Dubai’s real gross domestic product (GDP) surged 3.3% during the first three quarters of 2023. Key sectors contributing to this growth include accommodation and food services activities, witnessing a remarkable 11.1% surge, reinforcing Dubai’s global tourism leadership. Transportation and storage services also recorded a significant growth of 10.9%, emphasising the emirate’s role as a major international logistics hub.
The information and communications sector exhibited a 4.4% increase, highlighting Dubai’s commitment to embracing cutting-edge technologies and fostering a knowledge economy. These positive trends across diverse sectors showcase Dubai’s economic stability and adaptability.
Reflecting on the economic data, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, praised Dubai’s sustained economic attractiveness.
“This success is the result of the harmonious collaboration between all of Dubai’s economic stakeholders, including its public and private sectors,” said Sheikh Hamdan bin Mohammed. “It is also a reflection of Dubai’s favourable economic climate, robust world-class infrastructure, pro-business regulations and deep talent pool, which together consistently draw in a diverse array of investors and entrepreneurs from all corners of the globe.”
He emphasised that these growth figures align with the ambitious goals of the Dubai Economic Agenda D33, aiming to double the city’s economic growth and make it one of the world’s top three urban economies by 2033.
The economic data from the first nine months of 2023, released by the Dubai Data and Statistics Establishment, indicates a 4% growth in real estate, a 2.7% increase in financial and insurance activities, and a 2.6% expansion in the education sector. Other sectors, including manufacturing, electricity, water, waste management, professional services, construction, and wholesale and retail trade, also showed positive growth.
“Together, we are working within a unified framework to realise the objectives of the Dubai Economic Agenda D33,” said Helal Saeed Al Marri, Director-General of Dubai’s Department of Economy and Tourism. “Our focus is not only on maintaining the current momentum but also on further strengthening an environment that enables businesses to thrive.”
