Page 281 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 5:06 PM UAE Achieves strong first quarter growth with $117.16 billion GDP - Fast Company Middle East | The future of tech, business and i…
The country’s real GDP reached $117.16 billion in the first quarter

of 2024, reflecting a 3.4% increase compared to the same period in
IS
2023, with non-oil GDP rising by 4%.
to double to

Abdulla bin Touq Al Marri, UAE Minister of Economy, attributed
tainability
missions this growth to the UAE’s innovative economic model, which aligns
with its future vision. This model is supported by strategies that
ate for
board seats foster global partnerships, openness, and a focus on flexibility and

innovation.

He emphasized that these positive economic results advance the
goals of the “We the UAE 2031” vision, which aims to increase

GDP to $816.78 billion within the next decade.

Hanan Ahli, Managing Director of the FCSC, attributed the
country’s strong performance in global competitiveness indicators to

the stability of its financial system, a robust economy, and effective
legislation.

Financial and insurance activities were the top contributors to non-

oil GDP growth, expanding by 7.9%, fueled by a 6% increase in

local credit to the private sector. Transportation and storage
followed, growing by 7.3%, supported by a 14.7% rise in airport

passengers, which reached 36.5 million in Q1 2024.

UAE ports also experienced significant activity, with Dubai’s ports
handling 3.7% more containers and Abu Dhabi’s ports increasing

cargo volume by 36%. Construction and building activities grew by

6.2%, reflecting government development projects and increased
public capital expenditure to $1.3 billion.

The restaurant and hotel sector grew by 4.6% year-on-year, with

Dubai welcoming 5.18 million international tourists, marking an
11% increase. Abu Dhabi also reported strong tourism performance,

with hotel occupancy and revenue per room improvements.

Trade activities were the largest contributors to non-oil GDP,
accounting for 16.1%, manufacturing at 14.6%, financial and

https://fastcompanyme.com/news/uae-achieves-strong-first-quarter-growth-with-117-16-billion-gdp/ 2/3