Page 278 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

UAE non-oil GDP grows on back of financial

sector

By Pramod Kumar

September 10, 2024, 6:27 AM

Wam

The UAE’s real GDP reached AED430 billion in Q1 2024, recording an annual growth of 3.4
percent

The UAE’s non-oil GDP grew by 4 percent year on year in the first quarter of 2024, driven by
increased financial and insurance activities in the private sector.

This growth in the financial and insurance sector was supported by the significant increase in
the local credit granted to the private sector, resulting in a 6 percent growth, the UAE state-run
Wam news agency reported, citing Federal Competitiveness and Statistics Centre’s preliminary
data.

The sector now accounts for nearly 8 percent of the Gulf state’s GDP.

This month, AGBI reported that the UAE banking sector profits soared as higher-for-longer
interest rates boosted margins and loan defaults remained low.

https://www.agbi.com/economy/2024/09/uae-non-oil-gdp-grows-on-back-of-financial-sector/