Dubai’s economy grew by 3.1% in the first nine months of 2024, reaching $92.4 billion

Dubai’s economy grew by 3.1% in the first nine months of 2024, reaching $92.4 billion

Dubai’s economy grew by 3.1% in the first nine months of 2024, reaching $92.4 billion (AED 339.4 billion). This growth was mainly due to strong performance in important industries, according to the state-owned Emirates News Agency (WAM).

Economic Growth

The wholesale and retail trade sector, the biggest by value, grew by 2.9% to $22.6 billion (AED 83.1 billion) from January to September 2024. It made up 24.5% of the total economy (GDP).

The transportation and storage sector grew by 5.3%, reaching $11.5 billion (AED 42.1 billion), making up 12.4% of Dubai’s GDP. This sector includes land and water transport, cargo handling, storage, mail services, and air transport. Air transport contributed the most due to high production.

The financial and insurance sector grew by 4.5% to $10.7 billion (AED 39.4 billion), increasing its share of GDP to 11.6%.

The manufacturing sector grew by 2.3%, reaching $7.7 billion (AED 28.3 billion) in the first nine months of 2024. It contributed 8.4% to GDP.

The real estate sector expanded by 3.6% during the same period, reaching $7.4 billion (AED 27.2 billion), making up 8% of GDP.

Other sectors also grew:

• Information and communications: 4.1% growth
• Accommodation and food services: 3.7% growth

Key Statement

Helal Saeed Almarri, Director-General of Dubai’s Department of Economy and Tourism, said, “Dubai’s strong economic performance in early 2024 shows the city’s resilience, focus on innovation, and commitment to its ambitious growth plans under the Dubai Economic Agenda D33.”

UAE Economy

The UAE economy is expected to grow by 4% in 2024, driven by strong performance in non-oil industries. Growth is expected to rise to 4.5% in 2025 and 5.5% in 2026 as the country reduces its dependence on oil.

Non-oil industries are expected to grow by 4.9% in 2024 and 5% in 2025.

Recent data showed that the UAE’s economy grew by 3.4% in the first quarter of 2024, reaching $117.1 billion (AED 430 billion), mostly due to non-oil sectors.

Published: 7th February 2025

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