Page 364 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:59 AM UAE GDP tops $117bn in Q1; 3.4% increase
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.

Based on the data, 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 percent. This growth can be attributed to the significant increase in the local
credit granted to the private sector, which led to a six percent growth and positively impacted the rebound of non-oil economic
activities.

Following closely behind in the second place are transportation and storage activities, which grew 7.3 percent. 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 percent 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
percent growth in the number of containers handled, while Abu Dhabi's ports experienced a 36 percent increase in cargo handling
volume on an annual basis.

Ranking third, construction and building activities experienced a growth rate of 6.2 percent, which aligns 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 AED4.8 billion, compared to that of Q1 2023.

The restaurant and hotel sector secured the fourth spot with a 4.6 percent growth during the first quarter of 2024 compared to the
corresponding period in 2023. Moreover, the UAE emerged at the forefront of the 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 percent increase
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.

Trade activities made the largest contribution to the non-oil GDP, accounting for 16.1 percent. Manufacturing activities come in
second at 14.6 percent, with financial and insurance activities ranking third at a rate of 13.4 percent. Construction and building
activities contribute 11.8 percent, followed by real estate activities with a contribution of 7.1 percent.

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