Economy of Dubai

Common card · No. 391007

The economy of Dubai's gross domestic product of the calendar year 2023 as of January 2024 is AED429 billion (US$116.779 billion) (US$169 billion) and (US$247 billion in Metro(2025)). Dubai has substantially transformed over the last couple of decades. More than 90% of the population are foreigners. The International Herald Tribune described it as "centrally-planned free-market capitalism". Oil production, which once accounted for 50% of Dubai's gross domestic product, contributes less than 1% today. In 2018, wholesale and retail trade represented 26% of the total GDP; transport and logistics, 12%; banking, insurance activities and capital markets, 10%; manufacturing, 9%; real estate, 7%; construction, 6%; tourism, 5%. Dubai became important ports of call for Western manufacturers. Most of the new city's banking and financial centres were headquartered in the port area. Dubai maintained its importance as a trade route through the 1970s and 1980s. The city of Dubai has a free trade in gold...

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