emirates7 - The UAE’s national economy continues to exhibit robust growth, solidifying its reputation as one of the most dynamic and competitive economies regionally and globally.
Economic Milestones in 2024
In celebration of the 53rd Eid Al Etihad, the Emirates News Agency (WAM) highlighted the UAE’s impressive economic achievements throughout the year. Among these is the approval of the Union General Budget Plan for the fiscal year 2025, featuring balanced total revenues and expenditures of AED71.5 billion each. This reflects the country’s prudent fiscal strategy.
The Central Bank of the UAE (CBUAE) revised its 2024 GDP growth forecast upward to 4 percent, compared to the earlier estimate of 3.9 percent, driven by the improved performance of the oil sector.
Treasury Bonds and Sukuk
The Government Treasury Bonds Programme and the Dirham-denominated Islamic Treasury Sukuk Programme have seen remarkable success. By the end of August 2024, the UAE had issued AED11.2 billion in Treasury Bonds and AED13.8 billion in Islamic Treasury Sukuk, totaling AED25 billion. This underscores strong confidence in the UAE’s investment landscape.
Enhancing System Efficiency
In February, the Financial Action Task Force (FATF) acknowledged the UAE’s completion of all 15 recommendations from its action plan, highlighting the nation’s effective measures against money laundering and terrorist financing while promoting a business-friendly environment.
Expanding Economic Partnerships
The UAE has strengthened its global trade networks, finalizing approximately 18 comprehensive economic partnership agreements in 2024, further establishing itself as a strategic hub for trade and logistics.
Export Growth
The UAE’s exports in the first half of 2024 exceeded pre-pandemic levels, with total foreign trade nearing AED1.4 trillion, driven by a 25 percent rise in non-oil exports. With an ambitious goal of AED3 trillion in non-oil foreign trade by the end of 2024 and AED4 trillion by 2031, the UAE is on track to bolster its position as a global trade leader.
Global Competitiveness
In the 2024 World Competitiveness Report by the International Institute for Management Development, the UAE climbed to seventh place globally, ranking in the top ten for over 90 indicators.
It also advanced nine spots in the Human Development Index, ranking 17th globally and first regionally in the 2023/2024 UN Development Programme report. Moreover, the UAE topped the Global Entrepreneurship Monitor (GEM) for the third consecutive year, achieving the highest score in the report’s history (7.7) as the best destination for launching new businesses.
The UAE also ranked second globally in greenfield FDI project announcements in 2023, with a 33 percent year-on-year increase, and led the North Africa and West Asia region in the Global Innovation Index.
Tourism and Aviation
The tourism sector continues to thrive, contributing significantly to the UAE’s economic growth. Hotel revenues surpassed AED24.6 billion in the first half of 2024, a 7 percent increase from the same period in 2023. Hotel guest numbers reached 15.3 million, marking a 10.5 percent rise.
Passenger traffic at Abu Dhabi, Dubai, and Sharjah airports exceeded 103 million by September, with the General Civil Aviation Authority projecting total passenger numbers to reach 150 million by year-end.
Through these achievements, the UAE continues to position itself as a global economic, trade, and tourism powerhouse.
Economic Milestones in 2024
In celebration of the 53rd Eid Al Etihad, the Emirates News Agency (WAM) highlighted the UAE’s impressive economic achievements throughout the year. Among these is the approval of the Union General Budget Plan for the fiscal year 2025, featuring balanced total revenues and expenditures of AED71.5 billion each. This reflects the country’s prudent fiscal strategy.
The Central Bank of the UAE (CBUAE) revised its 2024 GDP growth forecast upward to 4 percent, compared to the earlier estimate of 3.9 percent, driven by the improved performance of the oil sector.
Treasury Bonds and Sukuk
The Government Treasury Bonds Programme and the Dirham-denominated Islamic Treasury Sukuk Programme have seen remarkable success. By the end of August 2024, the UAE had issued AED11.2 billion in Treasury Bonds and AED13.8 billion in Islamic Treasury Sukuk, totaling AED25 billion. This underscores strong confidence in the UAE’s investment landscape.
Enhancing System Efficiency
In February, the Financial Action Task Force (FATF) acknowledged the UAE’s completion of all 15 recommendations from its action plan, highlighting the nation’s effective measures against money laundering and terrorist financing while promoting a business-friendly environment.
Expanding Economic Partnerships
The UAE has strengthened its global trade networks, finalizing approximately 18 comprehensive economic partnership agreements in 2024, further establishing itself as a strategic hub for trade and logistics.
Export Growth
The UAE’s exports in the first half of 2024 exceeded pre-pandemic levels, with total foreign trade nearing AED1.4 trillion, driven by a 25 percent rise in non-oil exports. With an ambitious goal of AED3 trillion in non-oil foreign trade by the end of 2024 and AED4 trillion by 2031, the UAE is on track to bolster its position as a global trade leader.
Global Competitiveness
In the 2024 World Competitiveness Report by the International Institute for Management Development, the UAE climbed to seventh place globally, ranking in the top ten for over 90 indicators.
It also advanced nine spots in the Human Development Index, ranking 17th globally and first regionally in the 2023/2024 UN Development Programme report. Moreover, the UAE topped the Global Entrepreneurship Monitor (GEM) for the third consecutive year, achieving the highest score in the report’s history (7.7) as the best destination for launching new businesses.
The UAE also ranked second globally in greenfield FDI project announcements in 2023, with a 33 percent year-on-year increase, and led the North Africa and West Asia region in the Global Innovation Index.
Tourism and Aviation
The tourism sector continues to thrive, contributing significantly to the UAE’s economic growth. Hotel revenues surpassed AED24.6 billion in the first half of 2024, a 7 percent increase from the same period in 2023. Hotel guest numbers reached 15.3 million, marking a 10.5 percent rise.
Passenger traffic at Abu Dhabi, Dubai, and Sharjah airports exceeded 103 million by September, with the General Civil Aviation Authority projecting total passenger numbers to reach 150 million by year-end.
Through these achievements, the UAE continues to position itself as a global economic, trade, and tourism powerhouse.