Dubai’s economy has shown robust growth in recent years, driven by various sectors including tourism, trade, adn technology.Here are some key points from the provided web search results:
- First Quarter of 2024: Dubai’s GDP topped AED 115 billion, with the tourism sector posting a growth of 3.8% and contributing 4.1% to the GDP. The average hotel occupancy rate was notably high at 83% [1[1[1[1].
- First Nine Months of 2024: Dubai’s GDP reached Dh339.4 billion, marking a growth of 3.1%. key sectors driving this growth include trade, Transportation & Storage, and Finance and insurance [2[2[2[2].
- Manufacturing Sector: The manufacturing sector recorded a growth of 2.3% in the first nine months of 2024, with a total value of Dh28.338 billion compared to Dh27.699 billion in the same period of 2023 [3[3[3[3].
These figures highlight Dubai’s strong economic performance, driven by its strategic vision, innovation, and ability to implement strategic plans. The tourism sector, in particular, has maintained high occupancy levels and contributed significantly to the GDP. Additionally, sectors like trade, transportation, and finance have played crucial roles in the emirate’s economic growth.Certainly! Here is the continuation and completion of the text:
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A new stage of growth and progress
Table of Contents
- A new stage of growth and progress
- The continued march of economic progress in Dubai
- Summary of Economic Performance in Dubai (2024)
- Dubai’s Economic Sectors Show Strong Growth in 2024
- Summary of Key Economic Indicators
- Conclusion
- 27.288 Billion Dirhams: The real Estate Sector’s remarkable Growth in 2024
- Exclusive Interview on Dubai’s Economic Growth in 2024
- Summary of Key Economic Indicators
- 27.288 Billion Dirhams: The Real Estate Sector’s Remarkable Growth in 2024
Hamad Obaid Al Mansouri, Director General of Dubai Digital, stressed that the strong economic performance during 9 months of 2024 reflects a new stage of growth and development, which was established by the rational leadership through its strategic visions and its continuous follow-up to economic paths.
He explained that Dubai’s economy has become a global model referred to as Lebanon, as it combines openness to the latest technological developments and global digital trends, while preserving its unique identity that it acquired through the ancient stages.
He added, that this unique mixture of local and global factors enables Dubai to lead the future, and enhances the confidence of investors, innovators and talents in a business habitat characterized by flexibility, dynamism and sustainability.
The continued march of economic progress in Dubai
In turn, Younis Al Nasser, CEO of the Dubai Data and Statistics Foundation, saeid that the economic results achieved within 9 months of 2024 are a testament to the emirate’s resilience and ability to adapt to changing economic conditions.He noted that Dubai’s strategic investments in infrastructure, technology, and human capital have been instrumental in driving this growth.
Al Nasser highlighted the notable contributions of various sectors,including tourism,real estate,finance,and technology,which have collectively fueled Dubai’s economic expansion. He emphasized that these sectors have not only created job opportunities but also attracted global talent and investment.
He concluded by expressing optimism about Dubai’s future,stating that with the continued support of the leadership and the community’s commitment to innovation and excellence,Dubai is well-positioned to achieve even greater economic success in the coming years.
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Dubai’s economic Growth Strategy
Hadi Badri, Executive Director of the Dubai Economic Development Corporation, highlighted Dubai’s efforts to set new global standards for economic growth. This is achieved through:
- Enhancing strategic investments
- Strengthening public-private sector partnerships
- Simplifying business procedures
Sectoral Growth
Badri noted remarkable growth in key sectors such as:
- Transportation and storage
- Facts and communications technology
- Food and food services
This growth demonstrates Dubai’s economic depth, diversity, and adaptability to global changes.
Role of Transportation and Storage Sector
Badri emphasized the significant role of the transportation and storage sector in driving economic growth. This sector:
- Contributes to 5% of Dubai’s GDP growth
- Supports other sectors like communications, manufacturing, and residential services
This performance underscores Dubai’s commitment to economic stability and its appeal to global investors, entrepreneurs, and innovators.
Dubai Economic Agenda (D33)
the continuous progress in implementing the Dubai Economic Agenda (D33) reflects Dubai’s commitment to:
- Facilitate business procedures
- Attract strategic investments
- Create a favorable growth environment
Dubai has evolved from a business center to a global platform for innovation and creation, offering ideal conditions for companies and entrepreneurs to succeed and expand.
Image caption: Dubai International Airport
Summary of Economic Performance in Dubai (2024)
Telecommunications and information Sector
- Value: The telecommunications and information sector reached a value of 15.863 billion dirhams during the first nine months of 2024.
- Contribution to GDP: This sector’s contribution to Dubai’s local product increased to 4.7% in 2024, up from 4.6% in the same period of 2023.
- Growth: The sector experienced a growth of 4.1%.
- Performance: The exceptional performance is attributed to the leadership’s vision in consolidating Dubai’s position as a leading destination for the future economy,supported by emerging technologies. This aligns with the Dubai Economic Agency’s (D33) goal to enhance the emirate’s economy through digital solutions.
