Dubai’s economy grew by 3.2 per cent annually in the first quarter of 2024, with Dh115 billion ($31.3 billion) added to the emirate’s gross domestic product during the period, driven by the expansion of the transport and storage sector, as well as the financial and insurance industry.
The growth continues the momentum from last year, when the emirate's economy grew by 3.3 per cent annually to Dh429 billion, the government said on Tuesday.
“Dubai is progressing in accordance with a clear vision … 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,” Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said.
The transport and storage sector and the financial and insurance industry recorded growth rates of 5.6 per cent each, while the information and communications sector expanded by 3.9 per cent in the first quarter.
The accommodation and food services sector grew by 3.8 per cent, the real estate sector by 3.7 per cent and the trade sector by 3 per cent.
The latest data comes as Dubai aims to double the size of its economy to Dh32 trillion over the next decade and establish the emirate among the top three global cities as part of its D33 strategy.
The plan aims to support 30 private companies in their push to become unicorns – start-ups worth more than $1 billion.
Other business incubators will support the growth of private companies, with 400 of the most promising identified.
D33 also aims to make Dubai a global digital economy leader, the fastest-growing and most attractive global business centre, a centre for sustainability and economic diversification, and an incubator for talented Emiratis.
“With high-impact initiatives such as the foreign direct investment development programme to attract selective investments aligned with the D33 agenda and the implementation of the Dubai Economic Model to monitor the city’s advancement, we are poised to further energise our growth initiatives,” said Helal Almarri, director general of Dubai's Department of Economy and Tourism.
“These measures will enhance collaboration between public and private sector stakeholders.”
In terms of industries, the wholesale and retail trade was the largest contributor to GDP, accounting for 22.9 per cent in the first quarter, the Dubai government said.
The transport and storage sector, which includes land, sea and air transport and logistics, contributed 13.4 per cent to the emirate's GDP during the first quarter.
The sector's performance “was bolstered by increased demand for national carriers' services, highlighted by a 6.8 per cent increase in the number of passengers through the first quarter”, the emirate's government said.
Dubai welcomed 5.2 million international visitors during the first quarter of 2024, an increase of 11 per cent from the same period in 2023, with Dubai hotels maintaining average occupancy levels of 83 per cent during the period, the latest data shows.
Meanwhile, the financial sector contributed 13.1 per cent to the emirate’s economy in the first quarter.
At the end of the first quarter of 2024, there was an 8 per cent annual increase in credit balances and a 15.2 per cent growth in deposit balances, according to the UAE Central Bank.
The real estate sector, which continues to grow on the back of higher demand from property buyers and the launch of new projects, contributed 7.3 per cent to the emirate's economy.
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UAE currency: the story behind the money in your pockets
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
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UAE currency: the story behind the money in your pockets
