Page 240 - MOE ENGLISH PR REPORT - DECEMBER 2024

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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 a 7 per cent increase, while the total number of hotel guests across the UAE’s
seven emirates reached around 15.3 million, representing a 10.5 per cent growth.

Key Contributors to Non-Oil GDP

Trade activities emerged as the largest contributor to the UAE’s non-oil GDP, accounting for 16.5 per cent,

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