Page 550 - MOET ENGLISH PR REPORT - JUNE 2025

6/16/25, 9:30 AM UAE posts 4% GDP growth in 2024 as economic diversification accelerates

According to the Central Bank’s Quarterly Economic Review for December
2024, thi s growth outlook was supported by strong performances in tourism,
transportation, financial and insurance services, construction and real estate,

and communication sectors.

In comparison, Saudi Arabia, the largest economy in the region, recorded a

modest growth rate of 1.3 percent in 2024, with its non-oil sector contributing
54.8 percent of GDP as the Kingdom steadily advances its Vision 2030 reforms.

UAE inister f conomy bdulla in ouq l-Marri aid he atest DP gures eleased y he CSC eflect M o E A b T A s
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Qatar’s economy expanded by 2.4 percent, supported by non-hydrocarbon

activities comprising nearly 64 percent of GDP, reflecting ongoing efforts to
broaden its economic base.

Oman’s GDP grew by 1.7 percent, driven by a 3.9 percent increase in non-oil
activities, particularly in industry and services, while Kuwait’s economy
contracted by 2.7 percent in 2024 due to lower oil revenues under extended

OPEC+ cuts, thou gh its non-oil sector showed relative resilience with stronger
private sector credit growth.

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