Dubai's real GDP contracted 2.3% year over year in the first half. According to Sina Finance, high inflation weighed on real growth in wholesale and retail trade, where activity fell 6% in constant prices; real estate declined 2.5%, transport and storage fell 7.4%, and construction grew 2.4%.

Financial and insurance activities grew 8.8%, lifting their share of GDP to 14% from 12.5% in the same period last year. Hadi Badri, CEO of Dubai Economic Development Corporation, said the growth in financial and insurance activities, alongside continued expansion in information and communications, strengthened Dubai's position as a hub for capital, businesses, and innovation. He said growth in other high-value-added sectors reflected the broader economy's diversity and resilience.