of 13.3%.
Wholesale and retail
This sector leads by way of worth, having reached AED28.68 billion rising 2.2% from the identical interval final 12 months, when its worth was AED28.06 billion, contributing 24.7% to the GDP and driving development by 17%. Commerce is a major sector impacting numerous actions, because it consists of a number of the largest firms within the nation and the area. The businesses on this sector cowl a variety of products, together with end-user merchandise, intermediate items, and capital items.
Lodging and meals companies
This sector skilled a 4.7% development, reaching a worth of AED3.54 billion, contributing 3% to the GDP, and 4.3% to development.
Knowledge from the Dubai Division of Financial system and Tourism signifies that the emirate welcomed 9.3 million worldwide guests in H1 2024, a 9% enhance from the identical interval in 2023. This development displays the robust collaboration between the private and non-private sectors, in addition to native and worldwide partnerships, which have considerably bolstered Dubai’s standing as a premier world vacationer vacation spot, driving it nearer to its purpose of changing into the world’s finest metropolis to go to, reside and work in.
Info and communication
This sector maintained its 4.4% contribution to Dubai’s GDP within the second quarter. Nevertheless, it noticed a development price of 5.6%, reaching a worth of AED5.13 billion and driving development by 7.4%. The sector’s distinctive efficiency displays the imaginative and prescient of HH Sheikh Mohammed bin Rashid to place Dubai as a number one hub for the economic system of the long run, supported by rising applied sciences, and in alignment with the Dubai Financial Agenda D33, which goals to spice up the emirate’s financial productiveness by means of digital options.
Actual property
The true property sector skilled a development of two.6% within the second quarter of 2024, accounting for 8.7% of Dubai’s GDP with a complete worth of AED10.15 billion and contributing 6.9% to development. In response to information from the Dubai Land Division, actual property gross sales elevated by 38% year-on-year.
Aside from key sectors, others additionally noticed different development charges. The development sector grew by 1.8%, whereas different sectors recorded a development of 0.8%.
Observe Emirates 24|7 on Google Information.