– Commerce, Transportation and Storage, and Finance and Insurance coverage emerge because the main sectors driving Dubai’s GDP progress
Helal Almarri: Dubai’s distinctive financial efficiency within the first 9 months of 2024 displays the strategic execution of town’s daring imaginative and prescient embodied by the Dubai Financial Agenda D33
Hamad Obaid Al Mansoori: Dubai’s economic system is now poised to form the long run, inspiring larger confidence amongst traders, abilities, and innovators
Younus Al Nasser: Dubai’s progress has been pushed by the management’s imaginative and prescient and the investment-friendly surroundings that it has fostered over time
Hadi Badri: By fostering strategic investments, enhancing public-private partnerships, and streamlining enterprise processes, Dubai continues to redefine benchmarks for financial progress
Dubai’s economic system continued its sturdy upward progress trajectory, with GDP within the first 9 months of 2024 rising 3.1% from the identical interval in 2023 to achieve AED339.4 billion. The surge highlights vital strides throughout key sectors.
The wholesale and retail commerce sector, the biggest when it comes to worth, reached AED83.12 billion within the first three quarters of 2024, recording a progress of two.9%. The transportation and storage sector noticed a formidable progress of 5.3% to achieve AED42.135 billion, whereas the monetary and insurance coverage actions sector grew by 4.5% to achieve AED39.439 billion. Amongst different key sectors, Data and Communications grew by 4.1%, whereas lodging and meals providers sector registered a progress of three.7 and the manufacturing sector grew by 2.3%.
His Excellency Helal Saeed Almarri, Director Basic of the Dubai Division of Economic system and Tourism (DET), acknowledged: “Dubai’s distinctive financial efficiency within the first 9 months of 2024 displays town’s resilience and dedication to innovation-driven progress, and the strategic execution of town’s daring imaginative and prescient embodied by the Dubai Financial Agenda D33. Guided by the visionary management of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Government Council of Dubai, the emirate has achieved vital developments throughout a large breadth of sectors, together with bellwether industries resembling logistics, expertise, and tourism. Logistics has solidified Dubai’s function as a worldwide commerce hub, whereas expertise is driving unparalleled innovation, and tourism continues to set international benchmarks, collectively fuelling our progress”.
“Because the D33 Agenda enters its third 12 months, it reinforces Dubai’s dedication to making a future-ready economic system by initiatives that advance innovation, prioritise sustainability, and leverage cutting-edge applied sciences. This daring technique strengthens strategic partnerships and positions Dubai to realize its bold objective of doubling the economic system by 2033. Dubai’s unwavering dedication to sustainable progress has not solely enabled it to set a brand new benchmark for international competitiveness but in addition established it because the definitive vacation spot for forward-thinking companies and traders. As we glance to the long run, we invite international companions, innovators, and enterprise leaders to hitch us in shaping this extraordinary journey,” His Excellency added.
His Excellency Hamad Obaid Al Mansoori, Director Basic of Digital Dubai, mentioned: “The financial efficiency within the first 9 months of 2024 represents a significant stage in Dubai’s progress and improvement. This progress has been formed by the management’s strategic imaginative and prescient and constant follow-up throughout all financial sectors, making Dubai one of many world’s most distinctive business hubs. Dubai’s economic system has succeeded in making a progress mannequin that embraces the newest digital technological developments and international tendencies, whereas preserving its distinctive traits constructed over time. With a mix of native and international parts, Dubai’s economic system is now poised to form the long run, inspiring larger confidence amongst traders, abilities, and innovators in search of a enterprise surroundings outlined by flexibility, dynamism, and reliability.”
His Excellency Younus Al Nasser, Chief Government, Dubai Knowledge and Statistics Institution, mentioned: “The brand new knowledge on financial progress within the first 9 months of 2024 marks a major milestone in Dubai’s financial journey, opening the door to additional successes. This progress has been pushed by the management’s imaginative and prescient and the investment-friendly surroundings that Dubai has fostered over time. These figures supply useful insights for evaluation and forecasting, enabling decision-makers to anticipate future modifications throughout all sectors and make knowledgeable selections to maximise success.”
His Excellency Hadi Badri, CEO of Dubai Financial Growth Company (DEDC), the financial improvement arm of DET, mentioned: “By fostering strategic investments, enhancing public-private partnerships, and streamlining enterprise processes, Dubai continues to redefine benchmarks for financial progress. The distinctive progress throughout very important sectors—together with transportation and storage, ICT, lodging and meals providers, and manufacturing—demonstrates the depth and variety of Dubai’s economic system.”
