Page 377 - MOE ENGLISH PR REPORT - MARCH 2025

Dubai, March 7, 2025: The UAE’s real GDP grew by 3.8 per cent during the first nine months of 2024
compared to the same period in 2023, totaling AED 1.322 trillion. Meanwhile, the country’s non-oil
GDP grew by 4.5 per cent to reach AED 987 billion. The contribution of non-oil sectors to real GDP
reached 74.6 per cent, while oil-related activities contributed 25.4 per cent.

H.E. Abdulla bin Touq Al Marri, Minister of Economy, said that the continued growth of the national
economy is a testament to the success of the UAE’s economic policies and strategies aimed at
enhancing economic diversification, facilitating business activities, and promoting the expansion of
new economy sectors as the key drivers of sustainable economic and social development. H.E.
highlighted that, under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan,
President of the UAE, and the directives of His Highness Sheikh Mohammed bin Rashid Al
Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the UAE has built

an innovative economic model based on global best practices, ensuring flexibility and resilience in
navigating rapid economic shifts and global challenges.

H.E. Bin Touq said: “The concerted national efforts to increase the contribution of non-oil sectors to
the national economy, develop more flexible and competitive economic legislation, promote
economic openness to the world, and build productive, impactful partnerships with prominent
markets around the world, are continuing. This supports the achievement of the ‘We the UAE 2031’
objectives, aimed at raising the country's GDP to AED 3 trillion by the next decade and
consolidating the UAE’s status as the global hub for the new economy.”

H.E. Hanan Mansoor Ahli, Managing Director of the Federal Competitiveness and Statistics Centre
(FCSC), said: “The continued growth in the UAE's GDP during the first nine months of last year
reflects the strong economic performance of the country and a clear vision for the future focused
on promoting sustainable economic growth driven by non-oil sectors.”

Her Excellency added: “The UAE’s wise leadership has adopted a well-established and future-
oriented approach to economic diversification, laying a solid foundation for more achievements,
sustained GDP growth and progress across various other economic and growth indicators.”

Further developed economic activities
Transport and warehousing sectors led the growth during the first nine months of 2024, growing by
7.9 per cent, driven by the outstanding performance of passenger traffic and flights at the country's
airports, which recorded more than 103 million passengers, up 20 per cent.

Meanwhile, the construction sector grew by 7.4 per cent as a result of a significant increase in
investments in urban infrastructure projects. Financial and insurance activities grew by 6.8 per
cent, government activities by 5.0 per cent, and restaurants and hotels by 4.9 per cent.

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