Page 234 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:46 PM UAE’s GDP grows by 3.6% in H1 2024 | Business | emirates7
during the same period.

Bin Touq attributed this success to the forward-thinking leadership of President His

Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed
bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. He

emphasized the UAE’s commitment to building a diversified, innovation-driven
economy aligned with global trends. This progress supports the "We the UAE 2031"

vision, which aims to elevate the GDP to AED3 trillion over the next decade.

The non-oil sector’s growth reflects the UAE’s ability to capitalize on emerging

opportunities in areas such as transport, storage, finance, construction, and tourism.
Developmental projects and policies fostering entrepreneurship, trade, and investment

further fuel this progress. Tourism saw sustained growth, cementing the UAE’s
reputation as a global destination, with hotel revenues exceeding AED24.6 billion—a 7

percent increase—while welcoming 15.3 million guests, a 10.5 percent rise.

Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics

Centre (FCSC), noted that the GDP figures reaffirm the UAE's commitment to
economic openness and diversification. She emphasized the UAE's forward-thinking

strategies that strengthen its position as a dynamic, globally competitive economy.

Transportation and storage activities led economic growth in H1 2024, expanding by 8.4
percent. Financial and insurance activities followed with 7.6 percent growth, while

construction grew by 7.3 percent. Information and communication activities recorded

5.3 percent growth, with the restaurants and hotels sector achieving 5.1 percent growth,
driven by booming tourism.

Trade emerged as the largest contributor to the non-oil GDP, accounting for 16.5

percent, followed by manufacturing at 15 percent, financial and insurance activities at
12.5 percent, and construction at 11.6 percent. Real estate activities contributed 7.6

percent, ranking fifth among the key sectors.

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