UAE Celebrates 53rd Eid Al Etihad With Significant Economic Achievements In 2024

The UAE's economy is witnessing rapid growth, solidifying its status as a competitive force both regionally and globally. As the nation celebrates its 53rd Eid Al Etihad, the Emirates News Agency (WAM) highlights significant economic achievements in 2024. The Union General Budget Plan for 2025 has been approved, with revenues and expenditures both set at AED71.5 billion, showcasing a balanced fiscal approach.

In February, the Financial Action Task Force (FATF) acknowledged the UAE's completion of all 15 recommendations from its action plan. This highlights the country's effectiveness in tackling money laundering and terrorist financing while promoting a business-friendly environment. The Central Bank of the UAE (CBUAE) has also revised its GDP growth forecast for 2024 to 4 percent, up from an earlier estimate of 3.9 percent, due to improved oil sector performance.

The UAE has strengthened its global trade relationships by finalising around 18 comprehensive economic partnership agreements in 2024. This positions the country as a strategic hub for trade and logistics. The nation's exports in the first half of 2024 exceeded pre-pandemic levels, with foreign trade nearing AED1.4 trillion within six months and non-oil exports growing by 25 percent.

Aiming for AED3 trillion in non-oil foreign trade by year-end and AED4 trillion by 2031, the UAE is on track to become a global trading powerhouse. The Government Treasury Bonds Programme and Dirham-denominated Islamic Treasury Sukuk Programme have been notably successful, issuing bonds worth AED11.2 billion and sukuk worth AED13.8 billion by August 2024.

The UAE climbed three places to seventh globally in a key competitiveness report by the International Institute for Management Development in Switzerland. It ranks among the top ten globally in over 90 indicators in the World Competitiveness Report 2024. Additionally, it secured first place regionally in the Human Development Index report for 2023/2024, moving up nine spots globally to rank 17th out of 193 countries.

For three consecutive years, the Global Entrepreneurship Monitor (GEM) report has ranked the UAE number one worldwide for entrepreneurship in 2023-2024. It was also recognised as the best destination for starting new businesses with a record score of 7.7. Furthermore, it ranked second globally for greenfield FDI project announcements in 2023 with a total of 1,323 projects.

Tourism Sector Growth

The tourism sector continues to thrive, contributing significantly to economic sustainability. Hotel revenues reached AED24.6 billion in the first half of 2024, marking a seven percent increase from the same period in 2023. Approximately 15.3 million hotel guests were recorded across seven emirates during this time, reflecting a growth rate of 10.5 percent.

Passenger numbers at Abu Dhabi, Dubai, and Sharjah airports surpassed 103 million by September. The General Civil Aviation Authority expects total passenger traffic to hit 150 million by year-end. The UAE also leads North Africa and West Asia in both e-infrastructure according to the United Nations E-Government Survey and innovation as per the Global Innovation Index.

The UAE's remarkable achievements underscore its dynamic economic landscape and strategic positioning on the global stage. With continued focus on innovation and partnerships, it remains poised for sustained growth across various sectors.

With inputs from WAM