Dubai’s economy showed strong momentum in Q2 2024, recording a 3.3% year-on-year GDP growth to reach AED116 billion ($31.5 billion), according to Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. This aligns with Dubai’s Economic Agenda D33 and the Dubai Social Agenda 2033, designed to establish the emirate as a leading global investment and economic hub.
The half-year GDP rose to AED231 billion, a 3.2% increase compared to H1 2023, with the transportation and storage sector leading growth at 7.8%. This sector, driven by rising air transport numbers, contributed 13.6% to Dubai’s GDP.
Sheikh Hamdan emphasized that Dubai’s growth showcases its leadership’s visionary direction and sets a global benchmark for progress. Key sectors such as logistics, technology, and tourism, central to Dubai’s Economic Agenda D33, played pivotal roles.
In Q2, the manufacturing sector grew by 2.5% (AED10.6 billion), the financial and insurance sector by 4.6% (AED13.16 billion), and the accommodation and food services sector by 4.7%. Wholesale and retail trade, Dubai’s largest contributor, recorded 2.2% growth, adding AED28.68 billion to the GDP.
The information and communication sector grew by 5.6% (AED5.13 billion), while the real estate sector grew by 2.6%, with a reported 38% surge in sales. The electricity, gas, water, and waste management sector grew by 2.9%, and construction rose by 1.8%.
