Page 208 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:42 PM UAE’s economy expands by 3.6% in H1 2024, driven by non-oil growth
Ads by

Non-oil economic activities recorded positive results in the first half of 2024, the most notable of
which are - transport and storage activities, financial activities and the insurance sector, as well as

construction and building activities, fueled by initiatives to promote entrepreneurship, trade, and

investment, as well as major developmental projects launched earlier this year. According to Al

Marri, transport and storage activities have emerged as the fastest-growing non-oil economic sectors

in the UAE’s GDP, achieving a growth rate of 8.4 per cent.
The financial and insurance sectors ranked second, achieving a growth rate of 7.6 per cent and

contributing 12.5 per cent to the UAE’s non-oil GDP. Construction and building activities ranked

third with a growth rate of 7.3 per cent, while Information and Communication activities ranked

fourth with a growth rate of 5.3 per cent. Tourism also recorded sustained growth, further

reinforcing the UAE’s standing as a global tourism hub.
Al Marri explained, “The UAE has successfully laid the foundation for a sustainable, diversified

economy driven by innovation and knowledge, aligning with global trends while maintaining its

position as a premier economic hub regionally and internationally.” He said this progress paves the

way for achieving the economic goals outlined in the ‘We the UAE 2031’ vision, including raising

the UAE’s GDP to Dh3 trillion within the next decade.
Additionally, the Minister underscored the importance of continued efforts and sector-wide

integration to drive sustainable and inclusive economic progress.
ADVERTISEMENT

https://gulfnews.com/business/economy/uaes-economy-expands-by-36-in-h1-2024-driven-by-non-oil-growth-1.500008766 2/3