Page 366 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

Transportation and storage activities followed closely with a 7.3 percent growth. The number of
travellers at UAE airports reached 36.5 million in Q1 2024, marking a 14.7 percent increase from
last year. Dubai's international ports saw a 3.7 percent rise in container handling, while Abu Dhabi's
ports experienced a 36 percent increase in cargo volume.

The construction sector ranked third with a 6.2 percent growth rate due to several development
projects initiated by the government early this year. Public capital expenditures rose to AED4.8
billion compared to Q1 2023.

Tourism and Trade
The restaurant and hotel sector grew by 4.6 percent in Q1 2024 compared to the same period last
year. Dubai attracted 5.18 million international tourists, an 11 percent increase from Q1 2023. Abu
Dhabi also performed well in key tourism indicators like hotel occupancy rates and revenue per
available room.

Trade activities made the largest contribution to non-oil GDP at 16.1 percent, followed by
manufacturing at 14.6 percent and financial and insurance activities at 13.4 percent.

Future Vision

Bin Touq emphasised that these positive results align with achieving the "We the UAE 2031" vision's
economic objectives, which include raising GDP to AED3 trillion by the next decade.

"Under the guidance of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and
directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, we adopted an innovative
economic model," Bin Touq stated.

This model supports future visions through effective national strategies, enhancing openness,
promoting partnerships, and transitioning towards flexibility and innovation-based economy.

The UAE's ports have shown exceptional performance during this period as well.

Real estate activities contributed 7.1 percent to non-oil GDP while construction accounted for 11.8
percent.

The UAE continues its path towards sustainable growth through strategic diversification efforts
aimed at reducing oil dependence while promoting investments and attracting innovative projects.

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