Page 325 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)
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9/19/24, 11:56 AM H.E. Bin Touq: Non-oil GDP grows by 4 per cent in Q1 2024 supporting the achievement of the ‘We the UAE 2031' vision
effective national economic strategies, enhancing openness to the world, promoting partnerships, and transitioning
towards an economic model based on flexibility and innovation,” H.E. Bin Touq added.
Furthermore, H.E Bin Touq highlighted that the positive results the national economy has achieved fall in line with
the economic objectives of ‘We the UAE 2031' vision, which includes raising the country's GDP to AED 3 trillion by
the next decade.
Hanan Ahli: GDP growth represents the flexibility of UAE's economic sectors
H.E. Hanan Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, said: “The financial and
economic data and indicators endorsing the growth of the UAE's GDP Q1 2024 reflect the resilience of the country's
vital economic sectors. It highlights the effectiveness of the concerted efforts to implement the directives of the wise
leadership to enhance sustainable economic diversification, reduce dependence on oil, promote investments, and
attract capital and innovative and emerging projects to the country.”
She added that the UAE's advanced rankings in multiple global economic competitiveness indicators can be
attributed to several factors, including the stability of the financial system, the strength of the national economy, and
the effectiveness of economic legislation and policies applied in the country, besides their ability to adapt to changes
and face regional and global challenges.
Non-oil economic activities showcase highest growth
Based on the data released by the Federal Competitiveness and Statistics Centre, financial and insurance activities
have emerged as the leading non-oil economic sector contributing to the UAE's GDP growth, with a remarkable
growth of 7.9 per cent. This growth can be attributed to the significant increase in the local credit granted to the
private sector, which led to a six per cent growth and positively impacting the rebound of non-oil economic activities.
Following closely behind in the second place are transportation and storage activities, which saw a growth of 7.3 per
cent. 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 UAE's ports have demonstrated exceptional performance during this time, with Dubai's
international ports witnessing a 3.7 per cent growth in the number of containers handled, while Abu Dhabi's ports
experienced a 36 per cent increase in cargo handling volume on an annual basis.
Ranking third, construction and building activities experienced a growth rate of 6.2 per cent in line with the several
development projects initiated by the UAE government in early 2024. They saw a substantial rise in the
government's public capital expenditures, reaching AED 4.8 billion, compared to that of Q1 2023.
The restaurant and hotel sector secured the fourth spot with a 4.6 per cent growth during the first quarter of 2024
compared to the corresponding period in 2023. Moreover, the UAE emerged at the forefront of global tourism
landscape, attracting a substantial number of tourists from around the world. In particular, Dubai witnessed a
remarkable influx of 5.18 million international tourists, representing an 11 per cent increase as compared to the
corresponding period in 2023. Abu Dhabi also maintained its exceptional performance in key tourism indicators,
including the average hotel occupancy rates and revenue per available rooms.
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