Dubai’s DIEZ Trade Soars to AED 336 Billion in 2024

Record trade worth AED 336 billion from the Dubai Integrated Economic Zones Authority across its three free zones marked a 19% increase over 2023, with the zone authority accounting for 13.7% of Dubai’s non-oil foreign trade—the highest share recorded.

Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai CommerCity together processed trade volumes of 444,300 tonnes, representing a rise of over 28% compared with 346,700 tonnes the year prior. Sector-wise, machinery, electrical and electronics led the growth, making up about 72% of total trade and increasing by approximately 17%. Precious stones, metals, jewellery and ornaments grew by 33% and contributed about 22%. Combined, both sectors accounted for nearly 94% of total trade activity.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, stated that these outcomes reflect Dubai’s ambition under the Economic Agenda D33, enhancing its role as a global hub through innovation and competitiveness. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, affirmed this was the fourth year of sustained growth, noting increasing investor confidence and strengthened global trade partnerships.

Volume growth and value growth were supported by improved infrastructure and “integrated services” across the three zones, which reduced friction in supply chains. DIEZ’s performance coincided with Dubai as a whole achieving record highs in non-oil foreign trade.

While machinery, electronics and precious materials drove most of the expansion, other sectors are underrepresented, indicating a dependency on high-value goods. The focus now may turn to diversification to prevent vulnerabilities to sector-specific global headwinds. Economists suggest sustaining infrastructure investment and expanding trade ties beyond traditional markets will be critical for maintaining momentum.