⬇ Download the eBook: 2024 in review: Top stories and economic milestones that defined Dubai’s business appeal
Table of contents
Dubai’s economic performance in 2024 has been nothing short of exemplary, showcasing its innovative excellence to strategise projects that stimulate growth. This year, the city has attracted significant greenfield FDI, hosted influential international conferences, and achieved remarkable milestones in economic indices.
During Q1 2024, Dubai’s economy rose 3.2% year-on-year to reach AED 115 billion. The momentum continued into Q2, with the emirate recording a 3.3% YoY GDP growth, reaching AED 116 billion. Non-oil sectors, particularly trade, tourism, real estate, technology, and finance, were highly instrumental in stimulating this upsurge.
This half-year milestone provides a peek into the major economic development in Dubai. It indicates the emirate’s progress towards ultimately realising its goal of doubling its economy to AED 32 trillion by 2033, as outlined in the ambitious Dubai Economic Agenda D33. It is also important to acknowledge the great role of the city’s leadership and vision in driving these impressive results.
This e-book will go deeply into the noteworthy stories and economic milestones of 2024 that have helped the upward trajectory of the emirate’s commercial sector. Whether you’re looking to start a business in Dubai or understand the incentives driving its global corporate appeal, this comprehensive guide will provide invaluable insights into the emirate’s flourishing economy.
Dubai’s authority as a global commercial capital is clear in its capacity to host world-class business events. In 2024, the city successfully secured 175 major event bids, marking a 24% increase from the previous year and welcoming more than 200,000 international participants.
Notably, the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector has largely contributed to Dubai’s economy. In 2023, the Dubai World Trade Centre (DWTC) generated an economic output of AED18.30 billion, with AED10.50 billion retained as Gross Value Added (GVA) to the emirate’s GDP. These events also supported 69,000 jobs and produced AED3.360 billion in disposable income.
As a global leader in hosting global corporate events, the DWTC serves as an influential force for Dubai’s economic diversification and business-friendly policies. Its ability to attract international stakeholders has made the city a preferred avenue for investors and entrepreneurs. Needless to say, this has created unparalleled opportunities for a variety of entrepreneurs in setting up a business in Dubai.
Held at the Dubai World Trade Centre, Arab Health 2024 brought together 130,000 attendees and showcased innovations like robotic surgeries and AI-assisted diagnostics. With the theme ‘Connecting Minds, Transforming Healthcare,’ the event generated over AED 2.5 billion in economic output and catalysed investment in healthcare technologies.
Key highlights:
With 350 start-ups, 150 venture capital firms, and funding opportunities exceeding $8.2 billion, Step Conference 2024 has become a launchpad for global entrepreneurs. The event facilitated pre-arranged meetings with mentors, financiers, and venture capitalists, thus ensuring actionable outcomes.
Key highlights:
This year’s Gulfood, under the theme ‘Real Food, Real Business,’ showcased 5,500 exhibitors from over 190 countries and generated AED 4.15 billion in economic value. Groundbreaking innovations in cultured meat and AI-driven supply chains offered unmatched opportunities for businesses expanding in Dubai’s thriving F&B sector.
Key highlights:
GITEX 2024, one of the largest global tech exhibitions, saw 200,000 participants from 180 countries, with start-ups accessing $200,000 in funding through the Supernova Challenge. Deemed as the avenue of Dubai’s digital innovation, it showcased groundbreaking AI and eco-friendly tech solutions.
Key highlights:
Focused on digitalisation and sustainability, Logimotion addressed mobility challenges while fostering global collaborations. It included three major conferences: SCALEX, the Global Trade & Infrastructure Summit, and the TransMobility Forum, which are all dedicated to tackling the industry’s foremost challenges and opportunities.
Key highlights:
The business events mentioned above represent just a fraction of the many opportunities available for Dubai SMEs and MNEs. Entrepreneurs and investors aiming to set up a business in Dubai or expand operations can use these events to forge key connections, gain valuable insights, and strengthen their foothold in the city’s lucrative market.
Also read: World-class business events in Dubai that attract global entrepreneurs and investors in 2024
Dubai has witnessed the launch of several innovative policies and initiatives designed to influence its business sector. These forward-looking objectives are important for entrepreneurs exploring the complexities of setting up a business in Dubai, as well as those seeking to expand their operations.
