The UAE’s economy continued its steady growth in 2024, with real gross domestic product (GDP) rising by 4% year-on-year to reach Dhs1.776 trillion, according to new figures released by the Federal Competitiveness and Statistics Centre (FCSC).
Non-oil sectors drive growth
Non-oil GDP grew by 5% to Dhs1.342 trillion, now accounting for 75.5% of the total economy. Oil-related activities contributed Dhs434 billion, highlighting the country’s continued shift toward diversification and a sustainable economic model.
Abdulla bin Touq Al Marri, Minister of Economy, said the data reflects renewed momentum across the national economy.
“Under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and guidance from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, we continue to strengthen our national efforts to achieve the objectives of ‘We the UAE 2031’ vision,” he said.
“With each milestone, we are moving closer to achieving the UAE’s target of raising GDP to AED3 trillion by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness, and forward-looking leadership.”
Key sector performance
The transport and storage sector was the fastest-growing segment, with a 9.6% increase, supported by strong airport activity. UAE airports handled nearly 148 million passengers in 2024, reflecting a 10% rise.
Other sectors also posted notable growth:
- Building and construction: 8.4%
- Financial and insurance: 7%
- Hospitality (hotels and restaurants): 5.7%
- Real estate: 4.8%
Leading non-oil contributors
Among the top contributors to non-oil GDP:
- Trade: 16.8%
- Manufacturing: 13.5%
- Financial and insurance: 13.2%
- Construction and building: 11.7%
- Real estate: 7.8%
Long-term economic model
Hanan Mansour Ahli, Managing Director of the FCSC, said the 4% GDP growth reflects strong progress under a forward-looking and diversified strategy.
“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,” she said.
“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.”
tanvir@dubainewsweek.com
