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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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Dubai Investor Expands Global Footprint with London Investment Firm

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A Dubai businessman has launched a London-based investment company to acquire stakes in private and listed businesses in the United Kingdom and international markets.
Hari Shankar Tibrewala, who founded Dubai-based Zenith Global Limited and Zenith Multi Trading DMCC, said the new company, Zenith Global Ventures Ltd, would invest exclusively its own capital.
Based in Berkeley Square, Mayfair, the company will focus on established private businesses, selected listed shares, technology and artificial intelligence, and strategic acquisitions. It will consider minority and controlling stakes, including investments where it can participate in governance and strategy.
“Zenith Global Ventures has been set up to be a patient, disciplined owner of quality businesses. Because we invest our own capital, we can take a long-term view, back strong management teams and focus on lasting value rather than short-term results,” said Tibrewala, its founder and director.
According to the company, it has no outside investors or fixed fund life, allowing it to hold investments without a predetermined exit timetable.
Zenith said it would assess potential investments on earnings, cash flow, balance-sheet strength and competitive position, alongside management quality and governance. Each opportunity would undergo due diligence and be subject to applicable legal and regulatory requirements.
For listed shares, the company said it would seek businesses it considers undervalued. Its technology and AI investments would focus on companies it believes can sustain a competitive advantage.
The company cited London’s legal framework, capital markets and connections with Europe, the Gulf and Asia as reasons for choosing the city as its base.
Tibrewala established investment holding company Zenith Global Limited in Dubai in 2013, followed by Zenith Multi Trading DMCC in 2014. He moved to London in 2024.
Zenith Global Ventures said it does not manage third-party funds or offer investments to the public.

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MIRAL Joins 2026 Abu Dhabi T10 as official experience partner

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Yas Island will become the official experiences partner of the Abu Dhabi T10 for its 2026 edition, under a new partnership between Abu Dhabi Cricket & Sports Hub (ADCSH) and Miral.

Under the agreement, all six Abu Dhabi T10 franchises will be based on Yas Island during the tournament, while a number of events linked to the competition will also be held across the destination.

The partnership will include the tournament’s Trophy Launch, Opening Party and Closing Party, with Yas Island’s attractions and venues forming part of the wider Abu Dhabi T10 experience for players, teams, partners and fans.

“We are thrilled to welcome Yas Island as the Official Experiences Partner of the 2026 Abu Dhabi T10,” said Matthew Boucher, CEO of Abu Dhabi Cricket & Sports Hub and Abu Dhabi T10.

“The island is an unbelievable destination which will provide an exceptional setting for our teams, our players and for many of the tournament experiences.”

Leon Marsh, Miral’s director of events, said the partnership reflected a shared aim of creating experiences for “fans, teams and families alike”.

“Yas Island is the ideal setting for the key moments and flagship events taking place during this year’s Abu Dhabi T10,” he said.

The 2026 Abu Dhabi T10 Draft, held at Hilton Abu Dhabi Yas Island, saw 108 players selected by six franchises: Arabian Aces, Emirates Eagles, Royal Desert Champions, UAE Bulls, United Tigers and Yas Lions.

The tournament will take place at Zayed Cricket Stadium from 7 to 20 November, bringing together international players for the 10-over competition.

The partnership is also intended to promote Abu Dhabi as a destination combining international sport, leisure and entertainment, with Yas Island providing the base for the teams throughout the tournament.

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Dubai-born HOP Events targets 25 cities in global expansion

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A Dubai-founded events company is planning to expand into 25 cities worldwide over the next two years, as it looks to build an international business around music and culture.

HOP Events, founded by Dubai-based entrepreneur Kalpesh Kinariwala, said it aims to stage more than 250 events a year across 75 venues and arenas, reaching more than one million people annually.

Its planned expansion includes London, New York, Doha and Singapore, alongside its existing base in Dubai.

The company has organised concerts featuring artists including A.R. Rahman, Arijit Singh, Lucky Ali, Nancy Ajram, Rahat Fateh Ali Khan and sitarist Rishab Sharma.

HOP now plans to broaden its programme beyond large-scale concerts, with storytelling, art and other cultural events forming part of its international expansion.

“Our goal has never been to build an events company,” Kinariwala said. “We’re building a platform where culture becomes a catalyst for connection.”

The plans were outlined after a recent Dubai event featuring storyteller Laksh Maheshwari.

HOP is the cultural arm of PANTHEON ACR, a Dubai-based venture founded by Kinariwala with interests spanning art, culture and real estate.

Kinariwala said Dubai’s position as a city with a large international population provided the starting point for HOP’s expansion.

The company said its programme over the next 24 months would feature both established international performers and emerging creative talent, alongside storytelling and other cultural experiences.

“The moments people carry with them for years are rarely the biggest,” Kinariwala said. “They are the moments that make us feel connected, inspired, understood or part of something larger than ourselves.”

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