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1/2/25, 5:42 PM UAE economy grows 3.6% in the first half of 2024 on non-oil boost | The National
innovation. The country has introduced several reforms including longer-stay residence visas as well

as new visa categories to attract more talent.

The country aims to raise its GDP to Dh3 trillion by the next decade as part of its 2031 vision.

The UAE's economy grew by 3.4 per cent in the first quarter of the year, officials said in September.

The same month, the UAE Central Bank said it expects the country's economy to grow by 4 per cent

this year, an increase from its June estimate of 3.9 per cent, on the back of a boost from its non-oil

sector. Growth will also be supported by global economic agreements, the regulator said at the time.

The UAE reported a record Dh1.4 trillion in non-oil foreign trade in the first six months of this year,

according to official figures.

That comes after the UAE signed comprehensive economic partnership agreements (Cepas) with

rapidly growing economies in Asia, the Middle East and Africa, including

with India, Turkey, Israel, Indonesia, Cambodia, Georgia, South Korea, Chile and Mauritius.

Cepas aim to reduce tariffs and remove bottlenecks that hamper trade. This programme is projected
to increase national exports by 33 per cent and add more than Dh153 billion to the economy by

2031.

Trade contributed the most to the country’s non-oil GDP, at 16.5 per cent in the first half of the year,

according to the preliminary estimates from the Federal Competitiveness and Statistics Centre. It
was followed by manufacturing (15 per cent), financial and insurance activities (12.5 per cent),

construction and building (11.6 per cent) and real estate (7.6 per cent).

Transportation and storage topped the list of the fastest growing economic sectors during the first
half of 2024, with a growth rate of 8.4 per cent, followed by financial and insurance activities (7.6

per cent) and construction and building (7.3 per cent).

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