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6/16/25, 9:23 AM UAE Economy Grows 4% in 2024 as Non-Oil Sectors Lead Expansion | Khaleej Mag

UAE Economy Grows 4% in 2024 as

Non-Oil Sectors Lead Expansion

The UAE’s gross domestic product (GDP) reached AED 1.77

trillion ($481.4 billion) in 2024, marking a 4% increase from the
previous year. The growth, largely driven by non-oil sectors,
reflects the country’s continuing shift toward economic

diversification, according to the latest data released by the
Federal Competitiveness and Statistics Centre (FCSC) and the

Central Bank of the UAE.

Non-oil sectors contributed 75.5% of the total GDP, amounting
to AED 1.342 trillion. Oil-related activities added AED 434

billion to the economy. The Central Bank has maintained its
real GDP growth forecast at 4% for 2024, with projected

increases to 4.5% in 2025 and 5.5% in 2026.

In its latest Quarterly Economic Review for December 2024,
the Central Bank attributed the steady growth to robust
performances across tourism, transportation, financial and

insurance services, construction, real estate, and
communications.

Minister of Economy Abdulla bin Touq Al Marri hailed the
results as evidence of renewed momentum in the national
economy. “These indicators reflect the sustained success of

the UAE’s economic strategies,” he said. “They demonstrate
our transition toward an innovative, knowledge-based, and

sustainable economic model aligned with global trends and
emerging technologies.”

The minister emphasized that the latest figures move the UAE

closer to achieving its long-term economic target of reaching
AED 3 trillion in GDP by the next decade. “We are reinforcing

our position as a global hub for the new economy, driven by

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