Page 228 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:45 PM UAE's GDP grows by 3.6 per cent in the first half of 2024 : GoDubai.com
Statistics Centre, reflect remarkable economic growth and competitiveness, solidifying the country's position as a
leading economic power and a premier destination for business and investment.

Bin Touq explained that the value of the UAE's real GDP (at constant prices) reached AED 879.6 billion in the first
half of 2024, recording a notable increase of 3.6 per cent. Meanwhile, the value of the non-oil GDP during the same
period was approximately AED 660 billion, with a growth of 4.4 per cent, compared to the same period last year. With
this, the contribution of non-oil sectors to the country's GDP has reached 75 per cent.

The estimates also indicated that the nominal GDP (at current prices) of the UAE during the first half of 2024 reached
approximately AED 981 billion, registering a growth rate of 5.6 per cent. Meanwhile, the value of non-oil GDP at

current prices during the same period rose to about AED 749 billion, with a growth rate reaching 6.8 per cent,
compared to the first half of 2023.

Bin Touq said: “The achievements highlight the visionary leadership of His Highness Sheikh Mohamed bin Zayed Al

Nahyan, President of the UAE, and strategic guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of the UAE and Ruler of Dubai. 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. This progress paves the way for achieving the

economic goals outlined in ‘We the UAE 2031' vision, including raising the UAE's GDP to AED 3 trillion within the next
decade.”

The Minister of Economy stated that 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, fueled 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.

Additionally, the Minister underscored the importance of continued efforts and sector-wide integration to drive
sustainable and inclusive economic progress.

Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre (FCSC), said, “The

GDP figures for the first half of this year, published by the FCSC, reaffirm the UAE's dedication to implementing its
policy of economic openness as a consistent national strategy. 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.”

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.

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