Dubai records 6.2% GDP growth

@DXBMediaOffice/ Twitter

Dubai recorded a GDP growth of 6.2 per cent in 2021 and 5.9 per cent in the first quarter of 2022.

The figures were revealed during a meeting of the Executive Council, chaired by Dubai's Crown Prince His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

Dubai’s economy hit AED 102 billion during the January-March quarter after achieving a 6.2 per cent GDP growth in 2021, reaffirming the emirate's ability to adapt and grow.

Sheikh Hamdan emphasised that the government’s attractive fiscal measures directly helped to stimulate economic growth, while the success of Expo 2020 Dubai was a key factor in driving a post-pandemic tourism boom, leading to increased air and sea traffic and record foreign trade.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and First Deputy Chairman of The Executive Council of Dubai, also attended the meeting, which was held at the newly-opened Mohammed Bin Rashid Library.

The Executive Council also approved a series of initiatives and projects across strategic sectors.

Quality and flexible legislation that keeps pace with the future

The Executive Council approved the general policy on legislation in the Emirate of Dubai, within a framework compatible with Dubai’s strategic growth strategy and futuristic plans, taking into account the active participation of the private sector.

The policy is focused on aligning government procedures on legislative matters with the procedures approved by the committee.

It also seeks to unify the process of drafting laws, enhancing regulatory work, defining the roles assigned to them in formulating and simplifying the control procedures of these entities and ensuring access to an agile, integrated system that keeps pace with the future.

This is in line with the changes that the Emirate is making to build a model compatible with its ambitions.

Hassantuk for Homes Safety Project

The Executive Council also directed the General Department of Civil Defence to present an implementation plan for the ‘Hassantuk for Homes’ project – the only certified wireless fire safety system designed for villas in the UAE.

Hassantuk ensures the fastest response time for fire and emergency alerts through a 24x7 connected fire alarm system, integrated with Civil Defence Command Centres.

The Dubai government will bear the cost of providing Emiratis homes, covered under the umbrella of social benefits, with the system designed to improve safety measures.

More from Business

  • Tesla warns it could face retaliatory tariffs

    US automaker Tesla has warned that it and other major American exporters are exposed to retaliatory tariffs that could be leveled in response to President Donald Trump's aggressive use of tariffs.

  • Abu Dhabi Fund for Development launches luxury hotel project in Egypt

    The Abu Dhabi Fund for Development (ADFD) has announced the launch of the “Sofitel Legend Pyramids Giza” project, a luxury five-star hotel intended to be a landmark addition to the hospitality and tourism sector in Egypt.

  • UAEFTS processes AED 19.89 trillion in transactions in 2024

    The value of transactions conducted in the banking sector within the country through the UAE Funds Transfer System (UAEFTS) rose to AED 19.898 trillion during 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE).

  • DEWA contributes AED 20m to Fathers’ Endowment campaign

    Dubai Electricity and Water Authority (DEWA) announced a contribution of AED 20 million to the Fathers' Endowment campaign, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and the Ruler of Dubai.

  • DP World reports record $20 bln revenue in 2024

    DP World has announced revenue grew by 9.7 per cent to $20 billion (AED 73.5 billion), and adjusted EBITDA rose by 6.7 per cent to $5.5 billion (AED 20.2 billion), with an adjusted EBITDA margin of 27.2 per cent for the year ending December 31, 2024.

Coming Up on Dubai Eye

  • Extra Time At The Weekend

    4:00pm - 7:00pm

    Passionate about sport? Then this is where you belong. Tom Urquhart, Chris McHardy and Robbie Greenfield are joined by an elite team of guests each week to look at all the sporting highlights of the weekend.

  • The Music Mix

    7:00pm - 11:00pm

    Enjoy your favourite music back to back commercial free, tune in to the Music Mix everyday from 1 until 2 for the music you love and the news updates you need

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Is There Sufficient House Supply In UAE

    Dubai’s current population is more than double compared to almost twenty years ago, which now stands at 3.7 million. Lots of families are also moving to the UAE now. So what does it mean for the property market?

  • Noon's First Female Delivery Driver

    Glory Ehirim Nkiruka is Noon’s first ever female delivery driver. In her first ever interview, she explained why she loves her job, despite the heat!