“The transportation and storage sector alone represented a fifth of whole progress. Equally, sectors resembling ICT, manufacturing, and lodging have recorded vital positive aspects, reinforcing Dubai’s place as a hub for innovation, commerce, and expertise. This sustained efficiency displays a unified dedication to bolstering financial stability and positioning Dubai as a premier vacation spot for international traders, entrepreneurs, and innovators. As we advance our efforts below the Dubai Financial Agenda D33, we stay devoted to facilitating ease of enterprise, attracting strategic investments, and creating an surroundings that conjures up progress. Dubai is not only a enterprise hub; it’s a platform for innovation and a gateway to international alternative, enabling companies and entrepreneurs to thrive in an ever-evolving financial panorama.”
Transportation and Storage
The transportation and storage sector reached AED42.135 billion through the first 9 months of 2024, reaching a progress price of 5.3%. It represented 12.4% of the emirate’s GDP and contributing to the achieved progress by 20.8% of the entire progress achievement.
This sector encompasses all actions associated to land transport of people and items, water transport, dealing with and storage, mail providers, air transport of people and items, and supporting actions. Amongst these, air transport was the biggest contributor to the sector because of the quantity of its manufacturing. Its efficiency was pushed by the rise in demand for the providers of nationwide carriers in 2024.
Data and Communications
This sector elevated its contribution to the emirate’s GDP, accounting for 4.7% within the first 9 months of 2024, in comparison with 4.6% in the identical interval in 2023. It achieved a progress of 4.1%, reaching a price of AED15.863 billion, contributing 6% to general progress. The sector’s distinctive efficiency displays the management’s imaginative and prescient to place Dubai as a worldwide chief sooner or later economic system, supported by rising applied sciences. This aligns with the Dubai Financial Agenda D33, which goals to boost the emirate’s financial productiveness by digital options.
Lodging and Meals Companies
This sector achieved a progress of three.7%, reaching a price of AED11.538 billion, whereas it accounted for 3.4% of the GDP, and drove 4.1% of general progress. The sector’s progress displays the efficient collaboration between private and non-private sectors, in addition to native and worldwide partnerships, which have performed a major function in strengthening Dubai’s place as a number one international vacationer vacation spot. These efforts have additionally helped propel the emirate towards its bold objective of turning into probably the most engaging metropolis for worldwide guests worldwide.
Electrical energy, fuel, water, and waste administration
This sector’s worth elevated to AED11.203 billion within the first three quarters of 2024, in comparison with AED10.883 billion in the identical interval final 12 months. It recorded a progress of two.9%, contributing 3.3% to the GDP and contributing to the achieved progress by 3.1% of the entire progress achievement.
Manufacturing
The manufacturing sector recorded a progress of two.3%, bringing its whole worth to AED28.338 billion within the first 9 months of 2024 in comparison with AED27.699 billion throughout the identical interval in 2023. The sector contributed 8.4% to the emirate’s GDP, and 6.2% to the expansion achieved by the emirate.
Finance and Insurance coverage
The monetary and insurance coverage actions sector grew by 4.5% within the first 9 months of 2024 in comparison with the identical interval in 2023, reaching AED39.439 billion. Its contribution to Dubai’s GDP rose to 11.6%, driving 16.6% of general progress.
Wholesale and Retail Commerce
The wholesale and retail commerce sector was the biggest when it comes to worth, reaching AED83.12 billion. This sector achieved a progress of two.9% within the first 9 months of 2024 in comparison with the identical interval in 2023, when its worth stood at AED80.803 billion. It contributed 24.5% to the GDP, and drove 22.6% of general progress. Commerce performs a major function throughout varied actions, encompassing a number of the largest firms within the nation and area. Its scope is broad, overlaying a variety of products, together with ultimate client items, intermediate items, and capital items.
Actual Property
The actual property actions sector grew by 3.6% within the first 9 months of 2024, with a complete worth of AED27.288 billion. The sector contributed 8% to the emirate’s GDP and drove 9.2% of the entire achievement progress.
Different sectors skilled various progress charges, with the development sector rising by 2.2% and contributing 6.5% to Dubai’s GDP, whereas driving 4.6% of general financial progress. All different sectors recorded a mean progress price of 1.2%.
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