In the first quarter of 2022, Dubai’s economy expanded by 2.8%.

To $30.3 billion, real gross domestic product increased.
The first quarter of 2018 saw Dubai’s GDP expand by 2.8% annually to Dh111.3 billion ($30.3 billion), maintaining the “robust momentum of growth” the emirate experienced in 2022 when it grew by 4.4%.

Dubai’s growth is higher than the Organization for Economic Cooperation and Development countries’ seasonally adjusted growth output of 1.6%. The US economy expanded by 1.8% in the first quarter compared to the European Union’s 1.1% growth.

“The continuing rapid development in the first quarter of the year is another testament to Dubai’s strong fundamentals, sustainability, and resilience, as well as its ability to continually develop new pathways for business and creativity to flourish,”

“Dubai continues to outperform some of the world’s leading economies, backed by its exceptional investment environment, robust infrastructure, and business-enabling ecosystem.”
A strategic springboard has been built to usher in a new cycle of growth and value creation, according to Sheikh Hamdan, with the establishment of Dubai Economic Agenda D33, which plans to grow the emirate’s economy by a factor of two during the following ten years.

Dubai’s trade industry added Dh25.5 billion to the economy in the first quarter compared to the same time in 2022. According to a statement from the Dubai Government’s media office, which used statistics from the Dubai statistics and Statistics Establishment of the Dubai Digital Authority, it represented 22.9% of economic production.

The transportation and storage industry in the emirate surpassed all others, growing 10.3% in the first quarter compared to the same period a year prior, bringing in Dh15.6 billion and making up 14.1% of output.

The activities connected to land transport for people and products, sea transport, storage and handling, postal services, air transport for people and goods, and related supporting operations were all included in the transportation and storage sector.

 

The first quarter saw a 3.2% increase in financial and insurance activity in Dubai, which contributed Dh14.2 billion to the economy and roughly 13% of GDP.

As Dubai welcomed 4.67 million foreign tourists in the first three months of the year, an 18% rise over the same period in 2022, the emirate’s lodging and food services climbed by 5.6%, contributing Dh4.5 billion to the economy.

Strong cross-industry and public-private partnerships is further bolstering the economy’s momentum, which is still increasing in both its core sectors and its newly emerging segments.

According to him, comprehensive initiatives centered on entrepreneurship, economic diversification, and the recruitment of talent and investment throughout sectors are promoting growth and stabilizing the economy’s momentum.

“This economic structure is going to continue to function as a key lever for D33 as we seek to bolster Dubai’s offerings as a top three global city, and an excellent place to invest, live, work, and visit,”

Real estate activity increased by 2.4%, driven by an increase in property sales, with the industry contributing 7.4% to overall economic growth.