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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.

Announcements

Ajman to launch new Rental Dispute Resolution Centre under 2026 law

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Ajman has announced the establishment of a new Rental Dispute Resolution Centre, aimed at streamlining landlord-tenant disputes and strengthening stability in the emirate’s real estate sector.

His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has issued Law No. (1) of 2026, formally creating the centre and replacing the existing rental disputes committee.

Clearer, Faster Rental Dispute Resolution

The new law introduces transparent and clearly defined mechanisms for reviewing and adjudicating rental disputes, with the objective of:

  • Protecting the rights of landlords and tenants
  • Enhancing confidence in Ajman’s property market
  • Supporting a stable and attractive investment environment

Jurisdiction and Scope

The specialised centre will have authority over all rental-related disputes between landlords and tenants, including:

  • Residential and commercial properties
  • Properties located within free zones

Cases will be handled using procedures aligned with recognised legal and judicial standards, ensuring fairness and consistency.

Boosting Market Stability

Officials said the new centre is designed to:

  • Speed up dispute resolution
  • Reduce litigation timelines
  • Ensure swift and effective justice

The move is expected to contribute to social and economic stability in Ajman’s leasing and real estate sector, while reinforcing investor confidence.






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Dubai launches global challenge to build the world’s first fully robotic villa

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Dubai Municipality has launched a global challenge to construct the world’s first residential villa built entirely using robotic construction systems, reinforcing Dubai’s position as a global testbed for advanced building technologies.

The project will be delivered by a consortium of more than 25 local and international technology companies and academic institutions, led by Dubai Municipality. Officials say the initiative aims to develop scalable, next-generation construction models that boost productivity, sustainability, and quality.

The announcement was made during the launch of 04 ConTech Valley, Dubai’s new Construction Innovation and Research Centre, developed in partnership with Expo City Dubai.

Global ConTech Momentum

At the event, Dubai Municipality also unveiled the Global ConTech Report, which projects that global construction technology investment will exceed $30 billion by 2033, growing at 17.5% annually.

Key findings highlight:

  • Labour shortages are a major global challenge
  • Rising investment in robotics and additive manufacturing
  • Rapid adoption of AI, robotics, prefabrication, and infrastructure technologies

Building a Stronger Innovation Ecosystem

Dubai Municipality also launched the ConTech Working Group, in collaboration with Dubai Chambers, bringing together government, developers, contractors, investors, researchers, and tech firms to accelerate innovation across the sector.

70–70 Strategy for 2030

Dubai also launched the 70–70 Strategy, aiming to shift 70% of construction to off-site manufacturing and achieve 70% factory automation by 2030, driving higher efficiency and sustainability.

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Dubai unveils mega Dubai Food District, set to become one of the world’s largest food trade hubs

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DP World has officially unveiled Dubai Food District, a bold transformation of the Al Aweer Central Fruit and Vegetable Market into one of the largest and most advanced food trade hubs in the world.

Rolling out in phases from 2027, the mega district will more than double the current market’s footprint to 29 million sq ft, bringing trade, storage, processing and distribution together under one roof. Think cold-chain logistics, smart warehousing, food processing, digital solutions, cash-and-carry zones and even a gourmet food hall.

Announced last year by His Highness Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, the project expands beyond fruits and vegetables to include dairy, staples, gourmet and specialty foods, positioning Dubai as a global gateway for food trade and food security.

Built on Al Aweer’s strong legacy, serving over 2,500 traders since 2004, the district aims to boost efficiency, cut supply chain risks and help food businesses reach markets faster and smarter. With multimodal connectivity to more than 20 global markets, DP World is betting big on Dubai’s role at the heart of the future food economy.

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