Page 231 - 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
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.

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

https://www.dubaiprnetwork.com/pr.asp?pr=183000 2/3