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.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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