Dubai's GDP reaches AED339 bn in first nine months of 2024

Dubai's Gross Domestic Product (GDP) grew by 3.1 per cent in the first nine months of 2024, compared to the same period in 2023, reaching AED 339.4 billion.

The wholesale and retail trade sector, the largest in terms of value, reached AED83.12 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 AED42.135 billion, while the financial and insurance activities sector grew by 4.5 per cent to reach AED39.439 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 per cent, while the manufacturing sector grew by 2.3 per cent.

The Director-General of the Dubai Department of Economy and Tourism (DET), stated, Helal Saeed Almarri, “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 H.H. 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.

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.”