Dubai’s GDP grows 3.3% YoY in Q2

Dubai’s GDP for the second quarter of 2024 rose 3.3 per cent year-on-year (YoY) to AED116 billion, contributing to a total of AED231 billion in the first half of 2024, a 3.2 per cent increase from 2023.

Key sectors driving growth included transportation and storage, up 7.8 per cent to AED15.85 billion, contributing 13.6 per cent to GDP.

Financial and insurance activities grew by 4.6 per cent, reaching AED13.16 billion, while wholesale and retail trade expanded 2.2 per cent to AED28.68 billion, contributing 24.7 per cent to GDP.

The accommodation and food services sector grew 4.7 per cent, boosted by 9.3 million international visitors in H1 2024, a 9 per cent increase from the previous year.

Real estate rose 2.6 per cent, with sales up 38 per cent, and manufacturing grew by 2.5 per cent.

These results reflect Dubai’s continued economic resilience and alignment with the Dubai Economic Agenda D33, positioning the Emirates as a global hub for investment and sustainable growth.