The United Arab Emirates has achieved a landmark economic milestone, with its real gross domestic product (GDP) expanding by an impressive 4.0 per cent in 2024 to reach Dh1.776 trillion. This robust growth highlights the nation's remarkable economic resilience and the accelerating momentum of its non-oil sectors amid global economic challenges.
Fresh statistics from the Federal Competitiveness and Statistics Centre (FCSC) reveal that non-oil activities now dominate the national economy, contributing a substantial 75.5 per cent (Dh1.342 trillion) compared to oil-related GDP of Dh434 billion - underscoring the success of the UAE's diversification strategy.
This exceptional performance has strengthened optimism about the UAE's long-term economic prospects, fueled by comprehensive structural reforms, strategic investments in future-focused sectors, and ambitious initiatives under the "We the UAE 2031" vision plan. Economic experts highlight how these results validate the nation's transition toward a knowledge-based, innovation-led economic model.
"The UAE continues to break new ground," announced His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai. "Our non-oil foreign trade jumped an extraordinary 18.6% year-on-year in Q1 2024 to Dh835 billion - far outpacing global averages of just 2-3%. Non-oil exports skyrocketed by an unprecedented 41%. We're now set to achieve our ambitious Dh4 trillion non-oil trade target four years early."
Abdulla bin Touq Al Marri, Minister of Economy emphasized: "These achievements reflect our unwavering commitment to building a sustainable economy with global competitiveness at its core." He added that each milestone accelerates progress toward raising national GDP to Dh3 trillion within this decade through strategic investments in emerging technologies and enhanced international partnerships.
Sectoral Growth Highlights
The transport sector emerged as one of fastest-growing segments with explosive9 .6% annual growth , drivenby resurgent aviation activity asUAE airports welcomed147 .8 million passengers -a10 % increase from2023 , confirmingthe country ' s positionasaglobal travel nexus . p > < p > Constructionand real estate maintained strong trajectorieswith8 .4 %and4 .8 %growth respectively , supportedby massive infrastructure projectsand rising property demandacross commercialand residential markets . Financial services expanded7 %, reflecting vibrant capital marketswhile hospitality grew5 .7 %through record tourism numbers . Wholesale / retail leadsnon - oil contributions(16 .8 %) followedby manufacturing(13 .5 %) , finance(13 .2 %) construction(11 ..7%)andreale state(7 ..8%)—painting apictureof broadbasedeconomicstrength . < h2 > Global Recognition & Future Outlook h2 > < p > TheInternational Monetary Fund praisedtheUAE ' spolicy frameworkinitslatestreport , projecting sustainedmediumtermgrowthfueledbydiversificationefforts ... CentralBankofficialsanticipate5 ..4%nonoilgrowthin2026supportedbystrongFDIflows ... Analysts notehostingCOP28hasboostedthecountry ' sgreencredentials whileinvestmentsinlogistics ... advancedmanufacturingpositionitforfutureleadership ... Withitsvisionto doubleGDPby2031 ... expertsseetheUAEasanunparalleledmodelofeconomicmodernizationintheregion .
