Page 251 - MOE ENGLISH PR REPORT - DECEMBER 2024
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1/2/25, 5:53 PM UAE economy climbs 3.6% as GDP hits $239.5bn in H1; transport, finance and construction lead charge - Arabian Business: Latest …
Bin Touq explained that the value of the UAE’s real GDP (at constant prices) reached
AED879.6bn ($239.5bn) in the first half of 2024, recording a notable increase of 3.6 per
cent.
UAE economic growth
Meanwhile, the value of the non-oil GDP during the same period was approximately
AED660bn ($180bn), 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 UAE’s nominal GDP (at current prices) during the first
half of 2024 reached approximately AED981bn ($267bn), 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 AED749bn ($204bn), 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 President His
Highness Sheikh Mohamed bin Zayed Al Nahyan, and strategic guidance of His Highness
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister 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 AED3tn ($817bn) 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.
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