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Dubai’s Economy Surges: GDP Hits Dh115 Billion in Q1 2024 with 3.2% Growth

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Dubai’s economy has grown 3.2 per cent in the first quarter of the year compared to the same period last year — with the emirate’s gross domestic product (GDP) reaching Dh115 billion.

“Dubai’s ambition is limitless, and its success story will remain a role model for cities wishing to create a promising future for their coming generations,” said 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 Executive Council of Dubai.

The goal, he said, is to “sustain success and establish a culture of excellence and leadership” across all sectors in the emirate. The economic growth in the first quarter of the year mirrors the success story of 2023, when the GDP reached approximately Dh429 billion, marking an increase of 3.3 per cent compared to the 2022 figure of approximately Dh415 billion.

Numbers show that Dubai is booming across sectors — from transportation and storage to food services and real estate.

Here’s how each sector has grown in the first quarter of the year:

  • -Transportation and storage sector: 5.6%, amounting to Dh15.4 billion
  • -Financial and insurance activities sector: 5.6%, amounting to Dh15.1 billion
  • -Wholesale and retail trade sector: 3%, amounting to Dh26.3 billion (the top GDP contributor at 22.9%)
  • -Information and communications sector: 3.9%, amounting to Dh5.1 billion
  • -Accommodation and food services activities sector: 3.8%, amounting to Dh4.7 billion
  • -Real estate sector: 3.7%, amounting to Dh8.4 billion
  • -Utilities and waste management: 7.5%. amounting to Dh3.2 billion
  • -Manufacturing sector: 1.6%, Dh8.4 billion
  • -Other activities: 0.46% (These include agriculture, mining, construction, professional services and administrative services, among others.)

Sheikh Hamdan said the emirate’s successes highlight the combined efforts and teamwork of various stakeholders to realise the objectives of the emirate’s comprehensive development plans for 2033, especially the Dubai economic Agenda (D33) and Dubai Social Agenda 2033.

“Dubai is progressing in accordance with a clear vision whose foundations were laid down and whose goals were defined by Sheikh Mohammed bin Rashid Al Maktoum,” the Crown Prince said.

“What we witness today is a practical reflection of this vision, which has placed Dubai among the leading economic and commercial centres of the world.”

With 20 years of experience across print, TV, and digital journalism, Sudhashree is a seasoned media professional with a keen eye for news. A true news bug, she thrives on curating stories that capture the pulse of fashion, film, and all things trending. Deeply immersed in the fast-evolving media landscape, she swears by the power of social media to shape narratives and spark conversations.

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President Faye opens Africa’s first Youth Olympic Games in a celebration of colour

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There are the numbers: 2,650 athletes, 204 National Olympic Committees, 153 medal events. And there is what people will remember from the first Youth Olympic Games ever held in Africa: a burst of colour, from Diamniadio to Saly.

On Saturday 31 October, Senegal’s President Bassirou Diomaye Faye declared the Games open before 50,000 spectators at the Abdoulaye Wade Stadium in Diamniadio. On the field, 1,115 artists and performers, including 628 dancers, celebrated Senegalese culture and African heritage. For the first time, a Refugee Olympic Team is taking part in the Youth Olympic Games.

A host nation that dresses its Games

Senegal chose its palette with care. The mascot Ayo, unveiled a year earlier by President Faye alongside IOC President Kirsty Coventry, comes in vivid colours. The medal ceremony outfits, by Senegalese designer Abdou Lahad Gueye, feature touches of traditional woven cloth. In Senegal, textile is a language of its own.

In a country that dresses its Games so carefully, it is fitting that the host has a colour of his own. As the Presidency of the Republic of Senegal has noted, President Bassirou Diomaye Faye’s favourite colour is orange.

From Barcelona to Diamniadio

It is a rare personal note from a head of state who seldom talks about himself, and whose own story with the Olympics began as a spectator. In August 1992, aged twelve, he watched the Barcelona Games in his home village of Ndiaganiao. Thirty-four years later, he opened the first Olympic Games ever held on the continent. “Authentic Senegal! What a people! What a culture!” he wrote the day after the ceremony.

After the celebration, the legacy

Competition continues until 13 November in Dakar, Diamniadio and Saly. Dakar 2026 is the first edition of the Youth Olympic Games to achieve full gender parity, with 73 women’s events, 73 men’s events and seven mixed events. The President wants the momentum to outlast the Games: “In our country, sport has remained a passion. I want it to become an economy,” he told Le Soleil on 21 October.

