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6/16/25, 9:23 AM UAE Economy Grows 4% in 2024 as Non-Oil Sectors Lead Expansion | Khaleej Mag
sustainable development, international competitiveness, and
forward-looking leadership,” he added.

Hanan Mansour Ahli, Managing Director of the FCSC,

described the 4% GDP growth as a sign of the UAE’s strong
economic foundations. “It reflects the impact of forward-looking

leadership and a focus on non-oil-led, sustainable
development,” she said.

Sectoral performance was especially strong in 2024. The

transport and storage sector posted the highest growth at
9.6%, fueled by a nearly 10% surge in air travel, with UAE

airports handling 147.8 million passengers. The construction
sector followed with 8.4% growth, supported by large-scale
urban development projects.

Financial and insurance services grew by 7%, while the
hospitality sector—including hotels and restaurants—expanded

by 5.7%. The real estate market also showed resilience,
recording a 4.8% increase.

Trade remained the top contributor to non-oil GDP at 16.8%,

followed by manufacturing (13.5%), financial and insurance
services (13.2%), construction (11.7%), and real estate (7.8%).

The UAE’s economic performance stands out in the region,

with other Gulf nations reporting more modest growth. Saudi
Arabia grew by 1.3%, Qatar by 2.4%, Oman by 1.7%, and
Kuwait experienced a 2.7% contraction.

As the UAE strengthens its position as a diversified, globally
competitive economy, officials remain confident in the nation’s

trajectory toward long-term, sustainable prosperity.

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