Dubai’s D33 strategy to double its economy and become one of the top three global cities is showing results. The emirate’s economy surged in the first quarter of 2024, expanding by 3.2% year-on-year and contributing a hefty $31.3 billion to its GDP, driven by non-oil sectors such as reatil, transport, logistics, finance, and insurance.

Transport, storage, and finance accelerated by 5.6%, while the information and communications sector climbed by 3.9%. Other key contributors included hospitality, real estate, and trade, which posted growth rates of 3.8%, 3.7%, and 3%, respectively.

These figures come as Dubai sets its sights on doubling its economy to Dh32 trillion by 2033. The D33 strategy aims to nurture 30 unicorns and support 400 promising startups.

Dubai is also racing to become a digital frontrunner, a business magnet, a sustainability champion, and a talent hub. Helal Almarri, Director General of Dubai’s Department of Economy and Tourism, emphasized the importance of public-private partnerships in fueling future growth.

Wholesale and retail trade reigned supreme, contributing 22.9% to GDP, followed by transport and storage at 13.4%. The latter benefited from a 6.8% surge in passenger numbers, as Dubai welcomed 5.2 million international visitors in the first quarter, an 11% year-on-year increase.

The financial sector contributed 13.1% of GDP, backed by an 8% rise in credit balances and a 15.2% jump in deposits. The buoyant real estate market, driven by strong demand and new project launches, added 7.3% to the economy.