UAE’s real GDP grows 3.8pc in 2024, driven by non-oil sector expansion

DUBAI, UNITED ARAB EMIRATES: The UAE’s real GDP demonstrated robust growth of 3.8 percent in the first nine months of 2024 compared to the same period in 2023, reaching AED 1.322 trillion.

This impressive growth was primarily fuelled by a vibrant expansion in non-oil sectors, which surged by 4.5 percent to AED 987 billion. This trend underscores the effectiveness of the country’s economic diversification strategy, as reported by the Emirates News Agency.

Notably, non-oil activities now account for 74.6 percent of the UAE’s real GDP, signifying their increasingly pivotal role in driving economic growth. In contrast, oil-related activities contributed 25.4 percent to the GDP, according to WAM.

Abdullah bin Touq Al Marri, Minister of Economy, emphasized that the ongoing growth of the national economy is a testament to the effectiveness of the UAE’s economic policies, which focus on enhancing diversification, facilitating business operations, and fostering the development of new economic sectors to promote sustainable economic and social progress.

Under the visionary leadership of President Sheikh Mohamed bin Zayed Al Nahyan and the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, the UAE has committed to establishing an innovative economic model that embraces global best practices while remaining adaptable to global economic shifts and challenges.

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Minister Bin Touq highlighted ongoing national initiatives aimed at augmenting the contribution of non-oil sectors to the economy. These include creating more flexible and competitive economic legislation, enhancing global economic openness, and fostering productive partnerships with key regional and international markets.

These strategic efforts align with the goals of the “We the UAE 2031” vision, which aspires to elevate the nation’s GDP to AED 3 trillion within the next decade and position the UAE as a global leader in the new economy.