RIYADH: Dubai’s economy maintained its positive momentum in the first quarter of 2026, with the emirate’s gross domestic product reaching 232 billion Emirati dirhams ($63.1 billion), a 2.4 percent yearly increase.

According to Dubai’s Department of Economy and Tourism, the performance was attributed to the diversity and integration of the emirate’s economic activities, alongside development policies aimed at strengthening competitiveness and supporting long-term growth targets.

The gross domestic product series has also been revised since the start of 2026 to reflect updated survey results and administrative data, in line with international statistical standards.

In April, the International Monetary Fund cut its 2026 growth forecast for the UAE as a whole by 1.9 percentage points to 3.1 percent as part of a broader downgrade for the Middle East, reflecting the economic fallout from the US-Iran conflict.

Director General of Dubai’s Department of Economy and Tourism, Helal Saeed Almarri, said the latest results “reflect the strong performance, which supports growth and establishes a base of stability, enabling Dubai to accelerate its growth rate during the rest of the current year and extending to the next year.”

The human health and social work sector posted the strongest growth, expanding 17.5 percent and contributing 1.5 percent of GDP with a value added of 3.6 billion dirhams.

Electricity, gas, water and waste management activities grew 8.4 percent, reaching 4.6 billion dirhams and accounting for 2 percent of output, up from 4.3 billion dirhams a year earlier.

Construction grew 8.2 percent, contributing 18.7 billion dirhams, or 8.1 percent of GDP.

Real estate expanded 3.1 percent to 26 billion dirhams, representing 11.2 percent of the economy, while wholesale and retail trade grew 2.6 percent to 50.9 billion dirhams, remaining the largest contributor at nearly 22 percent of GDP and accounting for about a quarter of overall growth.

Information and communications technology rose 2.7 percent to 12.1 billion dirhams, contributing roughly 5.2 percent of output. Administrative and support services grew 3.6 percent to 10.5 billion dirhams, or 4.5 percent of GDP.