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1/2/25, 5:45 PM UAE’s non-oil economy drives 75% of GDP growth in H1 2024 - Finance Middle East

UAE’s non-oil economy drives 75% of GDP growth in

H1 2024
The UAE’s real GDP grew by 3.6% during this period, reaching Dh879.6 billion.

The UAE’s economy recorded a robust growth trajectory in the first half of 2024, driven by a diversified non-oil
sector that contributed 75% to the nation’s GDP, according to the UAE Ministry of Economy. Preliminary estimates
from the Federal Competitiveness and Statistics Centre (FCSC) revealed that the UAE’s real GDP grew by 3.6%
during this period, reaching Dh879.6 billion. Non-oil GDP surged by 4.4% to Dh660 billion, signalling the nation’s
ongoing progress toward economic diversification under the “We the UAE 2031” vision.

Transportation and storage emerged as the fastest-growing non-oil sector, recording an 8.4% growth rate in the
first half of 2024. This expansion is attributed to increased trade volumes and advancements in logistics
infrastructure, including the UAE’s strategic investments in ports and free zones. The UAE’s strategic location as a
global logistics hub has further amplified this sector’s performance, supported by international partnerships and
innovations in supply chain technology.

The financial and insurance sector ranked second, achieving a 7.6% growth rate and contributing 12.5% to the
non-oil GDP. This sector benefited from increased banking activity and regulatory enhancements aimed at

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