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6/16/25, 9:30 AM UAE’s Economy Grows by 4% in 2024, Driven by Strong Non-Oil Sector Performance – GCC BUSINESS WATCH
UAE’s Economy Grows by 4% in 2024, Driven by Strong Non-Oil

Sector Performance

The UAE’s real GDP reached AED 1.776 trillion in 2024, with non-oil activities contributing 75.5% of the total,
signaling major progress in economic diversification.
N e w s D e s k
15 June 2025

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Abu Dhabi, 15 June 2025 – The UAE’s economy continues to show robust momentum, with the nation’s real Gross Domestic Product (GDP) reaching AED
1.776 trillion in 2024—a 4% increase compared to 2023. This growth underscores the country’s success in advancing its strategy of economic diversification,
as non-oil sectors now account for 75.5% of the total GDP.

According to data released by the Federal Competitiveness and Statistics Centre (FCSC), the non-oil GDP grew by 5%, reaching AED 1.342 trillion, while
oil-related activities contributed AED 434 billion.

Minister of Economy Abdulla bin Touq Al Marri emphasized that the UAE’s performance reflects the effectiveness of national strategies aimed at building a
diversified and globally competitive economy, guided by the “We the UAE 2031” vision. He reaffirmed the nation’s goal to raise GDP to AED 3 trillion
within the next decade, driven by innovation, sustainability, and international economic leadership.

Hanan Mansour Ahli, Managing Director of the FCSC, stated that the consistent growth of non-oil sectors is a testament to the UAE’s forward-looking
development model. She pointed to the government’s efforts to build a knowledge-based, sustainable economy as the core engine behind the country’s
continued success.

Key highlights from sectoral performance in 2024 include:

Transport and storage emerged as the fastest-growing sector, expanding 9.6% year-over-year, bolstered by record-breaking airport traffic with 147.8 million
passengers.

Construction and building grew by 8.4%, driven by significant investment in urban development projects.

Financial and insurance activities recorded a 7% increase, while the hospitality sector grew by 5.7% and real estate by 4.8%.

Among non-oil sectors:

Trade contributed 16.8% to GDP,

Manufacturing accounted for 13.5%,

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