Page 31 - MOE ENGLISH PR REPORT - DECEMBER 2024

Press Release

Bin Touq said: “The achievements highlight the visionary leadership of His Highness Sheikh
Mohamed bin Zayed Al Nahyan, President of the UAE, and strategic guidance of His Highness
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE 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 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

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