Page 287 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 5:06 PM UAE Reports 3.4% GDP Growth for Q1 2024
Non-Oil Sectors Show Prominent Growth

Leading the non-oil sectors were financial and insurance services, which posted an impressive
7.9% growth. The transportation and storage sector followed closely with a 7.3% rise, while
construction activities saw a 6.2% boost.
In the transportation sector, UAE airports recorded a 14.7% increase in passenger traffic, totaling
36.5 million travelers in Q1 2024. Dubai’s ports experienced a 3.7% rise in container handling,
and Abu Dhabi’s ports reported a notable 36% growth in cargo volume.
The UAE hospitality sector also witnessed substantial progress. Restaurants and hotels saw a
4.6% increase, driven by Dubai welcoming 5.18 million tourists, reflecting an 11% year-on-year
rise in visitor numbers.
“The financial and economic data supporting the growth of the UAE’s GDP in Q1 2024 reflect the
resilience of the country’s vital economic sectors,” remarked Hanan Ahli, Managing Director of
the FCSC. “These indicators highlight the success of leadership’s efforts to promote economic
diversification, reduce oil dependence, and attract investment.”
This strong performance further solidifies the UAE’s position as a global economic hub and a top
destination for international tourism and business.

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