AB Espresso: Dubai economy grows 3.2% in Q1 2024

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Dubai’s economy expanded by 3.2 percent in the first quarter of 2024 compared to the same period last year, according to figures released by the emirate’s government. The growth added over AED115 billion to Dubai’s GDP, continuing a trend of steady economic expansion. The latest figures were revealed on Tuesday by 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.

On the real estate front, the UAE’s office sector has shown strong performance in the second quarter of 2024, according to JLL’s UAE Real Estate Market Overview report. The growth is attributed to a “strong economy, diverse demand, and occupiers’ focus on quality spaces and sustainability,” the report said. It further highlighted increases in office space, rising rents, and decreasing vacancy rates in both Dubai and Abu Dhabi.

Aside from this, Abu Dhabi’s Emirates Driving Company has acquired a 51 percent majority stake in Excellence Premier Investment, the parent company of Dubai’s renowned Excellence Driving Centre. The acquisition is part of Emirates Driving Company’s (EDC) expansion plans. A subsidiary of Multiply Group, EDC believes it will elevate driver training in the UAE. Both entities will continue to develop advanced training curricula and customised training programmes to meet diverse needs.

Meanwhile, an overwhelming majority of UAE residents are planning to rely on online streaming channels and social media for following various games and events at the 2024 Paris Olympics, a survey revealed. While nearly half of UAE residents – 49 percent to be precise – are planning to watch the forthcoming sports extravaganza on online streaming channels to keep up with the games, closely followed by 48 percent of the residents intending to follow social media updates to keep them abreast with the events, latest data from YouGov survey showed.

In Saudi Arabia, around 73 percent of investors are eyeing lucrative opportunities in UK real estate, underscoring the country’s status as the premier global destination, a survey showed. With projects of GCC investments reaching $3.2 billion in 2024, driven by the market’s increasing affordability, the UK remains a magnet for investment for Saudi investors, the survey by Select Property, a leading UK-based property developer and investment partner, revealed.

THE LONGER READ:

The Battersea Power Station area, the fast-emerging neighbourhood on the banks of River Thames – billed as London’s most exciting new neighbourhood – is among the newly preferred investment locations for GCC investors

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