Dubais GDP increased during the first three months of the year

According to Amac News: The Crown Prince of Dubai further said that this figure shows its economic growth of 3.2 percent compared to the same period in 2023.
According to him, the growth of Dubai's GDP is the result of the growth achieved in various vital sectors that form the basic pillars of the economic system in the emirate.
The transportation and storage sector, and the financial and insurance activities sector achieved the same growth rate of 5.6%, the trade sector with 3% growth, the information and communication sector with 3.9% growth, the housing sector and food service activities with the same growth. .
Economic growth in the first quarter of the year reflects the success story of 2023, when the GDP reached about 429 billion dirhams, which represents an increase of 3.3 percent compared to the figure of 415 billion dirhams in 2022.
Helal Saeed Al-Amari, Director General of the Department of Economy and Tourism of Dubai, said that we are committed to advancing the comprehensive economic framework contained in the Dubai Economic Agenda 2033 and continuously refine and use various economic tools to increase competition, attract investment and facilitate uninterrupted business operations. .
Hamad Obaid Al Mansoori, General Manager of Digital Dubai, said that the upward trend of economic growth indicators in different sectors shows that Dubai is moving towards improving its economic leadership and investment attractiveness.
This progress is supported by economic diversification and the adoption of the latest technologies and solutions, including digital transformation, which has made the emirate a destination for entrepreneurs and those interested in creating successful experiences.
Dubai's economy has always derived its strength from flexibility, keeping pace with change and proactive thinking that anticipates major economic developments in the world, especially the digital economy powered by artificial intelligence and data.
Younes Al Nasser, executive director of the Dubai Statistics and Data Institute, emphasized the importance of providing accurate data on various economic sectors and their overall contribution to the growth of the emirate.
He said the data supports the leadership's decision-making process and the development of relevant strategies and policies that help achieve the city's goals in all areas.
The financial sector achieved real growth of 5.6 percent year-on-year in 2023, reaching 15.1 billion dirhams, compared to 14.3 billion dirhams in the first quarter of last year.
This sector contributed 13.1% to the total UAE economy and boosted economic growth by 0.7%. According to the data of the Central Bank of the Emirates, at the end of the first quarter of 2024, compared to the same period of 2023, the balance of credit has grown by 8% and the balance of deposits has grown by 15.2%.
The data shows that this sector has maintained its lead in terms of contribution to the total GDP at 22.9% with a value of 26.3 billion dirhams compared to 25.5 billion dirhams in the same period in 2023, achieving a growth rate of 3%.
This increase boosted the overall growth of the UAE economy by 0.7%. Wholesale and retail activities support all other sectors of the economy by ensuring the availability of goods that serve a variety of purposes, whether for inputs or intermediate consumption, final consumption, or capital formation.
The real estate sector achieved a growth rate of 3.7% in the first quarter of 2024, contributing 7.3% to the UAE's GDP with a total value of 8.4 billion dirhams, contributing to economic growth of 0.3%.
Real estate activity maintained its upward trajectory in value added growth in the first quarter. According to data released by the Dubai Land Authority, the value of real estate sales has increased by 22 percent.

Dubai's GDP increased during the first three months of the year