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Fast Growth Market

As a dynamic marketplace, Dubai’s economy is now among the most diversified in the world

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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's Vision

The emirate’s vision is to take the economy forward to embrace a future dominated by technological and research-based industries.

Foreign hub for 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.

24Growth in the blockchain market in 2018

Foreign direct investment in the UAE in 2019. An increase of 135% year-on-year.

 

 

23.8% Jebel Ali contribution to Dubai’s GDP

DP World’s Jebel Ali Port, Dubai’s largest free zone generated trade worth US$93 billion in 2018.

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

Trade Growth

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.

3D Printing

The city’s 3D printing agenda was launched to position Dubai as a hub for 3D printing technology. It focuses on three major sectors, namely construction, medical products and consumer products. Around 25% of the emirate’s buildings are expected to be 3D printed by 2030 under this ambitious programme.

Dubai also continues to drive the innovation agenda through forward thinking pursuits and the development of exponential thinking.

City of innovation

The Global Innovation Index, GII, ranked UAE among the top 3 innovation economies in the Northern Africa and Western Asia region and 36th globally.

Dubai is also ranked in the top 20 of the most innovative cities in the world. Although Dubai is in its infancy compared to other global cities, the emirate reached an impressive 16th position out of 28 cities.

The emirate was noted as being especially strong in the field of output and performance, with the launch of new products and services and outputs of technology. It also scored well in government support and building the culture of innovation.

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.

Frequently asked questions

The “City of Innovation” initiative in Dubai aims to position the city as a global hub for innovation and technological advancement, fostering economic growth and enhancing its competitiveness on the world stage.

Dubai supports innovation through various initiatives such as dedicated free zones, research and development centers, funding programs, and partnerships with leading global companies. Additionally, the government provides a conducive regulatory environment and invests in infrastructure to facilitate innovation.

Dubai’s innovation efforts span across a wide range of sectors including technology, healthcare, renewable energy, transportation, finance, tourism, and more. The city embraces innovation in both traditional industries and emerging sectors to drive sustainable growth and diversification.

Yes, Dubai offers various incentives and programs to support innovation, including grants, subsidies, tax exemptions, access to state-of-the-art facilities, networking opportunities, and partnerships with leading research institutions. Additionally, the government regularly hosts innovation challenges and competitions to encourage creativity and entrepreneurship.