Dubai H1 2026 GDP: AED 473bn real output, finance up 8.8%

Dubai's economy produced about AED 473 billion in real terms during the first half of 2026, roughly 2.3% less than the AED 484 billion recorded a year earlier, according to figures from the Dubai Data and Statistics Establishment reported by the Emirates News Agency (WAM).

Two measures, two readings

The picture differs depending on how output is measured. At current prices, which include the effect of inflation, GDP reached about AED 505 billion, up 0.2%. Real GDP strips out price changes, and that is the measure that showed the decline. Zawya's headline converts the GDP figure to about US$129 billion.

Where growth came from

Financial and insurance activities grew 8.8% in real terms, with value added of about AED 65.9 billion, lifting the sector's share of GDP to 14% from 12.5%. Human health and social work expanded 14.3%, and information and communication rose 2.7%. Construction grew 2.4%, reaching about AED 33.2 billion in value added.

Where it softened

Wholesale and retail trade, the largest sector at 20.5% of real GDP, fell 6% in real terms to AED 96.9 billion. Zawya's report links this to higher inflation, noting that foreign trade itself rose 4%. Transportation and storage value added dropped 7.4% to AED 50.6 billion. Real estate shrank 2.5% in real terms to AED 55.8 billion, although it rose 5.4% at current prices to AED 65.1 billion. Manufacturing slipped 0.9% in real terms.

What it means for residents and businesses

The figures suggest a Dubai economy that is leaning more heavily on financial services, while trade and logistics, historically its backbone, are under pressure in real terms. For businesses, that points to continued demand in finance, health and technology services. For residents, the gap between real and current-price growth is a reminder that rising prices are absorbing part of the headline expansion.

Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism, said the result reflects an economy built to handle periods of significant global uncertainty, as quoted by Khaleej Times.