Page 58 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

Press Release

UAE’s GDP totals AED 430 billion in Q1 2024 with 3.4 per cent growth

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

o 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

o 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

1