Page 361 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:59 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

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

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