This initiative was launched in partnership with Emirates NBD, with a funding allocation of AED500 million. It aims to support Dubai-based SMEs in sectors such as retail, e-commerce, and manufacturing, helping them maintain financial sustainability during their global expansion phases.
The project provides SMEs with access to financing of up to AED 15 million, which can be repaid over a period of seven years. The financing rates are linked to the Emirates Interbank Offered Rate, ensuring that businesses can afford the loans. To be eligible for this funding, SMEs must be operational in Dubai and have a solid expansion strategy.
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, authorised a portfolio of public-private partnership (PPP) projects of the Dubai Government. Dubai’s AED 40 billion PPP portfolio seeks to elevate infrastructure development and economic growth across ten strategic sectors. Spanning 2024 to 2026, the program is built around a Comprehensive Performance Framework (CPF) to ensure regulatory compliance, efficiency, and transparency in all PPP projects.
The PPP project, which allows private-sector investments in public infrastructure, is intended to create thousands of jobs and improve critical services for citizens and residents. This initiative exemplifies Dubai’s forward-thinking approach, integrating governance, ESG principles, and technology to ensure world-class infrastructure delivery.
The DUB.AI embodies an AI-first approach, which aims to boost productivity by 50% while enriching Dubai’s reputation as a hub for AI governance and innovation. The project includes the launch of AI and Web3 incubators, specialised AI commercial licenses, and the establishment of the Dubai AI Campus within DIFC. Companies in the AI cluster benefit from access to supercomputer resources like DGX platforms.
With leading global tech firms such as Microsoft and Oracle as partners, the initiative supports Dubai SMEs in forming strategic alliances and advancing cutting-edge technologies. The DUB.AI annual plan also includes programs such as AI Week, aimed at nurturing talent and integrating AI into education and industry.
The strategy focuses on doubling the sector’s economic contribution to AED 16.8 billion by leveraging technology and improving efficiency. Over the next seven years, Dubai plans to implement innovative projects that align with the D33 Agenda’s goals. The project’s key objectives include reducing carbon emissions by 30%, improving operational efficiency by 10%, and achieving a 75% adoption rate of advanced technology in infrastructure.
These measures undeniably position Dubai as a leader in sustainable transport and strengthen its competitiveness in global logistics. The strategy is expected to attract billions in investments, thereby reinforcing Dubai’s role as a vital trade and transportation hub.
The RDI Grant Initiative is a key component of Dubai’s strategy for economic diversification and innovation. Spearheaded by the Dubai Future Foundation, the initiative allocates significant funding to research projects in cognitive cities and health sciences. Eligible projects focus on AI applications, smart mobility, and genetic sequencing to address critical challenges in urban planning and healthcare.
The project, which is supported by universities and private-sector partners, promotes groundbreaking research while also encouraging collaboration across sectors. Its ultimate goal is to establish Dubai as a global leader in research and development, ensuring sustained economic agility and innovation.
Also read: Five strategic projects launched in 2024 that enhance the way of doing business in Dubai
Dubai’s rise in the global economic scene has been defined by extraordinary achievements in 2024, strengthening its reputation as a centre for innovation, trade, and investment. These results display the emirate’s dedication to creating a pro-business environment, making it an appealing location for setting up a business in Dubai.
Dubai has demonstrated exceptional economic excellence in 2024, further adding to its reputation as an epicentre for business and innovation. According to the ‘Global City Index 2024’ by Brand Finance, Dubai climbed to fifth place globally, outperforming cities like Singapore and San Francisco. Similarly, the Global Power City Index (GPCI) 2024 ranked Dubai as the top city in the MENA region and 15th worldwide, propelled by advancements in employment diversity and cultural interaction. These accolades reflect Dubai’s strategic initiatives, including investments in technology, infrastructure, and global trade networks.
On the Global Power City Index, Dubai shone as the No.1 city in the MENA region and 15th worldwide. It excelled in Accessibility (fourth globally), Livability (24th), and R&D start-ups (32nd), proving its strength in mobility and technology.
Dubai’s pro-business environment has received a significant boost, as evidenced by its leadership in Kearney’s Global Cities Index 2024. For the fourth consecutive year, the emirate ranked among the top 25 cities globally, excelling particularly in the newly introduced ‘Ease of Entry’ metric. Notably, Dubai’s efforts to enhance immigration policies and streamline processes for attracting foreign talent have greatly contributed to this achievement.
