حمدان بن محمد: 115 مليار درهم حجم الناتج المحلي لدبي في الربع الأول

القاهرة: «دريم نيوز»

 

Dubai, 23 July, 2024 (WAM) — His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence and Chairman of the Dubai Executive Council, announced that the emirate’s economy achieved a growth of 3.2% during the first quarter of 2024 compared to the same period last year, with the gross domestic product reaching AED 115 billion. He stressed the success of Dubai’s economic system in translating the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the ambitious goals he set for the future of sustainable development, into tangible achievements that support the steady growth rates witnessed by the emirate in light of the high performance of its various economic sectors.
His Highness the Crown Prince of Dubai pointed out that the economic successes achieved are the result of combined efforts and working in a team spirit to achieve the goals of the Dubai Plan 2033, specifically the Dubai Economic Agenda D33 and the Dubai Social Agenda 2033, in a way that enhances the standards of well-being and decent living, consolidates Dubai’s presence as a global economic capital, and increases its attractiveness as a major centre for investment and business in the region.
His Highness said: “Dubai is proceeding according to a clear vision whose foundations were laid and whose goals were defined by His Highness Sheikh Mohammed bin Rashid Al Maktoum. The strong results we are witnessing today are a practical reflection of this vision, which has brought Dubai to the ranks of the world’s leading economic, commercial and tourism centres.”
His Highness added: “Dubai’s ambition is limitless. Its success story will remain a source of inspiration for cities that wish to create a promising future for their coming generations. Our goal is to sustain success and establish a culture of excellence and leadership in all sectors to preserve our achievements and add more qualitative accomplishments in various fields.”
The growth in GDP achieved during the first quarter of this year is the result of the progress achieved in the performance of various vital sectors that constitute the basic pillars of the economic system in the emirate.

Transport and storage, financial and insurance activities achieved equal growth rates of 5.6%, trade activities achieved a growth rate of 3.0%, information and communications activities achieved a growth rate of 3.9%, accommodation and food services activities achieved a growth rate of 3.8%, and real estate activities achieved a growth rate of 3.7%.
The growth in GDP performance for the first quarter of this year is a continuation of the success achieved during 2023, in which GDP reached approximately AED 429 billion, achieving an increase of 3.3% compared to 2022, in which GDP reached approximately AED 415 billion.
On this occasion, His Excellency Helal Saeed Al Marri, Director General of the Department of Economy and Tourism in Dubai, said: “The outstanding performance of Dubai’s economy reflects the clear and ambitious vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, and is in line with the efforts made to achieve the goals of the Dubai Economic Agenda D33, and confirms the continued momentum and great confidence in the emirate’s vital business system, which is based on strong and diversified economic foundations.”
His Excellency stressed the commitment to developing and strengthening the general framework of the economy within the Dubai Economic Agenda D33, through which the business environment and various tools are improved to be used to enhance the emirate’s competitiveness, in addition to attracting more qualitative investments and facilitating procedures for commercial operations.
“With the adoption of impactful initiatives such as the ‘Foreign Direct Investment Development Programme’ to enhance the attraction of quality investments, and the implementation of the ‘Dubai Economic Model’ to assess the progress of the city, we are making steady progress towards achieving important achievements and enhancing initiatives that stimulate growth. We will continue to work with partners in the public and private sectors to consolidate Dubai’s leading global economic position, to become a major destination for embracing talent and attracting investments and businesses,” he explained.
In this context, His Excellency Hamad Obaid Al Mansoori, Director General of Dubai Digital, said: “The upward trajectory of economic growth indicators across various sectors shows that Dubai, thanks to the vision and directives of its wise leadership, is confidently moving towards enhancing its economic leadership and investment attractiveness, supported by the concepts of economic diversification and the adoption of the latest technologies and solutions, including digital transformation, which has made the emirate today a destination for entrepreneurs and those interested in creating successful experiences. Dubai’s economy has always drawn its strength from flexibility, keeping pace with changes, and proactive thinking that anticipates major economic transformations in the world, most notably the digital economy supported by artificial intelligence and data.”
In turn, His Excellency Younis Al Nasser, CEO of the Dubai Data and Statistics Corporation, pointed out the importance of providing accurate data on various economic sectors and their total contribution rates to the growth witnessed by the emirate, as it supports the decision-making process and the development of relevant strategies and policies that contribute to achieving development goals in all areas.

