Hamdan bin Mohammed: What we witness at present is a mirrored image of Mohammed bin Rashid’s imaginative and prescient, which has positioned Dubai among the many main financial and business centres of the world
Dubai’s ambition is limitless, and its success story will stay a task mannequin for cities wishing to create a promising future for his or her coming generations.
Our purpose is to maintain success and set up a tradition of excellence and management throughout all sectors within the emirate to protect these good points and transfer in direction of new horizons of excellence
Authorities of Dubai Media Workplace – 23 July 2024: 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, reiterated that the emirate’s economic system continues to develop steadily and showcase sturdy financial indicators that exemplify 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. The energy of Dubai’s economic system is abundantly demonstrated within the 3.2% financial progress it achieved within the first quarter of 2024 in comparison with the identical interval final 12 months, by including greater than AED 115 billion in GDP phrases, Sheikh Hamdan mentioned.
His Highness mentioned it’s particularly commendable that the emirate’s successes on this regard spotlight the mixed efforts and teamwork of varied stakeholders to grasp the goals of the emirate’s complete improvement plans for 2033, specifically the Dubai financial Agenda (D33) and Dubai Social Agenda 2033, which serve to reinforce general requirements of wellbeing and high quality of life whereas consolidating Dubai’s standing as a world financial capital and its attractiveness as a vacation spot for overseas investments.
Sheikh Hamdan mentioned: “Dubai is progressing in accordance with a transparent imaginative and prescient whose foundations have been laid down and whose objectives have been outlined by His Highness Sheikh Mohammed bin Rashid Al Maktoum. What we witness at present is a sensible reflection of this imaginative and prescient, which has positioned Dubai among the many main financial and business centres of the world.”
His Highness added: “Dubai’s ambition is limitless, and its success story will stay a task mannequin for cities wishing to create a promising future for his or her coming generations. Our purpose is to maintain success and set up a tradition of excellence and management throughout all sectors within the emirate to protect these good points and transfer in direction of new horizons of excellence.”
The expansion in Dubai’s GDP is the results of progress achieved in varied very important sectors that represent the fundamental pillars of the financial system within the emirate. The transportation and storage sector, and the monetary and insurance coverage actions sector achieved an identical progress charges of 5.6%, the commerce sector logged a progress of three%, the knowledge and communications sector posted a progress of three.9%, the lodging and meals providers actions sector grew 3.8%, and the actual property sector achieved a progress of three.7%.
The financial progress within the first quarter of the 12 months mirrors the success story of 2023, when the GDP reached roughly AED 429 billion, marking a rise of three.3% in comparison with the 2022 determine of roughly AED 415 billion.
Excellent show
His Excellency Helal Saeed Almarri, Director Common, Dubai Division of Financial system and Tourism, (DET) mentioned: “Dubai’s spectacular quarterly progress efficiency underscores the sustained momentum and confidence inside its dynamic enterprise ecosystem, reflecting the sturdy diversification of our financial foundations. We stay dedicated to advancing the excellent financial framework set forth in Dubai’s Financial Agenda 2033, constantly refining and leveraging varied financial devices to reinforce competitiveness, appeal to substantial funding, and facilitate seamless enterprise operations.”
He added: “This achievement is a testomony to the clear, steady, and forward-thinking management of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and with high-impact initiatives such because the International Direct Funding Improvement Program to draw selective investments aligned with the D33 Agenda and the implementation of the Dubai Financial Mannequin to watch town’s development, we’re poised to additional energise our progress initiatives. These measures will improve collaboration between private and non-private sector stakeholders, propelling Dubai in direction of its purpose of attaining high international standing for financial progress and changing into a primary vacation spot for enterprise, expertise, and funding.”
An upward trajectory
On this context, His Excellency Hamad Obaid Al Mansoori, Director Common of Digital Dubai, mentioned: “The upward trajectory of financial progress indicators throughout varied sectors exhibits that Dubai, below its clever management, is confidently shifting in direction of enhancing its financial management and funding attractiveness. This progress is supported by financial diversification and the adoption of the most recent applied sciences and options, together with digital transformation, which has made the emirate a vacation spot for entrepreneurs and people all for creating profitable experiences. Dubai’s economic system has at all times drawn its energy from flexibility, retaining tempo with modifications, and proactive considering that anticipates main financial transformations on the earth, most notably the digital economic system supported by synthetic intelligence and information.”
Information to assist selections
His Excellency Younus Al Nasser, Chief Government of the Dubai Information and Statistics Institution, emphasised the significance of offering correct information on varied financial sectors and their whole contribution to the emirate’s progress. This information helps the management’s decision-making course of and the event of related methods and insurance policies that contribute to attaining town’s objectives in all fields, he mentioned.
“The current information displaying Dubai’s economic system has grown by 3.2% in comparison with the identical interval final 12 months offers us a sign about the way forward for the emirate’s economic system. Dubai has at all times positioned itself as a number one instance in attracting investments primarily in rising applied sciences, which represents the spine that helps the event of all sectors,” he added.
Collaborative efforts
Hadi Badri, CEO of Dubai Financial Improvement Company, Dubai Division of Financial system and Tourism mentioned: “Dubai’s visionary management, mixed with synergies between private and non-private sector companions, has as soon as once more confirmed crucial to a powerful financial efficiency in each conventional and rising sectors, cementing town’s place as a world hub for enterprise and funding. Collaborative efforts are among the many key drivers of a wholesome financial efficiency, propelling sectors which have been core to Dubai’s progress story – together with logistics, commerce, actual property, and monetary providers – to new heights, whereas additionally sustaining the upwards trajectories of more and more vital sectors similar to manufacturing, info and communications, and hospitality and meals providers.