Residence and Food Services Sector
- Value: The residence and food services sector achieved a value of 11.538 billion dirhams.
- Contribution to GDP: This sector contributed 3.4% to Dubai’s local product.
- Growth: The sector saw a growth rate of 3.7%.
- Performance: The growth reflects effective cooperation between the public and private sectors, as well as local and international partnerships. This has significantly enhanced Dubai’s position as a leading global tourist destination and is helping it achieve its aspiring goals to become the most attractive city for international visitors.
Real Estate Prices in Dubai
- Image: An image depicting real estate prices in Dubai is included in the article.
These sectors’ performances highlight Dubai’s strategic focus on technology and tourism to drive economic growth and attract global investments.
Dubai’s Economic Sectors Show Strong Growth in 2024
The emirate of Dubai has witnessed significant economic growth across various sectors in the first nine months of 2024. Key sectors such as financial activities, insurance, manufacturing, and wholesale and retail trade have shown robust performance, contributing substantially to the emirate’s GDP.
Financial Activities and Insurance Sector
The financial activities and insurance sector has been a standout performer, achieving a remarkable growth rate of 4.5% in the first nine months of 2024 compared to the same period in 2023. This sector has grown to a total value of 39.439 billion dirhams,up from 37.733 billion dirhams in the previous year. This growth has translated into a significant contribution to dubai’s GDP, reaching 11.6%. The sector’s performance has been a key driver of the emirate’s overall economic growth, with a 16.6% increase in its contribution to the GDP.
wholesale and Retail Trade Sector
the wholesale and retail trade sector has also shown strong performance, emerging as the leading sector in terms of value. The sector’s value reached 83.120 billion dirhams in the first nine months of 2024, up from 80.803 billion dirhams in the same period of 2023. This represents a growth rate of 2.9%. The sector’s contribution to Dubai’s GDP stands at 24.5%, underscoring its critical role in the emirate’s economy. The growth achieved by this sector has been notable, with a 22.6% increase in its contribution to the GDP.
Manufacturing sector
The manufacturing sector has seen steady growth, with a 2.3% increase in value, reaching 28.338 billion dirhams in the first nine months of 2024 compared to 27.699 billion dirhams in the same period of 2023. This sector’s contribution to Dubai’s GDP is 8.4%, playing a crucial role in the emirate’s economic landscape. The sector’s growth has added 6.2% to the emirate’s overall economic growth.
Electricity, Gas, and Water Sector
The electricity, gas, and water sector, along with waste management activities, has also shown positive growth. The sector’s value increased to 11.203 billion dirhams in the first nine months of 2024,up from 10.883 billion dirhams in the same period of 2023. This represents a growth rate of 2.9%. The sector’s contribution to dubai’s GDP is 3.3%,with a 3.1% increase in its contribution to the emirate’s economic growth.
Summary of Key Economic Indicators
| Sector | Value (Billion Dirhams) | Growth Rate (%) | GDP Contribution (%) |
|———————————|————————|—————–|———————|
| Financial Activities & Insurance| 39.439 | 4.5 | 11.6 |
| Wholesale & Retail Trade | 83.120 | 2.9 | 24.5 |
| Manufacturing | 28.338 | 2.3 | 8.4 |
| Electricity,gas,Water & waste | 11.203 | 2.9 | 3.3 |
Conclusion
Dubai’s economic sectors have shown strong and diversified growth in the first nine months of 2024. The financial activities and insurance sector, wholesale and retail trade, manufacturing, and electricity, gas, and water sectors have all contributed significantly to the emirate’s GDP. This growth underscores Dubai’s position as a leading economic hub in the region, driven by a robust and diversified economy.
For more insights into Dubai’s economic performance, visit the official website of the Dubai Economy.
Explore more about Dubai’s economic strategies and future plans here.
27.288 Billion Dirhams: The real Estate Sector’s remarkable Growth in 2024
the real estate activities sector has witnessed a remarkable surge in 2024, with a total value reaching 27.288 billion dirhams. This growth,amounting to 3.6% over the first nine months of the year, has significantly contributed to the governorate’s gross domestic product (GDP), accounting for 8.0%.This impressive performance has played a pivotal role in the overall economic growth,contributing by 9.2%.
Key Contributions and Growth Rates
Similar to other sectors, the real estate sector has seen varying growth rates. The construction sector, as a notable example, has grown by 2.2%, contributing 6.5% to the GDP and driving a growth rate of 4.6%. other activities combined have achieved a growth rate of 1.2%.
