Dubai’s economy continued its upward trajectory, with the emirate’s Gross Domestic Product (GDP) reaching AED339.4 billion ($92.4 billion) in the first nine months of 2024. This marks a 3.1 percent increase compared to the same period in 2023, reflecting strong performance across key sectors such as transport, finance, real estate, and information technology.
Key Sectors Driving Economic Growth & GDP
The wholesale and retail trade sector, Dubai’s largest contributor in terms of value, reached AED83.12 billion ($22.6 billion), growing 2.9 percent from 2023. This sector accounted for 24.5 percent of GDP and contributed 22.6 percent to overall economic growth.
The transportation and storage sector saw an impressive 5.3 percent growth, reaching AED42.1 billion ($11.5 billion). This sector represented 12.4 percent of GDP and contributed 20.8 percent to the total economic expansion. Air transport played a key role, benefiting from increased demand for national carriers.
The financial and insurance sector grew 4.5 percent to AED39.4 billion ($10.7 billion), making up 11.6 percent of GDP and contributing 16.6 percent to overall growth. Meanwhile, the real estate sector expanded by 3.6 percent, reaching AED27.3 billion ($7.4 billion), contributing 8 percent to GDP and 9.2 percent to total economic gains.
Other Sectors Making an Impact in GDP
The information and communications sector grew by 4.1 percent, while the accommodation and food services sector expanded by 3.7 percent to AED11.5 billion ($3.1 billion). The manufacturing sector recorded 2.3 percent growth, reaching AED28.3 billion ($7.7 billion), representing 8.4 percent of GDP.
The construction sector grew 2.2 percent, contributing 6.5 percent to GDP, while all other sectors combined saw an average growth of 1.2 percent.
Leadership’s Vision for Economic Development
Helal Saeed Almarri, Director-General of the Dubai Department of Economy and Tourism (DET), highlighted that Dubai’s exceptional economic performance reflects its commitment to innovation, sustainability, and the strategic goals of the Dubai Economic Agenda D33. He emphasized Dubai’s role as a global hub for logistics, technology, and tourism, key drivers of growth.
Hadi Badri, CEO of Dubai Economic Development Corporation, stated that Dubai’s economic success is fueled by strategic investments, public-private partnerships, and business-friendly policies. He noted that sectors such as transportation, ICT, and accommodation have recorded strong gains, reinforcing Dubai’s position as an innovation and commerce hub.
Looking Ahead
Dubai’s economic momentum aligns with the Dubai Economic Agenda D33, which aims to double the emirate’s economy by 2033. The leadership’s focus on fostering digital transformation, sustainability, and foreign investment will play a crucial role in achieving long-term economic expansion.
With steady growth across multiple sectors, Dubai continues to solidify its position as a premier destination for global investors, entrepreneurs, and businesses seeking long-term success.
