Dubai's GDP grows 3.1 percent to $92.4 billion in first nine months of 2024

Dubai's economy continues to maintain strong growth momentum. In the first nine months of 2024, Dubai's GDP grew by 3.1% year-on-year, reaching 339.4 billion dirhams (approximately 92.4 billion US dollars), a growth mainly attributed to significant progress in key sectors. This robust performance underscores Dubai's economic resilience and strategic diversification.

Wholesale and retail trade is the highest-value sector in Dubai's economy, reaching 83.12 billion dirhams (approximately 22.6 billion US dollars) in the first three quarters of 2024, with a growth rate of 2.9%. The transportation and storage sector grew by 5.3%, reaching 42.135 billion dirhams (approximately 11.5 billion US dollars), while the financial and insurance sector grew by 4.5%, reaching 39.439 billion dirhams. These figures highlight the strength and diversity of Dubai's key economic drivers.

Other important sectors also achieved significant growth. The information and communication sector grew by 4.1%, the accommodation and food service sector grew by 3.7%, and the manufacturing sector grew by 2.3%. These data indicate the diversification of Dubai's economic structure, with various industries developing in coordination. This balanced growth contributes to the overall stability and sustainability of Dubai's economy.

His Excellency Helal Saeed Almarri, Director General of Dubai's Department of Economy and Tourism (DET), said: "Dubai's outstanding economic performance in the first nine months of 2024 reflects Dubai's resilience and commitment to innovation-driven growth, as well as the strategic execution of the city's bold vision embodied in the Dubai Economic Agenda D33. Under the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Ruler of Dubai and Chairman of the Executive Council of Dubai, the UAE has made significant progress in a wide range of sectors, including leading industries such as logistics, technology and tourism. Logistics consolidates Dubai's role as a global trade center, while technology is driving unprecedented innovation, and tourism continues to set global benchmarks, collectively driving our growth." These advancements are crucial for Dubai's continued economic success.

His Excellency Almarri added: "As the D33 Agenda enters its third year, it reinforces Dubai's commitment to creating a future-oriented economy through initiatives that advance innovation, prioritize sustainability, and leverage cutting-edge technologies. This bold strategy strengthens strategic partnerships and enables Dubai to achieve its ambitious goal of doubling the size of its economy by 2033. Dubai's unwavering commitment to sustainable growth not only enables it to set new benchmarks for global competitiveness, but also establishes it as a clear destination for forward-thinking businesses and investors. Looking ahead, we invite global partners, innovators and business leaders to join us in shaping this extraordinary journey together." The D33 Agenda is pivotal in shaping Dubai's future economic landscape.

His Excellency Hamad Obaid Al Mansoori, Director General of Digital Dubai, said: "The economic performance in the first nine months of 2024 represents an important stage in Dubai's growth and development. This progress has been shaped by the strategic vision of the leadership and consistent follow-up on all economic sectors, making Dubai one of the most distinctive business hubs in the world. Dubai's economy has successfully created a growth model that embraces the latest digital technological advancements and global trends, while preserving its unique characteristics built over time. With the fusion of local and global elements, Dubai's economy is now poised to shape the future, inspiring greater confidence among investors, talent and innovators seeking a business environment characterized by flexibility, dynamism and reliability." This digital transformation is key to Dubai's future economic success.

His Excellency Younus Al Nasser, CEO of the Dubai Data and Statistics Establishment, said: "The new data on economic growth in the first nine months of 2024 marks an important milestone in Dubai's economic journey, opening the door to further success. This growth is driven by the leadership's visionary approach and the investment-friendly environment that Dubai has cultivated over the years. These data provide valuable insights for analysis and forecasting, enabling policymakers to anticipate future changes in all sectors and make informed decisions to maximize success." Data-driven insights are essential for informed decision-making and strategic planning.

His Excellency Hadi Badri, CEO of Dubai Economic Development Corporation (DEDC), the economic development arm of DET, said: "By promoting strategic investments, strengthening public-private partnerships, and streamlining business processes, Dubai continues to redefine the benchmarks of economic progress. The outstanding growth of key sectors, including transportation and storage, information and communication technology, accommodation and food services, and manufacturing, is a testament to the depth and diversity of Dubai's economy." These initiatives are crucial for fostering a thriving business environment.

