Page 245 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:47 PM UAE's GDP grows 3.6% in H1 2024 - ARN News Centre- Trending News, Sports News, Business News, Dubai News, UAE News, G…
"This progress paves the way for achieving the economic goals outlined in 'We the UAE 2031' vision, including
raising the UAE's GDP to AED3 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, fuelled 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.

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, fuelled
by exceptional tourism activity across the country. Hotel revenues exceeded AED24.6 billion during this period,
registering a 7 percent 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.

Trade activities emerged as the largest contributor to the UAE's non-oil GDP, accounting for 16.5 per cent, followed
by manufacturing at 15 percent. Financial and insurance activities took third place with a 12.5 per cent contribution,
while construction accounted for 11.6 percent. Real estate activities ranked fifth, contributing 7.6 per cent.

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