Dubai saw its GDP expand 3.2% y-o-y to over AED 115 bn in 1Q 2024, Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said in a statement. Trade, transport, financial activities, real estate, and manufacturing collectively accounted for some 64% of the emirate’s total economic growth, while the remaining sectors contributed 36% to overall growth.

The biggest contributors:

  • The wholesale and retail sector was the top contributor to GDP, accounting for 22.9% of GDP and growing 2.8%;
  • The transport and storage sector grew 5.6% y-o-y to account for 13.4% of GDP;
  • The financial and ins. sector climbed 5.6% y-o-y, contributing 13.1% to GDP;
  • Manufacturing and real estate each accounted for 7.3% of GDP.

REMEMBER- Dubai’s economy rose 3.3% y-o-y clip in 2023 to AED 429 bn, with the real estate sector among those seeing the highest growth rates at 5.6% y-o-y, alongside transport and storage, which also saw a 9.2% jump.

Dubai is on par with Abu Dhabi’s growth this year: Abu Dhabi saw its GDP expand 3.3% y-o-y in 1Q 2024 to AED 286 bn, with the non-oil economy growing 4.7% y-o-y..

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