The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, who also serves as the UAE’s Deputy Prime Minister and Minister of Defense, announced that the Dubai GDP Growth rose by 3.3% annually, reaching Dh116 billion in the second quarter of 2024.
Sheikh Hamdan stated that Dubai’s economic performance aligns with the ambitious goals set for sustainable development and reflects the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the UAE’s Vice President and Prime Minister, as well as the Ruler of Dubai.
To achieve the objectives outlined in the Dubai 2033 Plan, particularly the Dubai Economic Agenda D33 and the Dubai Social Agenda 2033, which aim to enhance the emirate’s reputation as a global model for well-being and Dubai sustainable economic growth 2040, Sheikh Hamdan emphasized the importance of teamwork and coordinated efforts.
He reiterated that robust economic Dubai GDP Growth is in line with Sheikh Mohammed bin Rashid Al Maktoum’s vision of making Dubai a significant global economic hub.
Sheikh Hamdan remarked, “We will continue our ambitious journey, building on every success to reach new heights. Dubai today is more than just a success story; it serves as an inspiring model for progress, where the aspirations and efforts of its people drive a future filled with opportunities.”
A Testament to Visionary Leadership
Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), noted that remarkable Dubai GDP Growth in the first half of 2024 is a testament to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the guidance of Sheikh Hamdan bin Mohammed. Key industries that are essential to the Dubai Economic Agenda D33 logistics, technology, and tourism—have been particularly responsible for this Dubai GDP Growth
“These sectors highlight our city’s capacity to utilize strategic foresight, innovation, and collaboration to cultivate a resilient and sustainable economy. The D33 strategy is already yielding positive results, reinforcing Dubai’s status as a global economic leader, attracting investment, and creating an environment conducive to entrepreneurship and talent,” Almarri added.
“As we move forward, we will continue to prioritize innovation, embrace future technologies, and foster an inclusive, thriving business landscape that supports our long-term goal of doubling Dubai’s economy over the next decade, while maintaining our commitment to global competitiveness and sustainable development,” he said.
Comprehensive Development
According to Hamad Obaid Al Mansoori, Director General of Digital Dubai, the second quarter statistics for 2024 represent a brand-new and optimistic chapter in Dubai’s history because of the city’s thriving community, investment-attracting economy, and use of cutting-edge digital technologies by the government to improve the lives of its citizens. The wise leadership that is committed to making Dubai a global capital and a role model for other cities by creating the conditions for success, prosperity, and sustainable growth is supporting this progress.
“The economic development we observe today across various sectors results from collaboration among Dubai’s diverse industries, with achievements stemming from the collective success of both government and private institutions. All stakeholders benefit from advanced infrastructure, conducive legislative frameworks, healthy competition, and government excellence that pave the way for ambitious digital transformations,” he noted.
Accurate Data
Younus Al Nasser, CEO of the Dubai Data and Statistics Establishment, highlighted the crucial role of digital data in shaping new economic dynamics. He claimed that real-time statistical analysis supports accurate forecasting and strategic planning, maximizing favorable outcomes.
“The true value of our economic data lies in its ability to provide a precise understanding of each sector’s contribution to comprehensive development. This is essential for decision-makers as they plan and strategize for the future, driving successes that align with our overarching goals, including positioning Dubai as a global hub for the new economy, grounded in sustainable development, digitization, and smart city solutions,” Al Nasser emphasised.
Exceptional Economic Dubai GDP Growth
Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC), stated, “Under Dubai’s visionary leadership, our exceptional economic growth in 2024 stands out globally, overcoming challenges and outperforming many markets. As part of the Dubai Economic Agenda D33, coordinated efforts to draw investment, support important sectors, and advance innovation are what have made this success possible. By streamlining business processes, supporting start-ups, and fostering public-private partnerships, Dubai is accelerating sustainable and inclusive growth. As we progress, we remain committed to solidifying our position as a leading global hub for talent, investment, and technological advancement.”
Q2 Economic Performance
Strong performance in several important sectors helped to support the Dubai GDP growth for the second quarter of 2024. The transportation and storage sector saw impressive growth of 7.8%, contributing 13.6% to Dubai GDP Growth and 31.3% to overall growth. The information and communication sector grew by 5.6%, while accommodation and food services increased by 4.7%.
Both the first and second quarters exhibited similar growth rates, contributing to a total GDP of Dh231 billion in the first half of 2024, a 3.2% increase from the same period in 2023.
Sector Highlights
- Manufacturing: Increased by 2.5% to Dh10.6 billion, contributing 7.1% to Q2 growth.
- Utilities: Grew by 2.9% to about Dh4 billion, making up 3.4% of GDP.
- Transportation and Storage: Valued at Dh15.85 billion, up 7.8%, accounting for 31.3% of growth.
- Financial Services: Increased to Dh13.16 billion, a growth rate of 4.6%.
- Wholesale and Retail: Valued at Dh28.68 billion, driving growth by 17% and contributing 24.7% to GDP.
- Accommodation and Food Services: Grew by 4.7%, contributing 3.3% to GDP.
Additionally, Dubai welcomed 9.3 million foreign visitors in the first half of 2024, a 9% increase from the previous year, reflecting strong public-private collaboration and enhancing its appeal as a top travel destination.
Additional Sector Performance
- Information and Communication: Grew at 5.6%, reaching Dh5.13 billion.
- Real Estate: Increased by 2.6%, contributing 6.9% to growth.
Overall, while some sectors experienced modest Dubai GDP Growth, the collective performance demonstrates Dubai’s resilience and commitment to sustained economic development.