News And Publications

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.

Key takeaways:

• Dubai's economy grew by 3.2% in the first quarter of 2024, with significant contributions from transportation and storage (5.6% growth), financial and insurance activities (5.6% growth), and wholesale and retail trade (3% growth).
• This growth is attributed to the strategic implementation of Dubai’s Economic Agenda 2033 (D33) and the vision of the Ruler of Dubai, focusing on quality of life, economic growth, and investment attractiveness.
• The robust performance results from public-private sector collaboration, selective investment attraction, economic diversification, and digital transformation initiatives.