Government

The UAE’s real gross domestic product (GDP) rose to AED 1.776 trillion in 2024, reflecting a robust 4% growth compared to 2023, according to the latest data released by the Federal Competitiveness and Statistics Centre (FCSC). Non-oil sectors emerged as key growth drivers, contributing AED 1.342 trillion—accounting for 75.5% of the national economy—while oil-related activities added AED 434 billion.

The Minister of Economy, H.E. Abdulla bin Touq Al Marri, highlighted that the economic figures reflect the UAE’s accelerating progress toward diversification and global competitiveness. “These results confirm the UAE’s success in transitioning toward an innovative, knowledge-based, and sustainable economic model. This momentum is guided by the forward-thinking vision of our leadership,” he stated.

Under the directives of H.H. Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, the nation continues to advance its ‘We the UAE 2031’ vision, which aims to increase GDP to AED 3 trillion within the next decade.

Sustained Non-Oil Growth and Sectoral Highlights

Hanan Mansour Ahli, Managing Director of the FCSC, emphasized that the UAE’s 4% GDP growth represents an exceptional economic performance driven by sustainable development and a deliberate shift away from oil dependency. “Diversification is not just a strategic goal but a core operational principle shaping our economy and societal well-being,” she said.

Key sectors driving growth in 2024 included:

• Transport and Storage: Fastest-growing sector with 9.6% annual growth, driven by UAE airports handling 147.8 million passengers—up 10%.

• Construction: Expanded by 8.4% due to significant urban infrastructure investments.

• Financial and Insurance Activities: Grew by 7%.

• Hospitality (Hotels and Restaurants): Increased by 5.7%.

• Real Estate: Rose by 4.8%.

Top Contributors to Non-Oil GDP

The largest contributors to non-oil economic activity were:

• Trade: 16.8%

• Manufacturing: 13.5%

• Financial and Insurance Activities: 13.2%

• Construction and Building: 11.7%

• Real Estate: 7.8%

These figures underscore the effectiveness of the UAE’s economic diversification strategy and its focus on resilience, sustainability, and innovation.

As the nation advances toward long-term economic targets, the leadership's commitment to building a globally competitive, future-ready economy continues to shape the UAE’s trajectory as a global hub for the new economy.

• Tags
• #Business
• #Magazine
• #Lifestyle