Dubai’s economy grew 3.3% in first nine months of 2023

The latest economy figures demonstrate the emirate is steadily progressing towards achieving the vision laid out in Dubai Economy Agenda 2033.

Dubai has recorded 3.3 percent growth in the real gross domestic product (GDP) in the first nine months of 2023, primarily due to the expansion of its tourism and transportation sectors.

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The announcement was made on X by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince and Chairman of The Executive Council of Dubai on Sunday, January 21.

The latest GDP figures demonstrate the emirate is steadily progressing towards achieving the vision laid out in Dubai Economy Agenda 2033, launched by Sheikh Mohammed bin Rashid Al Maktoum to transform Dubai into one of the world’s top three global urban economies over the next decade.

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“Driven by the strategic vision of its leadership, Dubai has set an example for economic strength, resilience and innovation,” Sheikh Hamdan said.
He added  “With the dedicated efforts of our government teams and international business partners, we look forward to achieving many more milestones in 2024.”  

Dubai economic growth rate from January to September 2023

  • Accommodation and food services — 11.1 percent growth
  • Transportation and storage services — 10.9 percent growth
  • Information and communications — 4.4 percent growth
  • Real estate — 4.0 percent growth
  • Financial and insurance — 2.7 percent growth
  • Knowledge economy — 2.6 percent growth
  • Electricity, gas, water and waste management — 2.2 percent growth
  • Manufacturing — 2.2 percent growth
  • Professional services — 1.9 percent growth
  • Construction — 1.6 percent growth

Whole sale and retail trade — 1.5 percent growth rate

This multifaceted growth across diverse sectors provides further evidence of Dubai’s economic stability and adaptability, Dubai Media Office (DMO) reported.

“Our success is also a result of the continuous, collaborative efforts between the public and private sectors. Together, we are working within a unified framework to realise the objectives of the Dubai Economic Agenda D33,” said Helal 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,” Mr Al Marri said.

In January 2023, Dubai’s D33 initiative aims to double its economy size to 32 trillion dirham by 2033, positioning it among the top three global cities.

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