His Excellency said: “The increase shown by the latest data on Dubai’s economy, which indicates a growth of 3.2% compared to the same period last year, gives a glimpse into the future of the economy in the Emirate of Dubai, which has always represented a leading model in investment attractiveness, especially in emerging sectors such as digital technology and the information and communications sector, which constitutes a lever for development in all other sectors.”
Hadi Badri, CEO of Dubai Economic Development Corporation, the economic development arm of the Department of Economy and Tourism in Dubai, said that under the guidance of the wise leadership and the combined efforts of partners in the public and private sectors, Dubai has been able to achieve distinguished economic performance in various leading and emerging sectors, which enhances its position as a global hub for business and investment. The joint cooperation has resulted in achieving this strong economic performance and increasing the growth rates of Dubai’s main sectors, including logistics and financial services, trade, and real estate, in addition to maintaining the upward trajectory of increasingly important sectors such as manufacturing, information and communications, and accommodation and food services.
He added that Dubai continues its commitment to encouraging innovation to accelerate the implementation of strategic economic initiatives in the future, including paving the way for companies and investors, creating new job opportunities, and attracting global talent to the city. These efforts are in line with the ambitious goals of the Dubai Economic Agenda D33, a comprehensive plan that aims to promote sustainable and inclusive growth across all key sectors in the emirate.
The added value of transportation and storage activities reached AED 15.4 billion during the first quarter of this year, achieving a growth of 5.6% compared to the first quarter of last year, and contributing 13.4% of the emirate’s GDP, which enhanced the impact of this activity on overall economic growth, as the growth achieved during the first quarter pushed it by 0.7 percentage points, which constitutes 23.2% of the total growth achieved in the emirate’s economy. This sector includes all activities related to land, water and air transport services for individuals and goods, handling and storage activities, and postal activities.

Air transport is considered the activity that contributes the most to the transport and storage sector due to the size of its production and the impact of its performance on the increase in demand for the services of national carriers, the number of passengers on board which grew by 6.8% during the first quarter of this year.
The financial sector achieved a real growth of 5.6% compared to the same period last year, reaching a value of AED 15.1 billion compared to AED 14.3 billion in the first quarter of the previous year, contributing 13.1% of the emirate’s total economy, driving economic growth by 0.7 percentage points.

Data from the Central Bank of the UAE at the end of the first quarter of 2024 indicates a growth in the credit balance by 8% and the deposit balance by 15.2% compared to the same period in 2023.
The data indicates that this activity maintained its lead in terms of contribution to the total GDP, as it contributed 22.9%, with a value of AED 26.3 billion, compared to AED 25.5 billion in the same period in 2023, with a growth rate of 3%, which pushed the overall growth in the emirate’s economy by 0.7 percentage points.

Trade activity supports all other sectors of the economy by providing various goods that serve different purposes, whether inputs, intermediates, final consumption, or for capital formation purposes.
Real estate activity witnessed a significant movement driven by the boom in demand and the launch of distinguished real estate projects across the emirate. This sector achieved a growth rate of 3.7% during the first quarter of 2024, with a contribution rate of 7.3% to the emirate’s GDP and a total value of 8.4 billion dirhams, driving economic growth by 0.3 percentage points.

Real estate activity maintained its upward trajectory in value added growth during the first quarter and according to data issued by the Department of Lands and Properties, the value of real estate sales increased by 22%.

The real added value of electricity, gas, water and waste management activities amounted to AED 3.2 billion during the first quarter of this year, compared to AED 2.98 billion during the same period last year, achieving a growth of 7.5% and contributing 2.8% to the emirate’s overall economy, driving growth by 0.2 percentage points.
Information and communications activity grew by 3.9% to reach a value of AED 5.1 billion, driving economic growth by 0.2 percentage points and contributing 4.4% to the emirate’s GDP.
The accommodation and food services sector achieved a growth rate of 3.8%, reaching a value of AED 4.7 billion, and its contribution to the GDP reached 4.1%, driving economic growth by 0.2 percentage points.

According to data from the Department of Economy and Tourism, Dubai hotels maintained high occupancy levels, with the average hotel occupancy rate reaching 83%. Dubai received 5.2 million international visitors during the first quarter of 2024, an increase of 11% compared to the same period in 2023.
The manufacturing activity achieved a growth rate of 1.6%, reaching a total value of AED 8.4 billion during the first quarter of this year, compared to a value of AED 8.3 billion during the first quarter of last year, and its contribution to the emirate’s GDP reached 7.3%, driving economic growth in the emirate during the first quarter of 2024 by 0.1 percentage points.
While the rest of the activities witnessed a slight growth of 0.46%, contributing 24.7%, driving economic growth by 0.12 percentage points. These activities consist of agriculture, mining, construction, professional activities, administrative activities, etc.

The total economy grew by 3.3% in 2023, with transportation, trade, real estate and financial activities accounting for approximately 68.8% of the total growth achieved in 2023, while the remaining activities contributed 31.2%.
The transportation and storage activity witnessed a growth rate of 9.2%, reaching a total value of AED 49.3 billion in 2023, compared to a value of AED 45.2 billion in 2022, driving economic growth in the emirate by 1 percentage point.
The value of wholesale and retail trade increased from AED 106.5 billion in 2022 to AED 108.6 billion last year, achieving a growth rate of 2.0%, and its contribution to the emirate’s GDP was 25.3%, driving economic growth in the emirate by 0.5 percentage points.
Real estate activities were among the activities that achieved the highest growth rates during the past year, at a rate of 5.6%, driven by an increase in its total value from AED 32.1 billion in 2022 to AED 33.9 in 2023, driving economic growth in the emirate by 0.4 percentage points.
The value of this financial and insurance activities sector increased from AED 47.9 billion in 2022 to AED 49.4 billion in 2023, recording a growth rate of 3.0%. The sector’s contribution to the emirate’s GDP reached 11.5%, driving economic growth in the emirate by 0.3 percentage points.

للمزيد : تابعنا علي دريم نيوز، وللتواصل الاجتماعي تابعنا علي فيسبوك وتويتر .

مصدر المعلومات والصور: wam