Credits By: Arabian Business
Dubai’s Economic Expansion Records 2.8% Growth, Amounting to Dh111.3 Billion
Dubai’s economic landscape demonstrated remarkable progress as it achieved a robust growth rate of 2.8% during the initial quarter of 2023, resulting in a substantial economic output of Dh111.3 billion.
This noteworthy advancement significantly bolsters the emirate’s ambitions of doubling its Gross Domestic Product (GDP) within the next decade. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, shared his insights on this achievement through his official Twitter account, highlighting the profound contribution of this growth to the aspirational objectives of the Dubai Economic Agenda D33.
Sheikh Hamdan articulated, “The evident dynamism of Dubai’s diverse economic sectors underscores its contribution to the ambitious aims of the Dubai Economic Agenda D33. This agenda, aimed at doubling the city’s GDP over the forthcoming decade, serves to solidify Dubai’s position among the world’s top three urban economies.”
Earlier this year, Dubai introduced a new strategic agenda, the Dubai Economic Agenda ‘D33’, with an unwavering objective of achieving a twofold expansion in the emirate’s economy over the upcoming decade. This agenda envisions combined economic targets amounting to Dh32 trillion by 2033.
Furthermore, Dubai has set its sights on enhancing its foreign trade, intending to double its foreign trade volume, reaching Dh25.6 trillion, while expanding its trading network to include 400 additional cities.
In parallel, the Federal Center for Competitiveness and Statistics reported that the UAE’s economy attained a robust growth rate of 3.8% at constant prices during the initial quarter, driven by significant contributions from diverse sectors.
The preliminary estimates underscore that Dubai’s GDP experienced an impressive increase of over Dh15 billion during January-March, leading to a total of Dh418.3 billion in economic output.