His Highness 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, announced that the emirate's GDP in the second quarter of 2024grew 3.3% year-on-year to reach AED116 billion.

The Crown Prince said Dubai's economic performance reflects the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, and aligns with the ambitious goals set by His Highness for sustainable development.

HH Sheikh Hamdan emphasised the importance of cohesive teamwork and concerted efforts to achieve the targets outlined in the Dubai 2033 Plan, particularly the Dubai Economic Agenda D33 and the Dubai Social Agenda 2033, which aim toraisethe emirate’s status as a global model for well-being and sustainable economic growthand enhance its role as an international investment and business hub.

His Highness reaffirmed that Dubai's robust economic growth aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to place Dubai at the forefront of global economic centres.

His Highness further 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.”

A testament to visionary leadership

His Excellency Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), commented: "Dubai’s exceptional GDP growth in the first half of 2024 stands as a testament to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the direction of His Highness 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. This growth has been fueled particularly by key sectors—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.”

“As we move forward, our focus will continue to be on accelerating innovation, embracing future technologies, and creating an inclusive, thriving business environment that aligns with our long-term goal of doubling Dubai's economy over the next decade and the unwavering commitment to global competitiveness and sustainable development," Almarri said.

Comprehensive development

Meanwhile, His Excellency Hamad Obaid Al Mansoori, Director General of Digital Dubai, stated: "The second-quarter statistics of 2024 signal a new and promising chapter in Dubai's journey, one driven by a dynamic economy that attracts investment, a thriving community, and a government that is leveraging the latest digital technologies to improve the lives of its citizens. This progress is underpinned by a wise leadership committed to making Dubai a global capital and an inspiring model for future cities that offers its people all the conditions needed for success, prosperity, and sustainable growth. The economic development we see today across various sectors is the result of the spirit of collaboration between Dubai’s diverse industries, with achievements driven by the collective success of both government and private institutions. Everyone benefits from advanced infrastructure, legislative frameworks, positive competition, and government excellence that paves the way for the future through ambitious digital transformations."

Accurate data

His Excellency Younus Al Nasser, CEO of the Dubai Data and Statistics Establishment, highlighted the pivotal role of digital data in shaping new economic dynamics. He said that real-time statistical analysis supports accurate forecasting and strategic planning, enabling the maximisation of positive outcomes.

Al Nasser stated, “The true value of our economic data lies in its ability to provide an accurate picture of each sector’s contribution to comprehensive development. This is crucial for decision-makers in every organisation as they plan and strategise for the future, driving successes aligned with our overarching goals. These goals include positioning Dubai as a global hub for the new economy, grounded in sustainable development, digitisation, smart city solutions, and optimising the use of data as a key resource.”

Exceptional economic growth

Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC), the economic development arm of the Dubai Department of Economy and Tourism (DET), said: "Under the visionary leadership of Dubai, our exceptional economic growth in 2024 stands out globally, overcoming economic headwinds and outperforming many markets. This success is driven by coordinated efforts to attract investment, foster key sectors and advance innovation as part of the Dubai Economic Agenda D33. By streamlining processes for businesses, nurturing start-ups, and forging public-private partnerships, Dubai is accelerating sustainable and inclusive growth. As we progress, we remain committed to solidifying our position as a leading global hub for talent, investment, and technological advancement."

Q2 economic performance

The GDP growth in the second quarter of 2024 resulted from the enhanced performance of several vital sectors within the emirate's economic framework. The transportation and storage sector experienced remarkable growth of 7.8% compared to Q2 2023, contributing 13.6% to Dubai's GDP and 31.3% to overall growth. The information and communication sector recorded a growth rate of 5.6% compared to the same period last year. The accommodation and food service activities sector achieved a growth rate of 4.7%.

The second quarter performance closely matched that of the first, yielding similar growth rates for both quarters in the first half of the year. Second-quarter growth brought the total GDPin H1 2024 to AED231 billion, a 3.2% growth rate from the first half of 2023, reflecting steady growth across most sectors.

Manufacturing

The manufacturing sector recorded a growth rate of 2.5%, bringing its total value to AED10.6 billion in Q2 this year compared to AED10.34 billion in the same period last year. It contributed 9.1% to the emirate's GDP, and 7% to the growth achieved in the second quarter.

Electricity, gas, water and waste management

The value of the electricity, gas, water, and waste management activities reached approximately AED4 billion in Q2 this year compared to AED3.88 billion during the same period last year, achieving a growth rate of 2.9%. It contributed 3.4% to the emirate’s GDP and 3.1% to growth achieved in Q2.