Ashik Islam, special correspondent: UAE’s Economy Shows Strong Growth in 2024
The UAE’s real Gross Domestic Product (GDP) climbed to AED 1,776 billion in 2024, reflecting a robust 4 percent increase over the previous year.
Non-oil sectors were a significant driver of this expansion, growing by 5 percent to reach AED 1,342 billion. Oil-related activities contributed AED 434 billion to the overall economy.
Abdulla bin Touq Al Marri, Minister of Economy, emphasised that the latest GDP figures released by the Federal Competitiveness and Statistics Centre (FCSC) reflect a renewed and positive momentum in the national economy. They further underscore the new milestones achieved by the UAE in economic diversification and competitiveness, guided by the vision and directives of its wise leadership.
With non-oil sectors accounting for 75.5 percent of the UAE’s GDP by the end of last year, Al Marri emphasised that these indicators reflect the sustained success of the nation’s economic strategies, which are driving the transition toward an innovative, knowledge-based, and sustainable economic model aligned with global trends and emerging technologies.
“Under the visionary leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, we are consistently enhancing our national endeavors to realize the ambitious goals of the ‘We the UAE 2031’ vision. Each achievement brings us closer to the UAE’s target of boosting GDP to AED3 trillion within the next decade, further solidifying our nation’s standing as a global new economy hub, propelled by sustainable development, international competitiveness, and truly forward-thinking leadership.”
Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, highlighted that the 4 percent GDP growth in 2024 reflects the UAE’s exceptional economic performance, supported by a forward‑looking vision focused on sustainable, non‑oil‑driven growth.
Hanan Ahli further stated that the guidance and forward-looking vision of the UAE’s wise leadership are focused on building an advanced and globally competitive economic model. Economic diversification is adopted not only as a strategic objective but also as a core operational approach, driving sustainable development and enhancing societal well-being. This model serves as a powerful catalyst for continued progress, ensuring sustained GDP growth and positive performance across a wide range of economic and development indicators.
The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, recording a 9.6 percent year-over-year growth. This growth was primarily driven by the exceptional performance of UAE airports, which handled 147,8 million passengers—an increase of approximately 10 percent.
The building and construction sector followed with an 8.4 percent growth rate, supported by substantial investments in urban infrastructure. Financial and insurance activities expanded by 7 percent, while the hospitality sector, encompassing hotels and restaurants, rose by 5.7 percent. Meanwhile, the real estate sector recorded a 4.8 percent growth.
With regard to non-oil economic activities that contributed most to the GDP, the trade sector contributed 16.8 percent, the manufacturing sector accounted for 13.5 percent, and financial and insurance activities contributed 13.2 percent. Construction and building contributed 11.7 percent, while real estate activities accounted for 7.8 percent of the non-oil GDP.
