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Dubai's Q1 gross domestic product (GDP) rose by 2.8% YoY to AED 111.3bn ($30.3bn), propelled by a 48% growth in the transportation and storage sector, according to figures released on Tuesday. The financial and insurance sector and trade followed as the next largest contributors at 15% and 10% respectively. The growth comes as the city hopes to double the size of its economy over the next decade under its D33 plan to become a major global financial hub.

Dubai’s real gross domestic product grew 2.8% y-o-y in the first quarter to hit AED111.3 billion ($30 billion) surpassing average global growth rates led by the biggest contributors transportation and storage sectors followed by the financial and insuranc