Dubai GDP grows by 3.1% in first nine months last year
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.
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How it benefits you: Reduced Costs & Red Tape: Expect new tax incentives (including potential longer tax holidays and lower corporate tax rates for eligible businesses in strategic sectors like technology and green energy), simplified licensing systems, and digital portals for faster registration and reduced setup fees. This lowers the barrier to entry and ongoing operational costs. Access to Funding: Programs like Dubai Next (a crowdfunding platform by Dubai SME) and various government grants, low-interest loans, and venture capital support are in place. The "Dubai International Growth Initiative" further allocates AED 500 million to accelerate the global expansion of Dubai-established SMEs by facilitating access to new markets. Digital Empowerment: The Dubai Traders Project , in partnership with e-commerce giants like Amazon and Noon, offers onboarding incentives, enhanced visibility, and comprehensive training for SMEs to effectively compete and thrive in the online marketplace. 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This could involve using renewable energy, reducing waste, or sourcing sustainable materials. Leverage SME Support: Actively engage with Dubai SME and other government entities. Their programs are specifically designed to provide the financial, advisory, and market access support you need to scale. Don't hesitate to inquire about grants, training workshops, or export assistance. Actively engage with and other government entities. Their programs are specifically designed to provide the financial, advisory, and market access support you need to scale. Don't hesitate to inquire about grants, training workshops, or export assistance. Invest in Your Workforce: Align with Dubai's push for a highly skilled talent pool by investing in training, upskilling your employees, and creating attractive environments for top professionals. This includes tapping into programs that support Emiratisation and developing specialised skills needed for future industries. Align with Dubai's push for a highly skilled talent pool by investing in training, upskilling your employees, and creating attractive environments for top professionals. This includes tapping into programs that support Emiratisation and developing specialised skills needed for future industries. Stay Informed: Regularly check official government sources like the UAE Government portal ( Dubai Media Office ( and Dubai Department of Economy and Tourism ( for the latest updates on D33 initiatives and regulations. Attending official webinars or events related to D33 can also provide invaluable insights. The Dubai Economic Agenda D33 is a powerful testament to the emirate's vision for a prosperous and innovative future. By understanding its pillars, leveraging its transformative projects, and strategically aligning your business, you can unlock unprecedented opportunities for growth and contribute to Dubai's ascent as a global economic powerhouse. 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