UAE's Real GDP Achieves Notable Growth Of 3.8% During First Nine Months Of 2024

The UAE's real GDP experienced a notable rise of 3.8% in the first nine months of 2024, reaching AED1.322 trillion compared to the same timeframe in 2023. This growth was largely driven by non-oil sectors, which expanded by 4.5% to AED987 billion, showcasing the effectiveness of the nation's economic diversification efforts.

Non-oil activities contributed significantly to this growth, accounting for 74.6% of the real GDP, while oil-related activities made up 25.4%. This shift underscores the increasing importance of non-oil sectors in bolstering economic development.

Abdullah bin Touq Al Marri, Minister of Economy, highlighted that the ongoing expansion of the national economy confirms the success of the UAE's economic policies and strategies. These strategies focus on enhancing economic diversification, facilitating business operations, and promoting new economy sectors as key drivers for sustainable development.

Under President His Highness Sheikh Mohamed bin Zayed Al Nahyan's leadership and directives from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, the UAE has concentrated on creating an innovative economic model. This model is based on global best practices and is designed to adapt to worldwide economic changes and challenges.

Bin Touq mentioned that national efforts persist in boosting non-oil sector contributions to the economy. The aim is to develop more flexible and competitive economic legislation, enhance global economic openness, and build productive partnerships with key regional and international markets.

These initiatives align with the "We the UAE 2031" vision, which seeks to elevate the country's GDP to AED3 trillion by the next decade. The vision also aims to position the UAE as a global hub for new economy sectors.

The UAE's strategic focus on diversifying its economy away from oil dependency is evident in these developments. By fostering non-oil sectors and establishing robust international partnerships, it aims to secure long-term sustainable growth.

With inputs from WAM