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9/19/24, 11:55 AM UAE's economy grows 3.4% in Q1 on non-oil sector boost | The National
UAE's economy grows 3.4% in Q1 on non-oil sector boost

Financial and insurance activities rise by 7.9% amid increase in local credit to private sector

Aarti Nagraj
September 09, 2024

The UAE economy grew by 3.4 per cent in the first quarter of the year, with a strong

performance by the non-oil sector driving the expansion.

The country’s real GDP reached Dh430 billion ($117 billion) during the January to March

period, the Ministry of Economy said on Monday, quoting preliminary estimates from the

Federal Competitiveness and Statistics Centre. The non-oil sector expanded by 4 per cent
year on year during the quarter, led by financial and insurance activities, which grew by

7.9 per cent.

“This growth can be attributed to the significant increase in the local credit granted to the

private sector,” the ministry said.

The GDP figures “underline the resilience and vitality of the national economy and
exemplify its ability to continue on the path of sustainable growth” and also “reflect the

UAE’s commitment to fostering economic diversification focused on knowledge economy

sectors”, said Abdulla bin Touq, Minister of Economy.

The UAE, the Arab world's second-largest economy, has been focusing heavily on

diversifying its economy away from oil by developing sectors such as technology,

manufacturing, tourism, trade and innovation. The country has introduced several reforms

including longer-stay residence visas as well as new visa categories to attract more talent.

Its non-oil foreign trade hit a record Dh1.4 trillion in the first six months of this year as it

continues to forge closer trade ties with partners around the world.

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