Page 387 - MOE ENGLISH PR REPORT - MARCH 2025

3/18/25, 9:12 AM UAE economy grows by 3.8% in first nine months of 2024 | The National
world, and build productive partnerships with key regional and global markets,” Mr Al Marri said.

These efforts support the objectives of the “We the UAE 2031" vision, which aims to raise the
country’s GDP to Dh3 trillion by the next decade and establish the UAE as a global hub for the new

economy, he added.

The UAE, the Arab world's second-largest economy, has been focusing heavily on diversifying its
economy away from oil by developing sectors such as technology, manufacturing, tourism, trade and

innovation. The country has introduced several reforms including longer-stay residence visas as well
as new visa categories to attract more talent.

Last September, the UAE Central Bank said it expected the country's economy to grow by 4 per cent

last year, an increase from its June estimate of 3.9 per cent, on the back of a boost from its non-oil
sector. Growth will also be supported by economic agreements the country has signed with its global

trade partners, the regulator said at the time.

The UAE's non-oil foreign trade also hit a record Dh3 trillion last year − up 14.6 per cent year-on-
year.

The Comprehensive Economic Partnership Agreements (Cepas) with various nations, from

Colombia to Australia, have contributed Dh135 billion to its non-oil trade with partner nations, an
increase of 42 per cent compared to the previous year, Sheikh Mohammed bin Rashid, Vice

President and Ruler of Dubai, said last month.

Cepas aim to reduce tariffs and remove bottlenecks that hamper trade. This programme is projected
to increase national exports by 33 per cent and add more than Dh153 billion to the economy by

2031.

Dubai lender Emirates NBD said in a note on Thursday that it estimates the oil sector to have

expanded by more than 1 per cent last year.

“On an annual basis, we estimate the economy expanded by 3.9 per cent in the third quarter
compared with the same period a year earlier, with the non-oil sector expanding by 4.6 per cent,” the

bank said.

“Based on activity data for the fourth quarter, it would appear that there was an acceleration in
activity in the final months of the year, supporting our estimate of strong non-oil activity in 2024.

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