Aabid Mehmood’s Post

Dubai continues its economic surge with GDP rising 3.3% in Q2 2024, to reach AED116 billion, and 3.2% in H1 2024, to touch AED231 billion. Driven by HH Sheikh Mohammed Bin Rashid Al Maktoum’s visionary leadership, Dubai has become a global model for sustainable growth and a leading economic hub. We thank all teams and partners for their exceptional contributions to achieving the D33 Agenda’s goal of establishing Dubai as one of the world’s top three urban economies.

#Dubai’s economic performance and #impressive growth in 2024 is reflection of visionary leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum. With a GDP rise of 3.3% in Q2 to reach AED 116 billion, and a steady growth of 3.2% in H1 totaling AED 231 billion, Dubai exemplifies #resilience and #sustainable progress. Under HH Sheikh Mohammed’s guidance, the city has not only strengthened its position as a premier global economic hub but has also set a benchmark for sustainable growth, innovation, and adaptability that cities around the world aspire to follow. #Dubai #UAE #innovative #sustainable #digital #technology #economic #performance

HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum; has emphasized Dubai’s role as a global innovation hub, with Latin America (LATAM) emerging as a key strategic partner in its next phase of digital transformation. Startups and fintechs across LATAM, particularly in Brazil, Mexico, and Colombia, have demonstrated impressive adaptability and success in navigating complex markets. Meanwhile, in Dubai, sectors such as digital payments, e-commerce, and financial services are expanding rapidly, in line with the city’s forward-looking vision for the digital economy. According to the Inter-American Development Bank, investment in LATAM’s fintech sector reached $2.1 billion in 2021. In comparison, the fintech market within the Gulf Cooperation Council (GCC), with Dubai at its core, is growing at an annual rate of 30%. For Dubai, a partnership with LATAM represents more than just an opportunity for direct investment—it is a strategic move to scale globally. This collaboration has the potential to generate up to $1.5 billion in joint projects by 2030, advancing the integration of cutting-edge technologies and reshaping the global digital landscape. The synergy between LATAM and Dubai presents unparalleled opportunities for growth in financial technology and other digital industries. A strategic alliance between the two regions could strengthen LATAM’s fintech ecosystem through knowledge sharing, increased investment in tech startups, and collaboration on projects that accelerate digital transformation in emerging markets. Moreover, the innovation driven by this partnership could redefine global economic models, unlocking new avenues for international cooperation and idea exchange. In turn, both regions stand to benefit from enhanced growth, sustainability, and competitiveness in the near future.

Dubai’s Q2 and H1 2024 GDP figures are a clear indicator of its robust economic framework, posting impressive growth rates of 3.3% and 3.2% respectively. These statistics not only reflect the city’s dynamic approach to fostering diverse economic activities but also emphasize its role as a critical hub in the global financial landscape. Dubai’s ability to continuously draw significant international investments demonstrates its established status as a beacon of innovation and economic stability. As we look to the future, it's evident that Dubai is paving the way for sustainable economic expansion and setting benchmarks for cities worldwide.

With Dubai expanding 3.3% YoY in Q2 and Abu Dhabi growing 4.1% in the same period (non-oil 6.6%), the UAE is set to expand at the fastest pace in the region and well beyond. Deep transformational changes require both a bold leadership able to maintain the course of the ship despite storms and a realistic path to success. And here we are, living and contributing to the most ambitious change of this century!

So, In my humble opinion: In the first quarter in Dubai, the transportation and storage sector nearly matched the financial and insurance industries, while trailing behind wholesale and retail trade but outperforming the IT and communications sectors. Surprisingly, it also outpaced real estate activities. This performance might be attributed to Dubai’s strategic position as a logistics hub, serving as a crucial link between East and West, thus driving substantial economic activity in transportation and storage. Regarding the real estate sector, it’s intriguing to observe that despite consistent reports from various real estate agencies about rising prices and volumes over the past two years, the real estate sector’s GDP contribution remains modest. One would expect such continuous growth to significantly boost the sector, making it a dominant force. However, real estate activities, although slightly surpassing the IT/telecom industry, still trail behind the top sectors. It’s perplexing that despite frequent reports of escalating prices and transactions, real estate isn’t leading the charge in GDP contribution. This discrepancy suggests that while there is growth, it may not be translating into substantial economic impact as expected. The sector’s performance, as indicated by GDP metrics, reveals an area worth further exploration to understand the underlying dynamics better. Interesting.

The growth tragitary is very clear and the strategy with a clear vision to achieve the goals. There shouldn’t be any doubts to the investors . #dubai #uae #dubaiproperties #dubairealestate #famproperties #fampropertiesdubai #partnership #realestate

The Dubai Economic Agenda #D33 aims to double Dubai's economy by 2033, positioning it among the #world's #top #three #urban #economies. This initiative focuses on #sustainable #economic growth and enhancing #quality #of #life, with recent data showing a 3.2% growth in Dubai's GDP in the first quarter of 2024.

Under the visionary leadership of His Highness Sheikh Hamdan Bin Mohammed, Dubai's economy continues to thrive, with a remarkable 3.3% GDP growth in Q2 2024, reaching AED116 billion, and 3.2% growth in the first half, totaling AED231 billion. This achievement underscores Dubai’s standing as a global benchmark for sustainable growth and economic resilience. A heartfelt thank you to all our teams and partners for their invaluable contributions toward realizing the D33 Agenda’s goal of placing Dubai among the world's top three urban economies. #DubaiEconomy #VisionaryLeadership #HHSheikhHamdanBinMohammed #D33Agenda #SustainableGrowth #EconomicResilience #DubaiGrowth #GlobalBenchmark #DubaiSuccess #FutureOfDubai #UrbanEconomies #DubaiInnovation #EconomicLeadership #GrowthInAction #Dubai2024 #Dubai #Dxb #UAE