Page 359 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:59 AM UAE GDP grows 3.4% in Q1, driven by non-oil sector

Al-Marri attributed thi s success to the UAE’s adoption of an innovative
economic model, guided by the nation’s leadership. “The UAE has embraced an
innovative economic model tha t aligns with its future vision, supported by

eective national strategies, global openness, and a focus on exibility and
innovation,” Al-Marri stated, according to WAM.

The se results align with the UAE’s long-term vision, We the UAE 2031, which
aims to elevate the national GDP to 3 trillion dirhams within the next decade.
Thi s commitment to sustainable growth is re ected in the performance of key

sectors such as „nance, transportation, construction, and tourism.

Hanan Ahl i, managing director of the Federal Competitiveness and Statistics

Center, noted the substantial contributions of these sectors. “The „nancial and
economic data from Q1 2024 demonstrate the resilience of the UAE’s vital

economic sectors,” Ahl i said. She added that the UAE’s strong global economic
competitiveness is supported by a stable „nancial system, robust economic
fundamentals, and eective policy frameworks.

In the „rst quarter of 2024, „nancial and insurance activities emerged as the
leading non-oil sector, growing by 7.9 percent, fueled by a 6 percent rise in local

credit extended to the private sector. The transportation and storage sector
also sho wed impressive growth, with a 7.3 percent increase, supported by a 14.7
percent rise in passenger tra‚c through UAE airports, which saw 36.5 million

travelers. Additionally, Dubai’s international ports handled 3.7 percent more
containers, whi le Abu Dha bi’s ports experienced a 36 percent increase in cargo
volume.

Construction and building activities grew by 6. 2 percent, largely due to
increased public capital expenditures, totaling 4.8 billion dirhams in the „rst

quarter, compared to the previous year. The restaurant and hotel sector
expanded by 4.6 percent, bolstered by an 11 percent rise in international
tourists visiting Dubai, whi ch welcomed 5.18 million visitors. Abu Dhabi also

experienced strong tourism performance, with increases in hotel occupancy
rates and revenue per available room.

In terms of non-oil GDP contributions, trade activities led with a 16.1 percent
sha re, followed by manufacturing at 14.6 percent, and „nancial and insurance

activities at 13.4 percent. Construction and real estate activities contributed 11.8

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