Page 356 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:59 AM UAE Economy Expands by 3.4% in Early 2024 | Arabian Post
UAE Economy Expands by 3.4% in

Early 2024

Arabian Post Staff -Dubai

The UAE’s economy experienced a 3.4% growth
year-on-year in the first quarter of 2024, reaching a

total of $117.1 billion (Dhs430 billion), according to
data released by the Federal Competitiveness and

Statistics Centre. This growth reflects a robust
performance across various sectors, with non-oil
GDP increasing by 4% during the same period.

The expansion highlights the UAE’s continued

economic resilience and diversification efforts. The
growth rate, though slightly lower than previous peaks, demonstrates a stable economic trajectory

amid global uncertainties and evolving market conditions. The non-oil sector’s performance is
particularly noteworthy, as it underscores the UAE’s strategic shift away from oil dependence towards
a more diversified economic model.

A D V E R T I S E M E N T

Key sectors contributing to this growth include tourism, technology, and financial services. The tourism
sector, buoyed by ongoing investments in infrastructure and global marketing campaigns, has

continued to attract international visitors, boosting spending and job creation. Similarly, the technology
sector has benefitted from significant investments and innovations, driving both domestic and

international interest.

Financial services have also played a crucial role in this economic expansion. The sector’s growth can
be attributed to increased lending, higher investment inflows, and a burgeoning fintech industry. This

development aligns with the UAE’s strategic vision of becoming a global financial hub, with regulatory
reforms and advancements in financial technologies further supporting this goal.

The growth in non-oil GDP reflects a broader trend of economic diversification that has been a central
focus of UAE policy over the past decade. Efforts to reduce reliance on hydrocarbons have led to

substantial investments in alternative sectors, fostering a more balanced economic environment. This

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