Page 222 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:44 PM UAE's real GDP grows 3.6 percent to $239.5 billion in H1 2024
The robust growth of non-oil sectors during the first half of 2024 reflects the dynamic nature of the
UAE’s economy and its capacity to seize emerging opportunities across multiple fields. Bin Touq
noted strong performance in key sectors, including transport, storage, finance and construction,
fuelled by initiatives to promote entrepreneurship, trade and investment, as well as major
developmental projects launched earlier this year. Tourism also recorded sustained growth, further
reinforcing the UAE’s standing as a global tourism hub.
Read: Dubai launches first-ever tax certification program in Arab world

Transportation and storage lead GDP growth
According to the initial estimates by FCSC, transportation and storage activities led the UAE’s GDP
growth in the first half of 2024, with an impressive 8.4 percent growth rate. Financial and insurance
activities ranked second with a growth of 7.6 percent, followed closely by construction activities at
7.3 percent. Information and communication activities ranked fourth, achieving a growth rate of 5.3
percent.
“By 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,” added Hanan Mansour Ahli, managing director of
the FCSC.
The UAE’s restaurants and hotels sector secured the fifth spot, growing 5.1 percent in the first half
of 2024, fuelled by exceptional tourism activity across the country. Hotel revenues exceeded
AED24.6 billion during this period, registering a 7 percent increase, while the total number of hotel
guests across the UAE’s seven emirates reached around 15.3 million, representing a 10.5 percent
growth.
Trade activities emerged as the largest contributor to the UAE’s non-oil GDP, accounting for 16.5
percent, followed by manufacturing at 15 percent. Financial and insurance activities ranked third
with a 12.5 percent contribution, while construction accounted for 11.6 percent. In fifth place came
real estate activities which contributed 7.6 percent to the UAE’s non-oil GDP.

https://economymiddleeast.com/news/uae-real-gdp-grows-3-6-percent-h1-2024/#:~:text=The UAE’s real gross domestic product %28GDP%29 at,2024… 2/2