UAE GDP Reaches AED 1,776 Billion In 2024 Driven By Non-Oil Sector Growth

The UAE's real GDP reached AED1,776 billion in 2024, showing a 4% rise from 2023. Non-oil GDP increased by 5%, totalling AED1,342 billion, while oil activities added AED434 billion to the economy. These figures highlight the UAE's economic growth and diversification efforts.

Abdulla bin Touq Al Marri, Minister of Economy, noted that the Federal Competitiveness and Statistics Centre's data reflects positive momentum in the national economy. The achievements underscore the UAE's progress in economic diversification and competitiveness under its leadership's vision.

Non-oil sectors made up 75.5% of the UAE’s GDP by the end of last year. Al Marri stressed that these indicators show the success of strategies driving a shift towards an innovative, knowledge-based economy aligned with global trends.

"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," said Al Marri. "With each milestone, we are moving closer to achieving the UAE’s target of raising GDP to AED3 trillion by the next decade."

The transport and storage sector was the fastest-growing contributor to GDP in 2024 with a 9.6% increase. This was driven by UAE airports handling 147.8 million passengers, a rise of about 10%. The construction sector followed with an 8.4% growth rate due to urban infrastructure investments.

Financial and insurance activities grew by 7%, while hospitality saw a 5.7% rise. Real estate experienced a growth rate of 4.8%. These sectors contributed significantly to non-oil economic activities.

Strategic Vision for Sustainable Growth

Hanan Mansour Ahli, Managing Director of FCSC, highlighted that the UAE’s 4% GDP growth in 2024 reflects exceptional performance supported by a forward-looking vision focused on sustainable growth not reliant on oil.

Ahli stated that economic diversification is both a strategic goal and operational approach for sustainable development and societal well-being. This model ensures continued progress across various economic indicators.

The trade sector contributed 16.8% to non-oil GDP, manufacturing accounted for 13.5%, and financial activities added another 13.2%. Construction contributed 11.7%, while real estate activities made up 7.8% of non-oil GDP.

The UAE aims to become a global hub for new economies driven by sustainable development and international competitiveness through its strategic initiatives.

With inputs from WAM