A novel catalyst for use in dehydrogenation of saturated hydrocarbons to unsaturated hydrocarbons and a method for its preparation is disclosed. Said catalyst comprises a composite incorporated within its spatial geometry on a percentage by weight basis, with a uniform concentration gradient, the following active elements: from 0.1 to 5.0% of a noble metal; from 0.1 to 5.0% of a metal of Group IV A; from 0.1 to 6.0% of a metal Group III A; from 0.1 to 10.0% of an alkali or alkaline earth metal element; from 0.01 to 10.0% of a halogen; and from 0.1 to 5.0% of a metal Group VIII selected from Fe, Co and Ni provided on a high surface area meso or macroporous support. The the high surface mesoporous support comprises a spheroidal gamma alumina support with a diameter of 1.4 to 2.0 mm, a surface area in the range of from 150 to 220 m2/g, with bimodal narrow pore size distribution, water adsorption capacity in the range of from 1.4 to 2.5 ml/g, gamma crystallinity in the range of 60 to 80% and a bulk density in the range of 0.25 to 0.4 g/ml.