Page 253 - MOE ENGLISH PR REPORT - DECEMBER 2024

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 …
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 AED24.6bn ($6.7bn) during this period, registering a 7 per cent
increase, while the total number of hotel guests across the UAE’s seven emirates reached

around 15.3m, 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 per cent.

Financial and insurance activities took third place with a 12.5 per cent contribution, while
construction accounted for 11.6 per cent.

Real estate activities ranked fifth, contributing 7.6 per cent.

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