Login
Fast growth market
As a dynamic marketplace, Dubai's economy is now among the most diversified in the world.
A growing city
The city reported 6% growth in non-oil external trade at US$272 billion in the first nine months of 2019, with Dubai’s free zones accounting for US$119 billion of that figure.
Dubai is also recognised amongst the top 10 financial centres in the Global Financial Centres Index, with Dubai International Financial Centre climbing to number eight.
Today retail, wholesale, transport and storage, finance and insurance, manufacturing and real estate all contribute substantial percentages of Dubai’s GDP.
Dubai is also recognised amongst the top 10 financial centres in the Global Financial Centres Index, with Dubai International Financial Centre climbing to number eight.
Today retail, wholesale, transport and storage, finance and insurance, manufacturing and real estate all contribute substantial percentages of Dubai’s GDP.
Dubai’s Vision
The emirate’s vision is to take the economy forward to embrace a future dominated by technological and research-based industries.
Foreign direct investment
In 2019, Dubai ranked third in the world in attracting foreign direct investments (FDI), in terms of both capital flows and the number of greenfield projects, according to the Financial Times’ FDI Markets data.
The city also ranked first globally in attracting investment for artificial intelligence (AI) and robotics, reporting US$21.6 billion worth of FDI in high-end technology transfers between 2015 to 2018. Most of the investment originated from Europe and the US, US$5.7 billion and US$3.9 billion, respectively.
E-commerce and GDP
Another sector realising huge growth potential in Dubai is the e-commerce market – its value in the UAE alone is expected to reach US$27.2 billion in 2020.
A series of reforms and government measures to stimulate growth are set to drive UAE’s gross domestic product to pass the US$500 billion mark over the next few years.
The city is a magnet for outside investors with pro-business regulations that span five areas: entrepreneurial policy model, favourable tax environment, robust financial controls, sound competitive market fundamentals and legislative autonomy.
A series of reforms and government measures to stimulate growth are set to drive UAE’s gross domestic product to pass the US$500 billion mark over the next few years.
The city is a magnet for outside investors with pro-business regulations that span five areas: entrepreneurial policy model, favourable tax environment, robust financial controls, sound competitive market fundamentals and legislative autonomy.
Trade
As the emirate’s largest trading partner, China is a strong driver of Dubai’s growth, contributing US$40.8 billion to the economy in 2019. India is the emirate’s second-biggest trading partner, contributing US$36.8 billion in the same period.
The GCC’s largest special economic zone, Jafza contributed 23.8% of the city’s GDP alone and generated trade worth US$93 billion in 2018.
With a GDP of US$425 billion in 2019, the UAE Ministry of Economy has predicted that non-oil-related GDP will reach 80% by 2021.
The GCC’s largest special economic zone, Jafza contributed 23.8% of the city’s GDP alone and generated trade worth US$93 billion in 2018.
With a GDP of US$425 billion in 2019, the UAE Ministry of Economy has predicted that non-oil-related GDP will reach 80% by 2021.
A hunger for innovation
The UAE and Dubai’s soaring yet sustainable growth is being driven by constant innovation policies, a hunger for investing in the future, and the desire to be the most technologically advanced country in the world.
More from Why Dubai
Discover why Dubai is a global hub for business and investment.
