AB Espresso: Dubai Q2 GDP hits $31.5bn, growing 3.3%

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In today’s newsletter:

Stay informed with the latest updates from Arabian Business. Here’s what you missed over the weekend:

Dubai’s economy showed sustained growth in Q2 2024, with a 3.3 percent year-on-year increase to AED116 billion. The results align with Dubai’s Economic Agenda D33 and Social Agenda 2033, which aim to position Dubai as a global centre for investment and economic development. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, attributed the growth to the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.

On the transport front, Dubai’s Roads and Transport Authority (RTA) has outlined a five-year internal roads plan from 2025 to 2029. With a budget of AED3.7 billion, the project will add 634 kilometres of new roads across 12 districts, focusing on residential, commercial, and industrial areas to support Dubai’s urban expansion and infrastructure improvement.

Aside from this, Dubai Municipality has completed seven beautification projects on Sheikh Zayed and Al Khail Roads, covering 1.4 million square metres. The AED245 million initiative includes 2.5 million flowers, ornamental plants, and 6,500 trees, with water-efficient irrigation. The projects align with the “Green Dubai Project,” according to Dubai Municipality Director General Dawoud Al Hajri.

In other major developments, Dubai’s DAMAC Properties is set to launch DAMAC Air, a new luxury airline. DAMAC Air is promoted as offering exclusive travel experiences inspired by the world’s top tropical destinations, according to the airline’s official site.

Meanwhile, Kuwait has introduced new rules on real estate ownership, permitting citizens of GCC countries—including the UAE, Saudi Arabia, Oman, Bahrain, and Qatar—to purchase property without restrictions. This decision, reported by local media, highlights the close bond within the GCC.

Until next time, Sharon Benjamin for Arabian Business

THE LONGER READ:

In an exclusive interview with Arabian Business, IMAX CEO Richard Gelfond outlines ambitious Middle East expansion plans, with Saudi Arabia emerging as a key growth market

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