Page 370 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 12:00 PM PRESSR: UAE’s GDP totals AED 430bln in Q1 2024 with 3.4 per cent growth — TradingView News
openness to the world, promoting partnerships, and transitioning towards an

economic model based on flexibility and innovation,” H.E. Bin Touq added.

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

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