News And Publications

Dubai’s Roads and Transport Authority (RTA) announced that it has awarded the contract for the Dubai Metro Blue Line project to a consortium of three leading Turkish and Chinese companies: MAPA, LIMAK, and CRRC. The project, which spans 30 kilometres and includes 14 stations, is valued at AED20.5 billion.

Key takeaways:

• The wholesale and retail leads in terms of value, having reached AED28.68 billion growing 2.2% from the same period last year, contributing 24.7% to the GDP and driving growth by 17%.
• The real estate sector experienced a growth of 2.6% in the second quarter of 2024, accounting for 8.7% of Dubai’s GDP with a total value of AED10.15 billion and contributing 6.9% to growth.
• The transportation and storage sector achieved a total value of AED15.85 billion in Q2 this year, achieving a growth of 7.8% compared to the same period last year.
• The Financial and Insurance Activities achieved a total value of AED13.16 billion in Q2 this year, achieving a growth of 4.6% compared to the same period last year.
• The manufacturing sector achieved a total value of AED 10.6 billion in Q2 this year, achieving a growth of 2.5%, compared to the same period last year.

Key takeaways:

• The Emirates Group announced its best-ever half-year financial performance, posting a profit before tax of AED10.4 billion (US$ 2.8 billion) for the first six months of 2024-25, surpassing its record profit before tax for the same period last year.
• This is the first financial year that the UAE corporate income tax, enacted in 2023, is applied to the Emirates Group. After accounting for the 9% tax charge, the Group’s profit after tax is AED9.3 billion (US$2.5 billion).
• Demonstrating its strong operating profitability, the Group maintained a robust EBITDA of AED20.4 billion (US$5.6 billion), slightly lower from AED20.6 billion (US$5.6 billion) last year.
• Group revenue was AED70.8 billion (US$ 19.3 billion) for the first six months of 2024-25, up 5% from AED67.3 billion (US$ 18.3 billion) last year. This reflects the consistently strong customer demand across business divisions, and across regions.
• The Group closed the first half year of 2024-25 with a solid cash position of AED43.7 billion (US$ 11.9 billion) on 30 September 2024, compared to AED47.1 billion (US$ 12.8 billion) on 31st March 2024.

Key takeaways:

• Largest Budget in History: Dubai’s 2025-2027 budget cycle is the largest ever, with AED272 billion for expenditure, focusing on sustainable growth and improved quality of life.
• Major Sector Investments: For 2025, 46% is allocated to infrastructure, 30% to social development (health, education, welfare), and 18% to security, aiming to enhance key services and community well-being.
• Digital and Financial Stability Goals: The budget supports Dubai’s digitalisation (e.g., cashless payments) and a 4% GDP operating surplus, reinforcing financial sustainability and digital transformation ambitions.