Dubai GDP grows 3.1% to 339.3 billion dirhams in 9 months

Dubai achieved a growth of 3.1% during the first nine months of 2024, compared to the same period last year, as GDP reached 339.371 billion dirhams.

This new achievement and remarkable growth in GDP comes during the first nine months of 2024, as a result of progress in the performance of various vital sectors within the emirate’s economy system.

An exceptional performance

The Director General of the Department of Economy and Tourism in Dubai, Hilal Saeed Al -Marri, stressed that thanks to the ambitious vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God bless him, and the good directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Deputy Prime Minister and Minister of Defense and Chairman of the Executive Council of the Emirate of Dubai, the emirate witnessed remarkable progress in many sectors, including logistical services, technology, and tourism.

He added, “The logistical services contributed to strengthening the role of Dubai as a global commercial center, while technology helped stimulate innovation in an unprecedented way, while the tourism sector continued its brilliance and momentum and set new standards globally, and contributed to sustainable growth.”

He continued: «The exceptional economic performance achieved by Dubai, during the first nine months of 2024, reflects the flexibility and its strategic vision, and its commitment to growth based on innovation and its ability to implement strategic plans within the framework of the Dubai Economic Agency D33».

He stressed that Dubai’s firm commitment to achieving sustainable growth constitutes a standard for global competitiveness, and enhances its position as a prominent center of economies that look forward to the future.

New chapter

For his part, the Director General of Dubai Digital, Hamad Obaid Al -Mansouri, said: “The economic performance numbers light for the first nine months of 2024, on a new chapter within the march of growth and development, whose features have established wise leadership through strategic visions and directions, and through the relentless follow -up The tirelessness in all economic paths, which made the economic scene in Dubai a unique and distinct situation referred to in Lebanon in the world.

He added: “Dubai’s economy has succeeded in providing a model based on openness to the latest digital technological developments and global trends, while maintaining its privacy that it has accumulated through the historical stages, and with this mix of local and global characteristics, Dubai’s economy enters the stage of making the future, giving more confidence to investors and owners Talents and innovators looking for a business environment that is characterized by flexibility, dynamism and reliability.

Future indicators

In the same context, the CEO of the Dubai Data and Statistics Corporation, Younis Al Nasser, said: “The new data on economic growth in the first nine months of 2024 will draw the features The visions of wise leadership, and benefit from the investment attraction environment that has accumulated over the years in Dubai.

He stressed that the importance of these numbers stems from being a rich material for analysis and forensic, in preparation for what the situation will be in the future, which helps decision makers to anticipate the variables in all sectors, and to take decisions and procedures to maximize successes and make developments wherever necessary.

New standards

“Dubai continues to set new standards for global economic progress, by enhancing strategic investments, establishing partnerships between the public and private sectors, and facilitating business procedures, It also highlights the depth and diversity of Dubai’s economy in light of the exceptional growth in its vital sectors, including transportation, storage, communications and information, residence and food services.

He added: «The transport and storage sector alone contributed to the fifth growth of the total growth, as well as sectors such as communications and information, manufacturing and residence are great gains, which strengthened Dubai’s position as a pioneering center for innovation and trade and talent owners.

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Transfer and storage

The volume of the transportation and storage sector reached 42.135 billion dirhams, during the first nine months of 2024, achieving a growth rate of 5.3%compared to 2023, and the percentage of its contribution to the gross domestic product of the emirate is 12.4%, and contributing to the achieved growth by 20.8%. This sector includes all activities that operate in land transport of individuals and goods, water transport activities, handling and storage activities, postal activities, air transport activities for individuals and goods, and support activities.

Wholesale and retail

The wholesale and retail trade sector comes at the forefront of the sectors, in terms of value of 83.120 billion dirhams, with a growth of 2.9% compared to the same period from 2023, and with a contribution rate of 24.5% in the GDP, motivating the growth achieved 22.6%.

The telecommunications sector

The telecommunications and information sector achieved an increase in the percentage of its contribution to the local product of the emirate, as it reached 4.7%, compared to 4.6%during the same period in 2023, and achieved a growth of 4.1%, to reach 15.863 billion dirhams, motivating the achieved growth by 6.0%.

Electricity and water

The value of the electricity, gas and water sector and waste management activities increased, to 11.203 billion dirhams compared to 10.883 billion dirhams during the same period of 2023, with a growth rate of 2.9%, bringing its contribution to the local product to 3.3%, which contributed to the achieved growth 3.1%.

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Real estate activities

The real estate sector achieved a growth of 3.6%, and its contribution to the governorate’s gross domestic product reached 8.0%, with a total value of 27.288 billion dirhams, a contributor to the achieved growth by 9.2%.

The construction sector also achieved a growth of 2.2%, with a contribution rate in GDP of 6.5%.

Manufacturing industries

The manufacturing sector achieved a growth rate of 2.3%, bringing its total value to 28.338 billion dirhams compared to 27.699 billion dirhams during the same period in 2023, and its contribution to the local product of the emirate reached 8.4%, contributing to the growth achieved in the emirate by 6.2%.

Residence and food

This sector was able to achieve a growth rate of 3.7%, to a value of 11.538 billion dirhams, and the rate of its contribution to the local product is 3.4%, and a contribution to the achieved growth by 4.1%, which reflects the effective cooperation between the public and private sectors, as well as local and international partnerships.

Financial activities

The financial activities and insurance sector achieved a growth rate of 4.5%, to be 39.439 billion dirhams, compared to 37.733 billion dirhams during the same period in 2023, and to record its contribution to the local product of the Emirate of Dubai 11.6%, motivating the achieved growth by 16.6%.