UAE Economy Demonstrates Three Years Of Growth And Resilience Against Terrorist Threats

The UAE has made significant strides in its economy over the past three years, forming strong alliances with major global economies and achieving record growth in foreign investments. The nation's non-oil foreign trade reached AED2.8 trillion in the first nine months of 2024, marking a historic milestone. This growth underscores the UAE's resilience and determination to maintain its economic ambitions despite challenges.

In 2024, the UAE's GDP is anticipated to surpass AED1.7 trillion for the first time. The number of new companies established surged to 200,000, while foreign direct investments are expected to reach AED130 billion, up from AED111 billion in 2023. The UAE ranks first regionally and 11th globally in this sector, with industrial exports projected at AED190 billion.

The UAE has signed Comprehensive Economic Partnership Agreements (CEPAs) with 24 countries across five continents. Of these agreements, 18 have been officially signed, six are active, and another six are nearing finalisation. These partnerships highlight the UAE's strategic role as a global trade hub.

Supported by the Ministry of Economy, local economic departments and free zones issued over 200,000 new economic licences in 2024. This brought the total number of registered companies to nearly 1.1 million according to the unified economic registry. Such developments reflect the country's thriving business environment.

The tourism sector also flourished in 2024, welcoming around 29 million tourists—a rise of 8 percent. This sector contributed approximately AED236.4 billion to the national GDP, reflecting a growth rate of 7.6 percent. Over 150 million passengers passed through UAE airports, while more than 30 million guests stayed at hotels.

Zayed International Airport in Abu Dhabi gained international recognition for its innovative architectural design, earning it the "World’s Most Beautiful Airport" award. In 2024, it served over 30 million passengers, reinforcing the UAE's position as a global gateway.

Nuclear Energy Advancements

In a significant development for energy production, commercial operations began at the fourth unit of the Barakah Nuclear Energy Plant in 2024. For the first time, all four units operated simultaneously, producing 40 terawatt-hours annually and meeting up to a quarter of the UAE’s electricity needs without carbon emissions.

The UAE advanced in global competitiveness indices as well. It ranked first globally for ease of doing business in 2024 and third in logistics performance index rankings due to its robust infrastructure and business environment.

Resilience Against Challenges

The heinous terrorist attacks by Houthis on civilian sites three years ago tested but did not deter the UAE's resolve or economic strength. These events highlighted that terrorism cannot impede national progress or ambitions.

The trust from major global economies and their commitment to long-term partnerships underscore solid foundations within the national economy. The UAE continues its upward trajectory among world-leading economies through resilience against challenges like terrorism.

With inputs from WAM