With a growth of 3.2% in H1 2023, compared to the same period last year, Dubai's economy's total value has reached AED 223.8 billion ($61 billion).
The emirate’s positive economic performance was driven by remarkable growth in sectors such as transportation, wholesale and retail trade, financial and insurance, accommodation and food services, real estate, information and communication, and manufacturing.
These sectors collectively contributed to approximately 93.9 percent of H1 growth, with the transportation and storage sector leading with 42.8 percent, followed by trade at 12.9 percent, and the financial and insurance activities sector at 9.9 percent, according to figures released by the Dubai Data and Statistics Establishment.
The performance was driven by a 3.6 percent growth in real GDP in Q2 2023.
“This rapid economic growth is a natural outcome of the forward-looking vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to invest in people and create the conditions to ensure continuous development of Dubai’s investment environment,” Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said.
“The economic expansion is consistent with the goals of the Dubai Economic Agenda D33 to double GDP growth over the next decade and consolidate the emirate’s position as one of the world’s top three urban economies,” he added.
Helal Saeed Almarri, Director General of Dubai’s Department of Economy and Tourism, commented: “We are committed to the acceleration of all projects under D33 and the crystallization of these critical economic levers, so we can continue to build the enabling ecosystem and regulatory framework for sustainable economic development, enhanced global attractiveness and a hyper-connected network for both increased expansion and inbound investment.”
