The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the UAE’s Deputy Prime Minister and Minister of Defense, and the Chairman of the Executive Council of Dubai, declared that the emirate’s GDP increased 3.3% annually to Dh116 billion in the second quarter of 2024.
According to the Crown Prince, Dubai’s economic performance is in line with the lofty objectives set by His Highness 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.
In order to accomplish the goals set forth in the Dubai 2033 Plan, specifically the Dubai Economic Agenda D33 and the Dubai Social Agenda 2033, which seek to improve the emirate’s standing as a global model for well-being and sustainable economic growth and strengthen its position as a hub for international investment and business, Sheikh Hamdan emphasized the significance of harmonious teamwork and coordinated efforts.
Sheikh Hamdan reiterated that Dubai’s strong economic expansion is consistent with His Highness Sheikh Mohammed bin Rashid Al Maktoum’s goal of establishing Dubai as a major global economic hub.
Sheikh Hamdan further said: “We will continue our ambitious journey, building on every success to reach new heights. Dubai today is more than a success story; it is an inspiring model for progress, where people’s aspirations and efforts shape a future filled with opportunity.”
A testament to visionary leadership
Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), commented: “Dubai’s exceptional GDP growth in the first half of 2024 stands as a testament to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the direction of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai. This growth has been fueled particularly by key sectors—logistics, technology, and tourism—which are at the core of the Dubai Economic Agenda D33.
“These sectors underscore our city’s ability to leverage strategic foresight, innovation, and cross-sector collaboration, to build a resilient and sustainable economy. The D33 strategy is already bearing fruit, consolidating Dubai’s position as a global economic leader, attracting investment, and fostering an ecosystem ripe for entrepreneurship and talent.”
“As we move forward, our focus will continue to be on accelerating innovation, embracing future technologies, and creating an inclusive, thriving business environment that aligns with our long-term goal of doubling Dubai’s economy over the next decade and the unwavering commitment to global competitiveness and sustainable development,” Almarri said.
Comprehensive development
Meanwhile, Hamad Obaid Al Mansoori, Director General of Digital Dubai, stated: “The second-quarter statistics of 2024 signal a new and promising chapter in Dubai’s journey, one driven by a dynamic economy that attracts investment, a thriving community, and a government that is leveraging the latest digital technologies to improve the lives of its citizens. This progress is underpinned by a wise leadership committed to making Dubai a global capital and an inspiring model for future cities that offers its people all the conditions needed for success, prosperity, and sustainable growth.
“The economic development we see today across various sectors is the result of the spirit of collaboration between Dubai’s diverse industries, with achievements driven by the collective success of both government and private institutions. Everyone benefits from advanced infrastructure, legislative frameworks, positive competition, and government excellence that paves the way for the future through ambitious digital transformations.”
Accurate data
The CEO of the Dubai Data and Statistics Establishment, Younus Al Nasser, emphasized the critical role that digital data plays in forming new economic dynamics. According to him, precise forecasting and strategic planning are supported by real-time statistical analysis, which maximizes favorable results.
Al Nasser stated, “The true value of our economic data lies in its ability to provide an accurate picture of each sector’s contribution to comprehensive development. This is crucial for decision-makers in every organisation as they plan and strategise for the future, driving successes aligned with our overarching goals. These goals include positioning Dubai as a global hub for the new economy, grounded in sustainable development, digitisation, smart city solutions, and optimising the use of data as a key resource.”
Exceptional economic growth
Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC), the economic development arm of the Dubai Department of Economy and Tourism (DET), said: “Under the visionary leadership of Dubai, our exceptional economic growth in 2024 stands out globally, overcoming economic headwinds and outperforming many markets. This success is driven by coordinated efforts to attract investment, foster key sectors and advance innovation as part of the Dubai Economic Agenda D33. By streamlining processes for businesses, nurturing start-ups, and forging 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
The improved performance of a number of crucial sectors within the emirate’s economic structure led to the GDP growth in the second quarter of 2024. In comparison to Q2 2023, the transportation and storage sector grew by an impressive 7.8%, accounting for 13.6% of Dubai’s GDP and 31.3% of overall growth. When compared to the same period last year, the information and communication sector grew at a rate of 5.6%. The industry for lodging and food service operations grew at a rate of 4.7%.
