Page 265 - MOE ENGLISH PR REPORT - DECEMBER 2024

UAE economy grows 3.6% in the first half of 2024 on non-oil

boost

The UAE's economy grew by 3.6 per cent annually in the first half of this year, driven by the non-oil
sector as the country continues its economic diversification strategy.

The country's real gross domestic product (GDP) at constant prices rose to Dh879.6 billion ($239.5
billion) for the six-month period, while non-oil GDP increased by 4.4 per cent annually to reach
Dh660 billion, contributing 75 per cent to the total, the Ministry of Economy said.

The strong performance of the non-oil sector was attributed to e orts in boosting entrepreneurship,
trade and investment activities, development projects launched at the beginning of the year, as well
as tourism activities, Minister of Economy Abdulla bin Touq said.

The UAE, the Arab world's second-largest economy, has been focusing heavily on diversifying its
economy away from oil by developing sectors such as technology, manufacturing, tourism, trade
and innovation. The country has introduced several reforms including longer-stay residence visas
as well as new visa categories to attract more talent.

The country aims to raise its GDP to Dh3 trillion by the next decade as part of its 2031 vision.
The UAE's economy grew by 3.4 per cent in the first quarter of the year, o icials said in September.

The same month, the UAE Central Bank said it expects the country's economy to grow by 4 per cent
this year, an increase from its June estimate of 3.9 per cent, on the back of a boost from its non-oil
sector. Growth will also be supported by global economic agreements, the regulator said at the
time.

The UAE reported a record Dh1.4 trillion in non-oil foreign trade in the first six months of this year,
according to o icial figures.

That comes after the UAE signed comprehensive economic partnership agreements (Cepas) with
rapidly growing economies in Asia, the Middle East and Africa, including
with India, Turkey, Israel, Indonesia, Cambodia, Georgia, South Korea, Chile and Mauritius.

Cepas aim to reduce tari s and remove bottlenecks that hamper trade. This programme is
projected to increase national exports by 33 per cent and add more than Dh153 billion to the
economy by 2031.
Trade contributed the most to the country’s non-oil GDP, at 16.5 per cent in the first half of the year,
according to the preliminary estimates from the Federal Competitiveness and Statistics Centre. It