As a dynamic marketplace, Dubai's economy is now among the most diversified in the world.
A growing city
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.
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
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.
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
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