Dubai GDP grows by 3.1% in first nine months last year

Emirate’s economy reaches Dh339.4 billion, driven by several sectors

The Dubai skyline. Dubai's economy grew 3.1 per cent last year, driven by sectors like wholesale trade, transport and finance, supporting D33 goals. AFP

Dubai's economy grew by 3.1 per cent in the first nine months of last year, compared to the same period in 2023, reaching Dh339.4 billion, with growth largely driven by strides in several sectors.

The wholesale and retail trade sector reached Dh83.12 billion in the first three quarters of last year, a growth rate of 2.9 per cent. The transport and storage sector grew by 5.3 per cent to reach Dh42.135 billion, while the financial and insurance activities sector increased by 4.5 per cent to reach Dh39.439.

Among other sectors in Dubai's economy, information and communications rose by 4.1 per cent while accommodation and food services grew by 3.7 per cent. The manufacturing sector rose by 2.3 per cent.

“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,” said Helal Almarri, director general of the Dubai Department of Economy and Tourism (DET).

As part of D33, which was launched in 2023, Dubai is looking to establish itself as one of the top three global cities over the next decade and double the size of its economy by 2033.

To achieve this, Dubai is aiming to create a globally competitive business environment and reduce business costs, while also strengthening its position as an attractive business hub.

“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,” Mr Almarri said. “As we look to the future, we invite global partners, innovators, and business leaders to join us in shaping this extraordinary journey.”

Among the other sectors contributing to the emirate's GDP was information and communications, which accounted for 4.7 per cent of Dubai's economy for the first nine months of last year, a 1 per cent increase from the same period in 2023. The sector achieved a growth of 4.1 per cent and reached a value of Dh15.863 billion.

Accommodation and food services grew by 3.7 per cent. Electricity, gas, water and waste management grew by 2.9 per cent.

Meanwhile, the manufacturing sector recorded a growth of 2.3 per cent and the real estate sector grew by 3.6 per cent during the first nine months of last year.