Dubai's economy had a gross domestic product (GDP) of AED 429 billion ($USD 116.779 billion) in the calendar year 2023, as of January 2024, which demonstrates significant wealth.
Dubai's Economic Strength in 2024
Dubai's economic prowess is evident from its significant GDP. The city has undergone a remarkable transformation in recent decades. The financial strength is further highlighted by its diverse population, with more than 90% of its residents being foreigners.
Here's a summary of Dubai's economic figures:
| Metric | Value |
|---|---|
| GDP (2023) in AED | 429 billion |
| GDP (2023) in USD | 116.779 billion |
Factors Contributing to Dubai's Wealth
- Transformation: Dubai has experienced a substantial transformation over the past couple of decades.
- Foreign Population: The city's vibrant, diverse population comprises over 90% foreigners, contributing to its economic dynamism.
Economic Insights
Dubai's wealth is not just about its GDP. It also reflects its strategic location, strong leadership, and focus on diversifying its economy away from oil dependency. These factors have made it a leading hub for trade, tourism, and finance in the Middle East.