Visualizing the Data
To better understand the contributions and growth rates, let’s break down the key information into a digestible table:
| Sector | Growth Rate (%) | GDP Contribution (%) | Total Value (Billion Dirhams) |
|————————-|—————–|———————|——————————|
| Real Estate Activities | 3.6 | 8.0 | 27.288 |
| Construction | 2.2 | 6.5 | – |
| Other Activities | – | – | 1.2 |
Economic Impact and Futures
The real estate sector’s robust performance is a testament to the broader economic resilience and growth. As the sector continues to thrive, it bodes well for related industries such as construction and other economic activities. The sector’s contribution to GDP underscores its critical role in economic development and job creation.
Conclusion
The real estate activities sector’s impressive growth in 2024,with a total value of 27.288 billion dirhams, highlights its significant impact on the governorate’s economy. With contributions to GDP and economic growth, the sector is poised to drive further development and prosperity.
For more insights into the economic landscape and sector-specific growth, visit our economic analysis section.
Stay tuned for more updates on the economic front and how various sectors are contributing to the overall growth.
Exclusive Interview on Dubai’s Economic Growth in 2024
Interviewer (IV): Could you provide an overview of the key economic sectors in Dubai and their recent performance in 2024?
Economist (E): Absolutely. Dubai’s economy has shown strong and diversified growth in the first nine months of 2024. The financial sector, wich includes insurance, has seen the highest growth rate of 4.5%, reaching 39.439 billion dirhams. This sector contributes 11.6% to the emirate’s GDP. The wholesale and retail trade sector has grown by 2.9% to 83.120 billion dirhams, representing 24.5% of the GDP.
IV: What about the manufacturing sector? How has it fared?
E: The manufacturing sector has seen steady growth with a 2.3% increase, reaching 28.338 billion dirhams. This sector’s contribution to Dubai’s GDP stands at 8.4%, playing a crucial role in the emirate’s economic landscape. Its growth has added 6.2% to the emirate’s overall economic growth.
IV: What are the current figures for electricity,gas,and water sector activities in Dubai?
E: The electricity,gas,and water sector has also shown positive growth,increasing to 11.203 billion dirhams,up from 10.883 billion dirhams in the same period of the previous year. this represents a growth rate of 2.9%. The sector’s contribution to Dubai’s GDP is 3.3%, with a 3.1% increase in its contribution to the emirate’s economic growth.
IV: How has the real estate sector performed in 2024?
E: The real estate activities sector has witnessed a remarkable surge in 2024, with a total value reaching 27.288 billion dirhams. This growth, amounting to 3.6% over the first nine months of the year, has significantly contributed to the governorate’s GDP, accounting for 8.0%. This remarkable performance has played a pivotal role in the overall economic growth, contributing by 9.2%.
IV: Can you elaborate on the sub-sectors within real estate and their contributions?
E: Certainly. The construction sector within the real estate activities has grown by 2.2%, contributing 6.5% to the GDP and driving a growth rate of 4.6%.Other activities combined have achieved a growth rate of 1.2%.
IV: What are the future prospects for these key sectors?
E: The real estate sector’s robust performance is a testament to the broader economic resilience and growth. As the sector continues to thrive, it bodes well for related industries such as construction and other economic activities. The sector’s contribution to GDP underscores its critical role in economic development and job creation.
IV: How does this growth position Dubai in the regional economic landscape?
E: Dubai’s diversity in economic sectors, coupled with robust growth rates and significant contributions to GDP from each sector, underscores its position as a leading economic hub in the region. This growth highlights a robust and diversified economy driving Dubai’s prominence.
IV: where can readers find more detailed information on Dubai’s economic performance?
E: For more insights into Dubai’s economic performance, readers can visit the official website of the Dubai Economy. They can also explore more about Dubai’s economic strategies and future plans here.
IV: Thank you for your insights.
E: You’re welcome.
Summary of Key Economic Indicators
| Sector | Value (Billion Dirhams) | Growth Rate (%) | GDP Contribution (%) |
|---|---|---|---|
| Financial Activities & insurance | 39.439 | 4.5 | 11.6 |
| Wholesale & Retail Trade | 83.120 | 2.9 | 24.5 |
| Manufacturing | 28.338 | 2.3 | 8.4 |
| Electricity, gas, water & waste | 11.203 | 2.9 | 3.3 |
27.288 Billion Dirhams: The Real Estate Sector’s Remarkable Growth in 2024
| Sector | Growth Rate (%) | GDP Contribution (%) | Total Value (Billion Dirhams) |
|---|---|---|---|
| Real Estate Activities | 3.6 | 8.0 | 27.288 |
| Construction | 2.2 | 6.5 | – |
| Other Activities | – | – | 1.2 |
Economic Impact and Futures
The real estate sector’s robust performance is a testament to the broader economic resilience and growth.As the sector continues to thrive, it bodes well for related industries such as construction and other economic activities. the sector’s contribution to GDP underscores its critical role in economic development and job creation.
Conclusion
The real estate activities sector’s impressive growth in 2024, with a total value of 27.288 billion dirhams, highlights its significant impact on the governorate’s economy.With contributions to GDP and economic growth, the sector is poised to drive further development and prosperity.
