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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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RTA Unveils ‘360 Vision’ to redefine smart mobility in Dubai

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Dubai’s Roads and Transport Authority (RTA) has launched the next-generation 360 Services Policy, aimed at enhancing customer experience by providing integrated, seamless, and proactive digital services without requiring in-person visits. As part of its ongoing digital transformation efforts, RTA is shifting its services to self-service models, enabling customers to access them smoothly via shared digital platforms, such as the “Dubai Now” app.

Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of RTA, emphasised RTA’s commitment to developing a modern and smart service ecosystem that efficiently meets customer expectations. This drive aligns with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai, to enhance the quality of life in Dubai, positioning it as the world’s best city to live in, and establish it as the smartest city globally.

Al Tayer also attributed the development of the policy to the continuous follow-up and guidance of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of the Executive Council of Dubai. He highlighted RTA’s commitment to leveraging smart technologies to enhance its services and improve the customer experience. As a result, RTA has transformed its services into smart solutions accessible through various digital platforms, ensuring they are innovative, user-friendly, and easily accessible.

Al Tayer added: “RTA has completed Phase II of the ‘360 Services Policy,’ through which driver and vehicle licensing services had been transformed into fully digital, proactive, and integrated services. This phase, which accounts for 40% of RTA’s total services, has enhanced service efficiency, improved the customer experience, and raised the customer happiness index to 98.9%. It had also led to a 96% improvement in service accessibility, zero waiting time for 82 services, and the elimination of in-person visit requirements for 63 services. Additionally, service process steps had been reduced by 36%, while new digital options have expanded service availability by 61%. Digital adoption also surged to 96% in Q4 of 2024.

“In 2024, RTA collaborated with 32 partners from the public and private sectors to achieve service integration, leading to the enhancement of 71 services, which can now be accessed without prior requirements. RTA will embark on Phase III of the policy this year, which, according to the plan, will involve the development of all RTA services. This phase will further enhance the customer experience and contribute to achieving the targeted customer happiness indicators.”

( By- WAM)

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Dubai’s most expensive villa? Jumeirah Bay mansion fetches Dh330M

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Dubai’s luxury real estate market has hit another milestone with the record-breaking sale of a custom-built six-bedroom villa on Jumeirah Bay Island for Dh330 million. The transaction, facilitated by Dubai Sotheby’s International Realty, marks the highest-ever price for a home on the exclusive island, surpassing the previous record of Dh240.5 million.

Often dubbed ‘Billionaire’s Island,’ Jumeirah Bay is an ultra-exclusive enclave featuring just 128 plots, attracting elite buyers seeking privacy, rarity, and an unparalleled waterfront lifestyle. The recently sold villa occupies one of only three plots at the island’s tip and is the only one offering uninterrupted views of the Burj Khalifa and Downtown Dubai skyline.

Spanning 26,895 square feet, the villa is a masterpiece of design, encased in full-height glass walls and boasting soaring 13-metre-high ceilings. The residence is crafted with exquisite materials, including Taj Mahal Quartzite, Patagonian marble, and walnut wood veneer, exuding sophistication at every turn. A beachfront infinity pool and a private stretch of pristine white-sand beach further enhance its exclusivity.

Dubai Sotheby’s International Realty associate directors Regan Faulkner and Ioana Armeanu represented the seller in the landmark transaction.

“AED 330 million is more than just a figure—it’s a statement,” said George Azar, CEO and chairman of Dubai Sotheby’s International Realty. “The demand for properties of this caliber marks a shift where provenance and exclusivity hold more value than ever.”

This historic sale cements Jumeirah Bay Island’s status as a premier destination for ultra-luxury real estate, further driving demand for its limited and highly coveted properties.

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Dubai private schools offer flexible learning on Fridays during Ramadan

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Students in Dubai’s private schools will have the option to attend classes remotely on Fridays throughout the holy month of Ramadan. However, those with mandatory in-person exams scheduled on Fridays are exempt from this arrangement.

Schools have also been encouraged to accommodate families for whom remote learning may not be feasible by allowing students to attend classes in person. This directive comes from Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence of the UAE.

Meanwhile, the UAE Ministry of Education has designated Fridays as remote learning days for public school students during Ramadan. However, this does not apply to students with pre-approved exam schedules on Fridays. Parents who prefer their children to attend school in person on Fridays can do so, but they will be responsible for arranging transportation.

In addition, Dubai has introduced flexible working hours and remote work options for government employees during Ramadan to accommodate the needs of the holy month.

Residents are encouraged to stay updated on Ramadan-specific regulations through official government channels.

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