Page 375 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 12:01 PM UAE's GDP hits AED430 billion in Q1 2024

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 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

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

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