Dubai’s GDP expands in first nine months of 2024 to reach Dhs339.4 billion

Dubai’s economy continued its strong upward growth trajectory, with Gross Domestic Product (GDP) in the first nine months of 2024 rising 3.1 per cent from the same period in 2023 to reach Dhs339.4 billion. The surge highlights significant strides across key sectors.

The wholesale and retail trade sector, the largest in terms of value, reached Dhs83.12 billion in the first three quarters of 2024, recording a growth of 2.9 per cent.

The transportation and storage sector saw an impressive growth of 5.3 per cent to reach Dhs42.135 billion, while the financial and insurance activities sector grew by 4.5 per cent to reach Dhs39.439 billion.

Among other key sectors, Information and Communications grew by 4.1 per cent, while accommodation and food services sector registered a growth of 3.7 and the manufacturing sector grew by 2.3 per cent.

Helal Saeed Almarri, Director-General of the Dubai Department of Economy and Tourism (DET), stated, “Dubai’s exceptional economic performance in the first nine months of 2024 reflects the city’s resilience and commitment to innovation-driven growth, and the strategic execution of the city’s bold vision embodied by the Dubai Economic Agenda D33.

“Guided by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the directives of 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, the emirate has achieved significant advancements across a wide breadth of sectors, including bellwether industries such as logistics, technology, and tourism. Logistics has solidified Dubai’s role as a global trade hub, while technology is driving unparalleled innovation, and tourism continues to set global benchmarks, collectively fuelling our growth.” “As the D33 Agenda enters its third year, it reinforces Dubai’s commitment to creating a future-ready economy through initiatives that advance innovation, prioritise sustainability, and leverage cutting-edge technologies. This bold strategy strengthens strategic partnerships and positions Dubai to achieve its ambitious goal of doubling the economy by 2033. Dubai’s unwavering dedication to sustainable growth has not only enabled it to set a new benchmark for global competitiveness but also established it as the definitive destination for forward-thinking businesses and investors. As we look to the future, we invite global partners, innovators, and business leaders to join us in shaping this extraordinary journey,” he added.

Hamad Obaid Al Mansoori, Director-General of Digital Dubai, said, “The economic performance in the first nine months of 2024 represents a vital stage in Dubai’s growth and development. This progress has been shaped by the leadership’s strategic vision and consistent follow-up across all economic sectors, making Dubai one of the world’s most distinctive commercial hubs. Dubai’s economy has succeeded in creating a growth model that embraces the latest digital technological advancements and global trends, while preserving its unique characteristics built over time. With a blend of local and global elements, Dubai’s economy is now poised to shape the future, inspiring greater confidence among investors, talents, and innovators seeking a business environment defined by flexibility, dynamism, and reliability.” Younus Al Nasser, Chief Executive, Dubai Data and Statistics Establishment, said, “The new data on economic growth in the first nine months of 2024 marks a significant milestone in Dubai’s economic journey, opening the door to further successes. This growth has been driven by the leadership’s vision and the investment-friendly environment that Dubai has fostered over the years. These figures offer valuable insights for analysis and forecasting, enabling decision-makers to anticipate future changes across all sectors and make informed decisions to maximise success.” Hadi Badri, CEO of Dubai Economic Development Corporation (DEDC), the economic development arm of DET, said, “By fostering strategic investments, enhancing public-private partnerships, and streamlining business processes, Dubai continues to redefine benchmarks for economic progress. The exceptional growth across vital sectors-including transportation and storage, ICT, accommodation and food services, and manufacturing-demonstrates the depth and diversity of Dubai’s economy.”

“The transportation and storage sector alone represented a fifth of total growth. Similarly, sectors such as ICT, manufacturing, and accommodation have recorded significant gains, reinforcing Dubai’s position as a hub for innovation, commerce, and talent. This sustained performance reflects a unified commitment to bolstering economic stability and positioning Dubai as a premier destination for global investors, entrepreneurs, and innovators. As we advance our efforts under the Dubai Economic Agenda D33, we remain dedicated to facilitating ease of business, attracting strategic investments, and creating an environment that inspires growth. Dubai is not just a business hub; it is a platform for innovation and a gateway to global opportunity, enabling businesses and entrepreneurs to thrive in an ever-evolving economic landscape.” The transportation and storage sector reached Dhs42.135 billion during the first nine months of 2024, achieving a growth rate of 5.3 per cent. It represented 12.4 per cent of the emirate’s GDP and contributing to the achieved growth by 20.8 per cent of the total growth achievement.

This sector encompasses all activities related to land transport of individuals and goods, water transport, handling and storage, mail services, air transport of individuals and goods, and supporting activities. Among these, air transport was the largest contributor to the sector due to the volume of its production. Its performance was driven by the increase in demand for the services of national carriers in 2024.

This sector increased its contribution to the emirate’s GDP, accounting for 4.7 per cent in the first nine months of 2024, compared to 4.6 per cent in the same period in 2023. It achieved a growth of 4.1 per cent, reaching a value of Dhs15.863 billion, contributing 6 per cent to overall growth. The sector’s exceptional performance reflects the leadership’s vision to position 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 emirate’s economic productivity through digital solutions.

This sector achieved a growth of 3.7 per cent, reaching a value of Dhs11.538 billion, while it accounted for 3.4 per cent of the GDP, and drove 4.1 per cent of overall growth. The sector’s growth reflects the effective collaboration between 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 tourist destination. These efforts have also helped propel the emirate toward its ambitious goal of becoming the most attractive city for international visitors worldwide.

This sector’s value increased to Dhs11.203 billion in the first three quarters of 2024, compared to Dhs10.883 billion in the same period last year. It recorded a growth of 2.9 per cent, contributing 3.3 per cent to the GDP and contributing to the achieved growth by 3.1 per cent of the total growth achievement.

The manufacturing sector recorded a growth of 2.3 per cent, bringing its total value to Dhs28.338 billion in the first nine months of 2024 compared to Dhs27.699 billion during the same period in 2023. The sector contributed 8.4 per cent to the emirate’s GDP, and 6.2 per cent to the growth achieved by the emirate.

The financial and insurance activities sector grew by 4.5 per cent in the first nine months of 2024 compared to the same period in 2023, reaching Dhs39.439 billion. Its contribution to Dubai’s GDP rose to 11.6 per cent, driving 16.6 per cent of overall growth.

The wholesale and retail trade sector was the largest in terms of value, reaching Dhs83.12 billion. This sector achieved a growth of 2.9 per cent in the first nine months of 2024 compared to the same period in 2023, when its value stood at Dhs80.803 billion. It contributed 24.5 per cent to the GDP, and drove 22.6 per cent of overall growth.

Trade plays a significant role across various activities, encompassing some of the largest companies in the country and region. Its scope is broad, covering a wide range of goods, including final consumer goods, intermediate goods, and capital goods.

The real estate activities sector grew by 3.6 per cent in the first nine months of 2024, with a total value of Dhs27.288 billion. The sector contributed 8 per cent to the emirate’s GDP and drove 9.2 per cent of the total achievement growth.

Other sectors experienced varying growth rates, with the construction sector growing by 2.2 per cent and contributing 6.5 per cent to Dubai’s GDP, while driving 4.6 per cent of overall economic growth. All other sectors recorded an average growth rate of 1.2 per cent.

WAM