Economic Expansion in UAE registers a 4% surge in 2024, primarily attributed to the flourishing of non-oil industries.
The UAE's 2024 Economic Growth Surges: A Stepping Stone Toward Vision 2031
The United Arab Emirates (UAE) has experienced a significant economic surge, with its economy growing by 4 percent in 2024. This remarkable growth led to a real GDP of AED 1,776 billion, as revealed by the Federal Competitiveness and Statistics Centre.
The non-oil sectors took center stage, contributing greatly to the UAE's economic growth. With a whopping 5 percent year-over-year growth, the non-oil GDP reached AED 1,342 billion, making up an impressive 75.5 percent of the total economic output. Oil-related activities contributed AED 434 billion, showcasing the country's progress in diversifying its economy.
Abdulla bin Touq Al Marri, the Minister of Economy, was overjoyed by these figures, which he believed signified a renewed momentum in the UAE's economic development and key progress toward the nation's Vision 2031. He credited the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum for steering the country towards a sustainable, knowledge-driven economy.
Hanan Mansour Ahli, the Managing Director of the FCSC, highlighted the growth's strong execution of a diversification strategy focused on long-term sustainability and global competitiveness.
The fastest-growing sectors in 2024 included transport and storage, construction, financial services, hospitality, and real estate. Transport and storage led the pack with a 9.6 percent growth, thanks to an increase in air travel— UAE airports handled a staggering 147.8 million passengers, a rise of 10 percent. The construction sector followed closely with an 8.4 percent increase, while the other sectors posted solid gains as well.
Trade, manufacturing, and financial services were the top contributors to the non-oil GDP, collectively accounting for over 43 percent of the economic activity. This demonstrates the UAE's transformation into a multi-sector powerhouse.
Looking at the enrichment insights, the UAE's economic growth in 2024 centers on sustainable economic diversification away from oil dependence and toward a knowledge-based, innovative, and globally competitive economy. This multi-sector approach is reflected in the growth of sectors like transport and logistics, construction, tourism, and financial services, among others. These sectors support the UAE's ambitions for 2031, targeting a GDP of AED 3 trillion by focusing on sustainability, innovation, competitiveness, and alignment with emerging global technologies.
- The surge in the UAE's 2024 economic growth, led by the non-oil sectors, represents a significant step toward the nation's Vision 2031, aiming for a GDP of AED 3 trillion.
- Abdulla bin Touq Al Marri, the Minister of Economy, credits the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highiness Sheikh Mohammed bin Rashid Al Maktoum for steering the country towards a sustainable, knowledge-driven economy.
- The fastest-growing sectors in 2024 included transport and storage, construction, financial services, hospitality, and real estate, demonstrating the UAE's transformation into a multi-sector powerhouse.
- The UAE's economic growth in 2024 centers on sustainable economic diversification away from oil dependence and toward a knowledge-based, innovative, and globally competitive economy, with trade, manufacturing, and financial services being the top contributors to the non-oil GDP.
