Page 379 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 12:01 PM 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

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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

Sep 09, 2024 (MENAFN via COMTEX) --

(MENAFN - Dubai PR Network) Financial & insurance activities top non-oil economic activities with the fastest growth rate
of 7.9 per cent due to the increase in the local credit to the private sector

Robust tourism inflows to the UAE lead to a 4.6 per cent growth in restaurant and hotel activities

Abu Dhabi, 9 September 2024:
H.E. Abdulla bin Touq Al Marri stated:"The preliminary estimates of the UAE's GDP growth in the first quarter (Q1) of 2024,
issued by the Federal Competitiveness and Statistics Centre (FCSC), once again underline the resilience and vitality of the
national economy and exemplify its ability to continue on the path of sustainable growth. They also reflect the UAE's
commitment to fostering economic diversification focused on knowledge economy sectors, as the country's real GDP
reached AED 430 billion in Q1 2024, recording a remarkable growth of 3.4 per cent compared to the same period in 2023,
while the non-oil GDP grew by 4 per cent compared to the same period last year".
"Under the guidance of H.H Sheikh Mohammed bin Zayd Al Nahyan, President of the UAE, Ruler of Abu Dhabi, and the
directives of H.H Sheikh Mohammed bin Rashed Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of
Dubai, the country adopted an innovative economic model that supports its future vision, along with effective national
economic strategies, enhancing 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 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
million travellers, a growth rate of 14.7 per cent 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 per cent growth in the number of
containers handled, while Abu Dhabi's ports experienced a 36 per cent increase in cargo handling volume on an annual
basis.
Ranking third, construction and building activities experienced a growth rate of 6.2 per cent in line 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 AED 4.8 billion, compared to that of Q1 2023.
The restaurant and hotel sector secured the fourth spot with a 4.6 per cent growth during the first quarter of 2024 compared
to the corresponding period in 2023. Moreover, the UAE emerged at the forefront of 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 per cent increase as 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.

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