“Seeking to the long run, Dubai stays steadfast in its dedication to encouraging and harnessing innovation to speed up the implementation of strategic financial initiatives, together with streamlining the pathways for companies and buyers, creating new job alternatives, and attracting international expertise to town. All of those efforts are according to the formidable D33 Agenda, a complete plan that goals to advertise sustainable and inclusive progress throughout all of Dubai’s key industries.”
Transportation and storage
The expansion recorded by the transportation and storage sector amounted to AED 15.4 billion through the first quarter of the 12 months, attaining a progress of 5.6% in comparison with the primary quarter of final 12 months. This sector contributed 13.4% to the emirate’s GDP, considerably enhancing its influence on general financial progress. The expansion achieved through the first quarter contributed 0.7 proportion factors, which accounts for 23.2% of the full progress within the emirate’s economic system. The sector encompasses all actions pertaining to land, water or air transport involving people, items, dealing with and storage actions, and postal providers. Air transport is probably the most important exercise inside this sector. Its efficiency was bolstered by elevated demand for nationwide carriers’ providers, highlighted by a 6.8% enhance within the variety of passengers by means of the primary quarter.
Monetary and insurance coverage actions
The monetary sector achieved an actual progress of 5.6% in comparison with the identical interval in 2023, reaching AED 15.1 billion in comparison with AED 14.3 billion within the first quarter of final 12 months. This sector contributed 13.1% to the emirate’s whole economic system, driving financial progress by 0.7 proportion factors. Based on Central Financial institution of the UAE information on the finish of the primary quarter of 2024, there was an 8% progress in credit score balances and a 15.2% progress in deposit balances in comparison with the identical interval in 2023.
Wholesale and retail commerce
Information signifies that this sector maintained its lead when it comes to contribution to the full GDP at 22.9% with a worth of AED 26.3 billion, in comparison with AED 25.5 billion throughout the identical interval in 2023, attaining a progress charge of three%. This enhance pushed up the full progress within the emirate’s economic system by 0.7 proportion factors. The wholesale and retail commerce exercise helps all different sectors of the economic system by guaranteeing availability of products that serve various functions, whether or not for inputs or intermediate consumptions, last consumption, , or capital formation
Actual property actions sector
This sector is witnessing important motion pushed by excessive demand and launch of notable actual property initiatives throughout the emirate. The sector achieved a progress charge of three.7% through the first quarter of 2024, contributing 7.3% to the emirate’s GDP with a complete worth of AED 8.4 billion, driving financial progress by 0.3 proportion factors. Actual property exercise maintained its upward trajectory in valueadded progress through the first quarter. Based on information issued by the Dubai Land Division, the worth of actual property gross sales surged by 22%.
Utilities and waste administration
The electrical energy, gasoline, water, and waste administration actions sector added worth amounting to AED 3.2 billion through the first quarter, in comparison with AED 2.98 billion throughout the identical interval final 12 months, attaining a progress of seven.5%. This sector contributed 2.8% to the emirate’s general economic system, driving progress by 0.2 proportion factors.
Data and communications sector
This sector grew by 3.9% to achieve a worth of AED 5.1 billion, driving financial progress by 0.2 proportion factors. It contributed 4.4% to the emirate’s GDP.
Lodging and meals providers actions
This sector posted a progress of three.8%, with a worth of AED 4.7 billion. Its contribution to the GDP reached 4.1%, driving financial progress by 0.2 proportion factors. Based on information from the Division of Financial system and Tourism, Dubai’s inns maintained excessive occupancy ranges, with a mean resort occupancy charge of 83%. Dubai welcomed 5.2 million worldwide guests through the first quarter of 2024, a rise of 11% in comparison with the identical interval in 2023.
Manufacturing
The manufacturing sector registered progress of 1.6%, accounting for AED 8.4 billion in whole worth through the first quarter, in comparison with AED 8.3 billion through the first quarter of final 12 months. Its contribution to the emirate’s GDP amounted to 7.3%, boosting financial progress by 0.1 proportion factors through the first quarter.
Different actions
Different important financial actions considered collectively witnessed a progress of 0.46%, contributing 24.7% to the GDP and boosting financial progress by 0.12 proportion factors. These actions embody agriculture, mining, building, skilled providers and administrative providers, amongst others.
Financial figures from 2023
In 2023, the general economic system grew by 3.3%, with transportation, commerce, actual property, and monetary actions accounting for roughly 68.8% of the full progress achieved by means of the 12 months. The remaining actions contributed 31.2%.
Transportation and storage
This sector witnessed a progress of 9.2% in 2023, reaching a mixed worth of AED 49.3 billion, in comparison with AED 45.2 billion in 2022, spurring financial progress by 1 proportion level.
Wholesale and retail commerce
The worth of this sector rose from AED 106.5 billion in 2022 to AED 108.6 billion final 12 months, attaining a progress charge of two%. Its contribution to the emirate’s GDP was 25.3%, driving financial progress by 0.5 proportion factors.
Actual property actions
This sector was among the many sectors that achieved the very best progress charges final 12 months posting a 5.6% leap, pushed by a rise in its whole worth from AED 32.1 billion in 2022 to AED 33.9 billion in 2023. This progress contributed 0.4 proportion factors to financial progress within the emirate.
Monetary and insurance coverage actions
The worth of this sector rose from AED 47.9 billion in 2022 to AED 49.4 billion in 2023, representing a progress charge of three%. The sector contributed 11.5% to the emirate’s GDP, driving financial progress by 0.3 proportion factors.
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