Dubai GDP reaches Dh339.4 billion, up 3.1% in first 9 months of 2024
Trade, Transportation & Storage, and Finance and Insurance lead Dubai's GDP growth
Dubai's economy continues its robust growth, with a 3.1 per cent year-on-year increase in GDP for the first nine months of 2024, reaching Dh 339.4 billion.
This performance underscores significant progress across key sectors, driven by the Dubai Economic Agenda D33.
Key highlights
Wholesale and retail trade:
The largest sector by value, wholesale and retail trade, reached Dh83.12 billion—a 2.9 per cent increase compared to the same period in 2023. This sector contributed 24.5 per cent to GDP and drove 22.6 per centof overall growth.Transportation and storage:
The transportation and storage sector grew by an impressive 5.3 per cent to Dh42.135 billion, representing 12.4 per cent of the emirate’s GDP and contributing 20.8 per cent to total growth. This sector covers all activities related to land, water, and air transport, with air transport being the largest contributor due to heightened demand for national carriers.Finance and insurance:
Financial and insurance activities increased by 4.5 per cent to Dh39.439 billion, now contributing 11.6 per cent to GDP and driving 16.6 per cent of overall growth.Information and vommunications:
The sector grew by 4.1 per cent to Dh15.863 billion, boosting its share of GDP from 4.6 per cent to 4.7 per cent and contributing 6% to overall growth. This performance reflects Dubai’s focus on digital transformation under the Dubai Economic Agenda D33.Accommodation and food services:
This sector reached Dh11.538 billion—a 3.7 per cent increase—accounting for 3.4 per cent of GDP and driving 4.1 per cent of total growth. Strong public-private and international partnerships have reinforced Dubai’s position as a top global tourist destination.Electricity, gas, water, and waste management:
The value in this sector increased to Dh11.203 billion, up 2.9 per cent from the previous year, contributing 3.3 per cent to GDP anThe input text is missing or incomplete. 3.1 per cent to overall growth.Manufacturing:
The manufacturing sector grew by 2.3 per cent, reaching Dh28.338 billion and contributing 8.4 per cent to GDP, with a 6.2 per cent share in overall economic growth.Real estate:
Real estate activities recorded a 3.6 per cent growth, achieving a total value of Dh27.288 billion. This sector now contributes 8 per cent to GDP and drove 9.2 per cent of overall growth.
Other sectors, including construction, grew by 2.2 per cent (contributing 6.5 per cent to GDP and 4.6 per cent to overall growth), while remaining sectors recorded an average growth of 1.2 per cent.
Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), attributed this success to Dubai's resilience, innovation, and the strategic implementation of the D33 Agenda, under the 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 Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai.
He emphasised the contributions of logistics, technology, and tourism to Dubai's growth and reiterated the city's commitment to a future-ready, sustainable economy.
Hamad Obaid Al Mansoori, Director General of Digital Dubai, highlighted the strategic vision driving Dubai's economic progress, positioning it as a leading global business hub.
Younus Al Nasser, Chief Executive, Dubai Data and Statistics Establishment, emphasized the importance of the data in informing future economic decisions.
Hadi Badri, CEO of Dubai Economic Development Corporation (DEDC), noted the diverse growth across sectors and Dubai's commitment to attracting investment and fostering innovation.
The detailed sector performance breakdown reveals the significant contributions of transportation and storage, ICT, manufacturing, and accommodation and food services to Dubai's overall economic growth. Other sectors, including real estate and construction, also contributed positively to the overall economic performance.
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