Dubai’s economy in H1 2026: real GDP down 2.3%, finance up 8.8%, trade down 6%

By Daniel Carter · 23 October 2026

Editorial

Dubai's real GDP fell 2.3% in the first half of 2026 to AED 473 billion. Finance and healthcare grew; trade and transport shrank.

AED 473bnReal GDP, H1 2026 (H1 2025: AED 484bn)-2.3%
AED 505bnGDP at current prices, H1 2026+0.2%
AED 232bnReal GDP, Q1 2026+2.4%
about AED 241bnImplied real GDP, Q2 2026 (our calculation)about -6%
AED 65.9bnFinance and insurance (14% of GDP)+8.8%
0.4%UAE economy growth, H1 2026
Real growth by sector, H1 2026 versus H1 2025, %
Healthcare and social work+14.3%
Finance and insurance+8.8%
Electricity, water, waste+5.4%
Government services+2.9%
Information and communication+2.7%
Construction+2.4%
Education+1.2%
Manufacturing-0.9%
Real estate-2.5%
Wholesale and retail trade-6.0%
Transport and storage-7.4%

Source: Dubai Data and Statistics Establishment via The National and Gulf News.

Where the economy sits: share of GDP, H1 2026
  • Wholesale and retail trade: 20.5%
  • Finance and insurance: 14.0%
  • Real estate: 11.8%
  • Transport and storage: 10.7%
  • All other sectors (our calculation): 43.0%

Finance rose from a 12.5% share a year earlier.

Sector H1 2026 value Change
Finance and insurance AED 65.9bn (AED 60.6bn a year earlier) +8.8% real
Real estate AED 65.1bn at current prices +5.4% current, -2.5% real
Construction AED 33.2bn +2.4% real
Information and communication AED 24.7bn +2.7% real
Healthcare and social work AED 6.2bn (AED 5.4bn a year earlier) +14.3% real
Wholesale and retail trade 20.5% of GDP -6.0% real, +2% current

What the government and agencies cite

  • The regional war that began on 28 February 2026 disrupted travel and trade and weighed on tourism and transport (The National).
  • A AED 1.5 billion economic relief package was announced in May 2026.
  • AED 2.1 trillion of projects in housing, aviation and transport, including the Al Maktoum International Airport expansion.
  • Dubai's Diez free zones recorded AED 246 billion of trade, up 17%: imports AED 134.8bn (+14%), re-exports about AED 109bn (+22%).
  • More than 10,000 companies operated in the DIFC in the half.

The 2025 baseline

Period GDP Growth
January to September 2025 AED 355 billion +4.7%
Q3 2025 AED 113.8 billion +5.3%
Full-year 2025 (preliminary, current prices) About AED 972 billion (AED 890bn in 2024) About +9.2% nominal, our calculation

Sources

Companies in this article