Page 220 - MOE ENGLISH PR REPORT

Page 220 - MOE ENGLISH PR REPORT - DECEMBER 2024

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1/2/25, 5:43 PM UAE’s GDP grows by 3.6z per cent in the first half of 2024
leveraging its capabilities, the UAE aims to strengthen its economic standing on both regional and global
levels as one of the most dynamic and diversified economies, driven by forward-thinking strategies and
sustainable diversification plans.”

Key Growth Sectors

According to the initial estimates released by FCSC, transportation and storage activities led economic

growth in the first half of 2024, with an impressive 8.4 per cent growth rate. Financial and insurance
activities ranked second with a growth rate of 7.6 per cent, followed closely by construction activities at
7.3 per cent. Information and communication activities ranked fourth, achieving a growth rate of 5.3 per

cent.

The restaurants and hotels sector secured the fifth spot, achieving 5.1 per cent growth in the first half of
2024, fueled by exceptional tourism activity across the country. Hotel revenues exceeded AED 24.6
billion during this period, registering a 7 per cent increase, while the total number of hotel guests across
the UAE’s seven emirates reached around 15.3 million, representing a 10.5 per cent growth

Key Contributors to Non-Oil GDP

Trade activities emerged as the largest contributor to the UAE’s non-oil GDP, accounting for 16.5 per
cent, followed by manufacturing at 15 per cent. Financial and insurance activities took third place with a
12.5 per cent contribution, while construction accounted for 11.6 per cent. Real estate activities ranked
fifth, contributing 7.6 per cent.