"The transportation and storage sector alone accounts for one-fifth of the total growth. Similarly, sectors such as information and communication technology, manufacturing, and accommodation have also achieved significant growth, solidifying Dubai's position as a hub for innovation, commerce, and talent. This sustained performance reflects a unified commitment to strengthening economic stability and positioning Dubai as the preferred destination for global investors, entrepreneurs, and innovators. As we advance our efforts in line with the Dubai Economic Agenda D33, we remain dedicated to fostering ease of doing business, attracting strategic investments, and creating an environment that inspires growth. Dubai is more than just a business center; it is an innovation platform and a gateway to global opportunities, enabling businesses and entrepreneurs to thrive in an ever-evolving economic landscape." Dubai's commitment to innovation and strategic partnerships is driving its economic success.

In the first nine months of 2024, the transportation and storage sector reached 42.135 billion dirhams, achieving a growth rate of 5.3%. It accounts for 12.4% of the UAE's GDP and contributed 20.8% of the total growth achieved. The sector covers all activities related to land transportation, water transportation, handling and storage, mail services, air transportation of individuals and goods, and support activities. Among these, air transport is the largest contributor to the sector due to its output. Its performance was driven by increased demand for national airline services in 2024.

The information and communication sector increased its contribution to the UAE's GDP, accounting for 4.7% in the first nine months of 2024, compared to 4.6% in the same period in 2023. It achieved a growth of 4.1%, reaching a value of 15.863 billion dirhams, contributing 6% to the overall growth. The sector's outstanding performance reflects the leadership's vision of positioning Dubai as a global leader in the future economy, supported by emerging technologies. This aligns with the Dubai Economic Agenda D33, which aims to enhance the UAE's economic productivity through digital solutions.

The accommodation and food service sector achieved a growth of 3.7%, reaching a value of 11.538 billion dirhams, while accounting for 3.4% of GDP and driving 4.1% of the overall growth. The sector's growth reflects effective cooperation between the public and private sectors, as well as local and international partnerships, which have played a significant role in strengthening Dubai's position as a leading global tourism destination. These efforts also contribute to the UAE's ambitious goal of becoming the world's most attractive city for international visitors.

The value of the manufacturing sector increased to 11.203 billion dirhams in the first three quarters of 2024, compared to 10.883 billion dirhams in the same period last year. It recorded a growth of 2.9%, accounting for 3.3% of GDP and contributing 3.1% of the total growth achieved.

The manufacturing sector recorded a growth of 2.3%, bringing its total value to 28.338 billion dirhams in the first nine months of 2024, compared to 27.699 billion dirhams in the same period in 2023. The sector accounts for 8.4% of the UAE's GDP and contributes 6.2% of the UAE's achieved growth.

The financial and insurance sector grew by 4.5% in the first nine months of 2024 compared to the same period in 2023, reaching 39.439 billion dirhams. Its contribution to Dubai's GDP rose to 11.6%, driving 16.6% of the overall growth.

The wholesale and retail trade sector is the largest in terms of value, reaching 83.12 billion dirhams. Compared to the same period in 2023, the sector achieved a growth of 2.9% in the first nine months of 2024, when its value was 80.803 billion dirhams. It accounts for 24.5% of GDP and drives 22.6% of the overall growth. Trade plays an important role in various activities, covering some of the largest companies in the country and the region. Its scope is broad, covering various goods, including final consumer goods, intermediate goods, and capital goods.

The real estate activities sector grew by 3.6% in the first nine months of 2024, with a total value of 27.288 billion dirhams. The sector accounts for 8% of the UAE's GDP and drives 9.2% of the total achievement growth.

Other sectors experienced different growth rates, with the construction sector growing by 2.2%, accounting for 6.5% of Dubai's GDP, while driving 4.6% of the overall economic growth. The average growth rate for all other sectors was 1.2%.