Dubai reports ‘exceptional’ quarterly GDP growth

Dubai GDP Growth

Dubai’s gross domestic product (GDP) surged by 3.3% year-on-year (YoY) in the second quarter of 2024, driven by robust growth in its real estate, tourism, and hospitality sectors.

Economic Output and Sector Contributions

The emirate’s economic output reached AED116bn (US$31.6bn) during the period, with the accommodation and food services sector contributing AED3.54 billion, or 3% of GDP. This marks a 4.7% increase on the sector’s contribution a year earlier. Dubai’s real estate sector accounted for 8.7% of GDP in the second quarter with a total value of AED10.15 billion, up 2.6% YoY.

According to official data published by the Dubai Land Department (DLD), real estate sales increased by 38% YoY during the period under review.

Key Economic Drivers

Commenting on the results, HE Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), said: "Dubai’s exceptional GDP growth… has been fuelled particularly by key sectors [including] logistics, technology, and tourism, which are at the core of the Dubai Economic Agenda D33. These sectors underscore our city’s ability to leverage strategic foresight, innovation, and cross-sector collaboration, to build a resilient and sustainable economy. The D33 strategy is already bearing fruit, consolidating Dubai’s position as a global economic leader, attracting investment, and fostering an ecosystem ripe for entrepreneurship and talent.”

Sectoral Highlights

Other industries contributing to Dubai’s record-breaking GDP performance included the information and communication sector, which experienced 5.6% YoY growth; the transportation and storage sector (+7.8% YoY); and the financial and insurance sector, which recorded a growth rate of 4.6% YoY.

Tourism Performance

Dubai’s tourism sector continues to impress, with the city welcoming 9.3 million international visitors in the first half of 2024, a 9% increase from the same period in 2023.

This builds on its record-breaking performance in 2023, when the city welcomed 17.15 million visitors. With momentum on its side, Dubai is well-placed to surpass this total in 2024.

Leadership Vision

Announcing the results, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, said: “We will continue our ambitious journey, building on every success to reach new heights. Dubai today is more than a success story; it is an inspiring model for progress, where people’s aspirations and efforts shape a future filled with opportunity.”