The Global Cities Index assessed various factors, including cultural experiences, human capital, and business activity. For individuals looking into starting a business in Dubai, these achievements emphasise the city’s ability to integrate talent and global ideas effectively.
Dubai International Airport (DXB) reclaimed its title as the world’s busiest airport in 2024, with 5.3 million seats served in December. Surpassing Atlanta Hartsfield-Jackson by 51,408 seats, DXB also maintained its lead as the largest international airport, with 3.96 million seats in this category. The airport’s capacity growth reflects Dubai’s strategic position as a global hub for business and tourism.
Dubai was named the top global destination in the Tripadvisor Travellers’ Choice Awards — for the third consecutive year. This recognition reflects Dubai’s exceptional tourism offerings, infrastructure, and hospitality, as well as its strategic focus on delivering world-class experiences for visitors.
In addition, Dubai has been recognised as the safest city by Numbeo and the top choice for relocation by Remitly. These accomplishments not only drive tourism but also enhance Dubai’s appeal as a prime location for business setup.
Dubai retained its position as the world’s top city for greenfield FDI projects in the first half of 2024, according to ‘fDi Markets’ by Financial Times Ltd. The emirate secured 508 projects, representing 6.2% of global FDI volume — a 5.7% year-on-year increase. This achievement is underpinned by Dubai’s forward-looking policies, which prioritise innovation-driven sectors such as AI, fintech, and real estate.
In line with this, the Dubai FDI Monitor reported a total FDI capital of AED 21.85 billion during this period, reflecting an 8% rise from 2023. This milestone emphasises its investor-friendly corporate space, which is particularly noteworthy for those planning to set up a business setup in Dubai.
Also read: Top economic achievements reported in 2024 enhancing Dubai’s business environment
The series of milestones Dubai has clinched in 2024 proves how it is resolute in becoming a leader in trade, innovation, and investment internationally. Indeed, entrepreneurs looking to strengthen their foothold in the city’s thriving business environment can take advantage of strategic initiatives, incentives, and opportunities available in 2025.
Are you an entrepreneur wanting to start a business in Dubai? Below are five actionable steps to improve your company’s standing in the emirate in the upcoming year.
Take advantage of Dubai’s pro-business environment, including streamlined licensing processes and attractive tax incentives. For instance, the UAE Golden Visa and investor-friendly residency options encourage long-term commitments and business confidence. This approach simplifies the steps for setting up a business in Dubai.
Adopt cutting-edge technologies such as AI, blockchain, and green tech to stay competitive. Participating in programs like the Dubai AI Campus and leveraging initiatives such as the RDI Grant can position your business as a forward-thinking leader in the Dubai business environment.
Dubai continues to prioritise SMEs through initiatives such as the Dubai International Growth Initiative, which provides tailored financing and support. You should consider applying for these government-backed funding opportunities to secure the capital needed for scaling operations or entering new markets.
Actively participate in Dubai’s globally renowned business conferences such as GITEX Global and Step Conference to engage with global professionals. These events provide access to venture capital, mentorship, and industry insights, which could boost your brand’s visibility in the competitive market. This is an ideal strategy for entrepreneurs seeking advice on how to start a business in Dubai.
Utilise Dubai’s strategic location and infrastructure, including Dubai International Airport and Jebel Ali Port, to expand into international markets. The city’s dominance in global trade rankings and its Free Trade Zones offer great opportunities for exports and logistical operations. Leveraging these advantages is essential for you, as it drives business growth and allows you to access global markets efficiently.
Dubai’s outstanding accomplishments in 2024 are in line with the visionary framework of the D33 Agenda — the foundation for the emirate’s tangible development this year. For global firms looking to expand or entrepreneurs aiming to start a business in Dubai, this agenda provides a clear path to success through strategic policies, global connectivity, and an ecosystem designed for innovation.
As businesses align with Dubai’s vision, they actively contribute to its growth story. In doing so, these firms position themselves to thrive in a steadily rising global economy, benefiting from the opportunities presented by a city designed for the future.
Don’t forget to share this post!
Join our network for the latest news, announcements and more.
Copyright © 2024 Seed Group. All Rights Reserved.
We use cookies to enhance your experience on our website. If you continue using this website, we assume that you agree with these. Learn more.
Previous