The performance of the second and first quarters was nearly identical, resulting in comparable growth rates for the first half of the year. With consistent growth in the majority of sectors, the second-quarter growth in H1 2024 brought the total GDP to Dh231 billion, a 3.2% growth rate from the first half of 2023.
Manufacturing
Compared to Dh10.34 billion in the same period last year, the manufacturing sector’s total value increased by 2.5% to Dh10.6 billion in the second quarter of this year. It made up 7.1 percent of the growth attained in the second quarter and 9.1 percent of the emirate’s GDP.
Electricity, gas, water and waste management
The value of the waste management, gas, water, and electricity operations increased by 2.9% to about Dh4 billion in Q2 of this year from Dh3.88 billion in the same period last year. It made up 3.4% of the emirate’s GDP and 3.1% of the growth that was attained in the second quarter.
Transportation and storage
In Q2 of this year, the transportation and storage sector generated a total value of Dh15.85 billion, representing a 7.8% increase over the same period the previous year. It made up 31.3 percent of the growth attained and 13.6% of the emirate’s GDP.
Postal services, air transportation, handling and storage, land and water transportation, and supporting activities are all included in this sector. With passenger numbers increasing by 4.5% in Q2 of this year compared to the same period in 2023, air travel is a major contributor to this sector and is positively impacted by the increased demand for services from national carriers.
Financial and insurance activities
This sector’s value increased to Dh13.16 billion from Dh12.58 billion during the same period last year, representing a growth rate of 4.6%. It increased to 11.3 percent of Dubai’s GDP, propelling growth by 15.6%. In comparison to the same period last year, average bank credit volume grew by 8.2% in the second quarter, while average contributions increased by 13.3%, according to Central Bank data.
Wholesale and retail
With a value of Dh28.68 billion, up 2.2% from the same period last year when it was valued at Dh28.06 billion, this sector leads in terms of value, driving growth by 17% and contributing 24.7% to the GDP. Since trade involves some of the biggest businesses in the nation and the region, it has a big influence on a lot of different activities. The businesses in this industry deal with a variety of products, such as capital goods, intermediate goods, and end-user goods.
Accommodation and food services
By reaching a value of Dh3.54 billion, this sector grew by 4.7%, adding 3.3% to GDP and 4.3% to growth.
According to data from the Dubai Department of Economy and Tourism, the emirate received 9.3 million foreign visitors in H1 2024, up 9% from the same period in 2023. This expansion is a result of the public-private sector’s strong cooperation as well as local and international partnerships, which have greatly enhanced Dubai’s reputation as a top travel destination and advanced the city’s ambition to become the greatest place in the world to visit, live, and work.
Information and communication
In the second quarter, this sector continued to contribute 4.4% of Dubai’s GDP. Nevertheless, it grew at a rate of 5.6%, reaching Dh5.13 billion and contributing to a 7.4% growth. The sector’s outstanding performance is in line with the Dubai Economic Agenda D33, which seeks to increase the emirate’s economic productivity through digital solutions, and HH Sheikh Mohammed bin Rashid’s vision to establish Dubai as a major hub for the economy of the future, bolstered by emerging technologies.
Real estate
During the second quarter of 2024, the real estate sector grew by 2.6%, contributing 6.9% to growth and representing 8.7% of Dubai’s GDP, which was valued at Dh10.15 billion. Real estate sales rose 38% year over year, according to data from the Dubai Land Department.
In addition to important sectors, other sectors experienced varying rates of growth. While other sectors saw growth of 0.8%, the construction industry saw growth of 1.8%.
