Latest news with #DubaiEconomicDevelopmentCorporation
Arabian Post
2 days ago
- Business
- Arabian Post
Dubai Economy Posts Solid 4 % Gain Driven by Health and Property
Dubai's gross domestic product in the first quarter of 2025 rose to AED 119.7 billion, a 4 % increase compared with the same period in 2024. This expansion was underpinned by strong performances in health, real estate, finance, trade, and other strategic sectors, according to official data. The standout contributor was human health and social work, which surged 26 % to AED 1.9 billion—accounting for 1.5 % of GDP and adding 0.3 percentage points to overall growth. Real estate followed closely, increasing 7.8 % to AED 9 billion, contributing 7.5 % of GDP and 0.6 percentage points. Financial and insurance activities also grew by 5.9 %, reaching AED 16 billion and adding 0.8 percentage points. Wholesale and retail trade remained the largest overall contributor, representing 23 % of GDP. It grew 4.5 % to AED 27.5 billion, which contributed 1.03 percentage points to economic expansion. Accommodation and food services advanced by 3.4 % to AED 4.9 billion; information and communications rose 3.2 % to AED 5.3 billion. ADVERTISEMENT Manufacturing expanded by 3.3 % to AED 8.7 billion, while transport and storage grew 2 % to AED 15.7 billion—supported heavily by air transport. The category labelled 'other activities' accounted for 26 % of GDP and rose 1.9 %, contributing 0.5 percentage points to growth. Younus Al Nasser, Chief Executive of the Dubai Data & Statistics Establishment at Digital Dubai, emphasised the growing importance of data and artificial intelligence in economic policymaking. He noted that up-to-date, accurate statistics are essential for enabling policymakers, researchers and businesses to make informed decisions. Dubai's performance underscores the value of reliable data in shaping future direction. Hadi Badri, Chief Executive of the Dubai Economic Development Corporation, highlighted ongoing momentum through 2024 and into this quarter, attributing it to Dubai's appeal to investors, strong public–private collaboration and strategic initiatives tied to the goals of the Economic Agenda D33. He indicated that continued efforts to unlock new opportunities and foster innovation were key to maintaining the emirate's economic dynamism. The Q1 figures build on last year's expansion, when GDP grew 5.8 % at current prices to reach AED 541 billion, and 3.2 % at constant prices to AED 443 billion. That growth was driven by trade, real estate, financial services, transport, and industry—sectors that accounted for nearly 78 % of the overall increase.
Filipino Times
4 days ago
- Business
- Filipino Times
Dubai economy grows 4% in Q1 2025 on strong sector performance
Dubai's economy expanded by 4% in the first quarter of 2025, reaching Dh119.7 billion ($32.6 billion), driven by gains across key industries, the Dubai Media Office said. Human health and social work recorded the fastest year-on-year growth at 26% to Dh1.9 billion. Wholesale and retail trade remained the largest contributor to the emirate's GDP, rising 4.5% to Dh27.5 billion and accounting for nearly a quarter of total output. Real estate activity increased 7.8% to about Dh9 billion, supported by strong market momentum. In the first half of the year, Dubai registered 125,538 property transactions worth around Dh431 billion, up 25% in value and 26% in volume from the same period in 2024, with over 59,000 new investors entering the market. Financial and insurance services grew 5.9% to Dh16 billion, manufacturing rose 3.3% to Dh8.7 billion, and accommodation and food services increased 3.4% to Dh4.9 billion. Transport and storage added 2% to GDP at Dh15.7 billion, while information and communications climbed 3.2% to Dh5.3 billion. Dubai welcomed 9.88 million international visitors in the first half of 2025, a 6% increase from last year, maintaining its position as a leading global tourism hub. According to the media office, trade, real estate, financial services, transport, and manufacturing collectively accounted for about 78% of total growth. Hadi Badri, chief executive of the Dubai Economic Development Corporation, said the results underscore Dubai's global appeal at a time when investors seek stability. The emirate continues to push initiatives to attract foreign investment, foster innovation, and support the Dubai Economic Agenda (D33), which targets doubling the economy to Dh32 trillion in the next decade. The wider UAE economy grew 4% in 2024 to Dh1.776 trillion, driven by the non-oil sector. The World Bank now forecasts the country's GDP to rise 4.6% in 2025, while Emirates NBD expects Dubai's growth to accelerate to 3.7% on the back of major public and private sector projects.
