Page 303 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

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Al Marri said, “The preliminary estimates of the UAE’s GDP growth in the first quarter (Q1) of
2024 reflects the UAE’s commitment to fostering economic diversification focused on knowledge
economy sectors, as the country’s real GDP reached Dh 430 billion in Q1 2024.”

He added, “Under the guidance of UAE leaders, the country adopted an innovative economic
model that supports its future vision, along with effective national economic strategies,
enhancing openness to the world, promoting partnerships, and transitioning towards an
economic model based on flexibility and innovation,”

The positive results the national economy has achieved fall in line with the economic objectives
of the ‘We the UAE 2031’ vision, which includes raising the country’s GDP to Dh3 trillion by the
next decade.

Non-oil activities show highest growth
Trade activities contributed the most to the non-oil GDP, accounting for 16.1 per cent.
Manufacturing activities come in second at 14.6 per cent, with financial and insurance activities
ranking third at 13.4 per cent. Construction and building activities contribute 11.8 per cent,
followed by real estate activities with a contribution of 7.1 per cent.
Based on the data released by the FCSC, financial and insurance activities have emerged as
the leading non-oil economic sector contributing to the UAE’s GDP growth, with an increase of
7.9 per cent.
“This growth can be attributed to the increase in the local credit granted to the private sector,
which led to a 6 per cent growth and positively impacting the rebound of non-oil economic
activities,” the Ministry explained. The transportation and storage activities come in second
place, with 7.3 per cent growth.

“This growth was driven by a notable increase in the number of travellers at the country’s
airports during the first three months of this year, reaching 36.5 million travellers, a growth rate
of 14.7 per cent compared to the same period last year,” the Ministry explained.
Ports, construction sectors

Moreover, the UAE’s ports have also performed well during this time, with Dubai’s international
ports witnessing a 3.7 per cent growth in the number of containers handled. Abu Dhabi’s ports
experienced a 36 per cent increase in cargo handling volume annually.

Ranking third, construction and building activities experienced a growth rate of 6.2 percent, in
line with the several development projects initiated by the UAE government in early 2024. The
government’s public capital expenditures substantially rose, reaching Dh 4.8 billion, compared
to Q1 2023.

The restaurant and hotel sector secured the fourth spot, with a 4.6 per cent growth rate during
the first quarter of 2024 compared to the corresponding period in 2023.

Tourism sector
The Ministry said the UAE attracted a substantial number of tourists from around the world.
Dubai witnessed an influx of 5.18 million international tourists, representing an 11 per cent

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