Page 279 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

However, analysts predicted that imminent US interest rate cuts will squeeze profitability,
despite the likelihood of reduced borrowing costs bolstering loan growth.

According to the data, transportation and storage activities expanded 7.3 percent, supported by
a 14.7 percent year-on-year increase in airport traffic to 36.5 million passengers

Construction and building activities rose 6.2 percent, following several government-initiated
development projects this year. This led to the government’s public capital expenditures jumping
to AED4.8 billion ($1.3 billion).

The restaurant and hotel sector expanded by 4.6 percent year on year, boosted by a tourism
surge. Dubai welcomed 10.62 million tourists in the first seven months of 2024, an 8 percent
year-on-year increase. Abu Dhabi hotels also welcomed 2.87 million guests during the first half
of 2024, a 19.5 percent year on year growth.

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

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