Hi Dubai
4 days ago
- Business
- Hi Dubai
Dubai's GDP Hits AED119.7 Billion in Q1 2025, Grows 4% Year-on-Year
Dubai's economy recorded a GDP of AED119.7 billion in the first quarter of 2025, achieving 4% growth compared to the same period last year, according to official data from the Dubai Data & Statistics Establishment, Digital Dubai. The expansion was driven by notable performances across several key sectors. Human Health and Social Work activities registered the highest growth at 26%, contributing AED1.9 billion and adding 0.3 percentage points to overall growth. Real Estate grew by 7.8% to reach AED9 billion, while Financial and Insurance activities expanded by 5.9% to AED16 billion. Wholesale and Retail Trade, the largest contributor to the economy, rose by 4.5% to AED27.5 billion, making up 23% of GDP and adding 1.03 percentage points to growth. Accommodation and Food Service activities saw a 3.4% rise to AED4.9 billion, and the Information and Communications sector increased by 3.2% to AED5.3 billion. Manufacturing grew 3.3% to AED8.7 billion, while Transport and Storage—heavily supported by air transport—expanded by 2% to AED15.7 billion. Other activities, accounting for 26% of GDP, grew by 1.9%. Commenting on the results, His Excellency Younus Al Nasser, CEO of the Dubai Data & Statistics Establishment, said: In an era defined by data and AI, reliable statistics are indispensable for understanding current trends and anticipating future developments. The Q1 2025 results reflect Dubai's economic progress, enabling informed decisions at all levels. His Excellency Hadi Badri, CEO of the Dubai Economic Development Corporation, noted: Dubai's sustained and diversified growth underscores its global appeal. Guided by the city's visionary leadership, we remain focused on unlocking new opportunities, enabling innovation, and turning ideas into scalable successes. The first quarter results follow a strong 2024 performance, during which Dubai's GDP rose by 5.8% at current prices to AED541 billion and by 3.2% at constant prices to AED443 billion. The Dubai Data and Statistics Establishment is now expanding its survey base and recalibrating GDP time series in line with international classifications, aiming to enhance the quality and usability of economic data. News Source: Dubai Media Office
Hi Dubai
06-05-2025
- Business
- Hi Dubai
Dubai Chambers Unveils Full Agenda for Business Forum in Germany
Dubai Chambers has announced the full agenda for the upcoming Dubai Business Forum – Germany, set to take place in Hamburg on May 20, as part of its efforts to deepen economic ties and drive investment between Dubai and Germany. The forum, themed 'Innovate, Invest, Integrate: Forging a New Path for Dubai-German Economic Synergy,' is being held in collaboration with the Hamburg Chamber of Commerce and other key partners. It aims to attract German companies to Dubai and position the emirate as a strategic hub for international investment and business growth. Sultan bin Saeed Al Mansoori, Chairman of Dubai Chambers, will lead a 44-member delegation from Dubai. The event is designed to promote cross-border collaboration, support German investors in accessing global markets, and spotlight sectors aligned with Dubai's Economic Agenda (D33). The one-day programme will feature thought leadership sessions, panel discussions, and networking opportunities that explore promising sectors such as advanced technology, trade, and innovation. German venture capital firms, multinational companies, and scale-ups will also get insights into Dubai's supportive business ecosystem and global connectivity. Speakers include high-level representatives from both Dubai and Germany, such as Ahmed Alattar, UAE Ambassador to Germany; Dr. Malte Heyne, CEO of Hamburg Chamber of Commerce; and top executives from Dubai Economic Development Corporation, DP World, DIFC Innovation Hub, and leading German enterprises and investment firms. The Hamburg event marks the third international edition of the Dubai Business Forum, following successful editions in Beijing and London. The forum reflects Dubai's continued push to strengthen international economic partnerships and expand its presence in key global markets. News Source: Emirates News Agency
