Page 525 - MOET ENGLISH PR REPORT - JUNE 2025

6/16/25, 9:23 AM UAE’s GDP reached AED1,776b in 2024 with 4% growth – The Gulf Time Newspaper
a forward‑looking vision focused on sustainable, non‑oil‑driven growth.

Hanan Ahli further stated that the guidance and forward-looking vision of the UAE’s wise leadership are
focused on building an advanced and globally competitive economic model. Economic diversification is

adopted not only as a strategic objective but also as a core operational approach, driving sustainable

development and enhancing societal well-being. This model serves as a powerful catalyst for continued
progress, ensuring sustained GDP growth and positive performance across a wide range of economic and

development indicators.

The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, recording a
9.6 percent year-over-year growth. This growth was primarily driven by the exceptional performance of UAE

airports, which handled 147,8 million passengers—an increase of approximately 10 percent.
The building and construction sector followed with an 8.4 percent growth rate, supported by substantial

investments in urban infrastructure. Financial and insurance activities expanded by 7 percent, while the

hospitality sector, encompassing hotels and restaurants, rose by 5.7 percent. Meanwhile, the real estate
sector recorded a 4.8 percent growth.

With regard to non-oil economic activities that contributed most to the GDP, the trade sector contributed

16.8 percent, the manufacturing sector accounted for 13.5 percent, and financial and insurance activities
contributed 13.2 percent. Construction and building contributed 11.7 percent, while real estate activities

accounted for 7.8 percent of the non-oil GDP.

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