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Al Marjan Island hotel project sold to DAMAC for reported fourfold return on equity

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A hospitality development on Ras Al Khaimah’s Al Marjan Island was sold to DAMAC in 2024 in a transaction that generated a fourfold return on invested equity, according to a press release issued by Zenith Group.

The development was undertaken by Three Musketeers Hospitality, a wholly owned subsidiary of Plus Holding Ltd, co-founded by Dubai businessman Hari Shankar Tibrewal, chairman of Zenith Group.

According to the release, the company secured a beachfront site on Al Marjan Island and signed an agreement with Marriott International in May 2023 to develop the Le Méridien Al Marjan Island Resort & Spa.
The proposed resort was to feature approximately 350 rooms and suites, seven restaurants and lounges, a spa, swimming pool and other leisure facilities, with an opening originally scheduled for 2026.
The investment came during a period of rapid growth in Ras Al Khaimah’s property market, driven partly by the announcement of Wynn’s multibillion-dollar integrated resort on Al Marjan Island. Land values on the island rose by approximately 65 per cent in 2023.
The venture subsequently sold the project to DAMAC in 2024 rather than proceeding with construction. Zenith Group said the transaction generated a return equivalent to four times the equity invested, although the release did not disclose the original investment or sale consideration.
“We entered Al Marjan Island early, added value by bringing in Marriott, and sold when the right offer came,” Tibrewal said in the statement.
The sale came as major developers increased their exposure to Ras Al Khaimah, where tourism-related investment and demand for waterfront property have attracted growing interest.
According to Zenith Group, the decision to sell reflected a strategy of realising returns after securing the land and hospitality partnership, rather than committing additional capital to construction.
The release did not provide details of the project’s subsequent development plans following the reported sale.

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UAE Student Robotics Team Wins Global Silver, Building on Gold and Silver Successes at ‘Robotics Olympics’

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The UAE’s young robotics champions secured silver in the Winning Alliance finals at the FIRST Global Challenge (FGC) 2026 in Incheon, South Korea, emerging among the top performers against student teams representing 187 countries and further strengthening the nation’s reputation for excellence in robotics and technological innovation.

Popularly known as the ‘Robotics Olympics’, the competition brings together young innovators worldwide to tackle global challenges through science, technology, engineering and mathematics (STEM). The event is supported by industry giants including Lam Research, LG Electronics, FedEx and Stellantis Philanthropy, with MIT, Yale University and the UN’s International Telecommunication Union among its collaborators.

Bansan Thomas George, National Organiser of FIRST Global Challenge UAE and Founder and CEO of Unique World Robotics, said, “These medals reflect years of dedication and learning. Seeing our students develop into confident innovators and problem-solvers is our greatest achievement.”

The latest achievement builds on Team UAE’s impressive international record. In 2024, the team secured silver in the FIRST Global Grand Challenge Award and bronze in the International Enthusiasm Award in Athens, Greece. In 2025, it won gold in the New Technology Experience category in Panama City for its innovative STASH project, using sodium alginate hydrogels to preserve biological material without conventional refrigeration.

The 14-member UAE team comprised Shreya Binoy Nair, Hriday Pritam Garud, Arjun Sandesh Potkar, Aryav Karmakar, Maahi Gera and Liam Fernandes  (GEMS Modern Academy); Ryan Rony Richard (GEMS Founders School Dubai); Fazil Tafseer (Dubai British School Jumeirah Park); Rayaan Kadernani and Asiru Asiru (Dubai College); Sandra Nair and Zaki Hashim Thottathikulam (DPS Dubai); Mohamed Aamir Nazaif (GEMS Cambridge International School, Abu Dhabi); and Yuvaan Amit Deshpande (Raffles World Academy).

Shreya Binoy Nair, Captain of Team UAE, said, “We overcame challenges together, learned from talented students worldwide and built friendships across borders. Winning silver for the UAE is a moment we will always cherish.”

The team was guided by coaches Ali Mohamed Sheikh Ali Abdurahman, Manoj Thannikal Joseph and Head Coach Mohammed Mukhtar Latif.

Mukhtar said, “The students pushed their boundaries in robot design, problem-solving and teamwork. Their resilience and commitment made this achievement possible.”

Unique World Robotics has nurtured young UAE robotics talent for years through training and mentorship. The achievement was celebrated in Dubai with students, coaches, mentors and parents.

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