emirates7 - Abdulla bin Touq Al Marri, Minister of Economy, highlighted the UAE’s robust economic growth during the first half of 2024, as reflected in preliminary GDP estimates from the Federal Competitiveness and Statistics Centre. These results underscore the nation's position as a global leader in business and investment.
The UAE's real GDP (at constant prices) reached AED879.6 billion in H1 2024, growing by 3.6 percent compared to the same period last year. Non-oil GDP surged to approximately AED660 billion, marking a 4.4 percent increase and accounting for 75 percent of the total GDP.
Nominal GDP (at current prices) climbed to AED981 billion, reflecting a 5.6 percent growth. Non-oil GDP at current prices grew by 6.8 percent, reaching AED749 billion during the same period.
Bin Touq attributed this success to the forward-thinking leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. He emphasized the UAE’s commitment to building a diversified, innovation-driven economy aligned with global trends. This progress supports the "We the UAE 2031" vision, which aims to elevate the GDP to AED3 trillion over the next decade.
The non-oil sector’s growth reflects the UAE’s ability to capitalize on emerging opportunities in areas such as transport, storage, finance, construction, and tourism. Developmental projects and policies fostering entrepreneurship, trade, and investment further fuel this progress. Tourism saw sustained growth, cementing the UAE’s reputation as a global destination, with hotel revenues exceeding AED24.6 billion—a 7 percent increase—while welcoming 15.3 million guests, a 10.5 percent rise.
Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre (FCSC), noted that the GDP figures reaffirm the UAE's commitment to economic openness and diversification. She emphasized the UAE's forward-thinking strategies that strengthen its position as a dynamic, globally competitive economy.
Transportation and storage activities led economic growth in H1 2024, expanding by 8.4 percent. Financial and insurance activities followed with 7.6 percent growth, while construction grew by 7.3 percent. Information and communication activities recorded 5.3 percent growth, with the restaurants and hotels sector achieving 5.1 percent growth, driven by booming tourism.
Trade emerged as the largest contributor to the non-oil GDP, accounting for 16.5 percent, followed by manufacturing at 15 percent, financial and insurance activities at 12.5 percent, and construction at 11.6 percent. Real estate activities contributed 7.6 percent, ranking fifth among the key sectors.
The UAE's real GDP (at constant prices) reached AED879.6 billion in H1 2024, growing by 3.6 percent compared to the same period last year. Non-oil GDP surged to approximately AED660 billion, marking a 4.4 percent increase and accounting for 75 percent of the total GDP.
Nominal GDP (at current prices) climbed to AED981 billion, reflecting a 5.6 percent growth. Non-oil GDP at current prices grew by 6.8 percent, reaching AED749 billion during the same period.
Bin Touq attributed this success to the forward-thinking leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. He emphasized the UAE’s commitment to building a diversified, innovation-driven economy aligned with global trends. This progress supports the "We the UAE 2031" vision, which aims to elevate the GDP to AED3 trillion over the next decade.
The non-oil sector’s growth reflects the UAE’s ability to capitalize on emerging opportunities in areas such as transport, storage, finance, construction, and tourism. Developmental projects and policies fostering entrepreneurship, trade, and investment further fuel this progress. Tourism saw sustained growth, cementing the UAE’s reputation as a global destination, with hotel revenues exceeding AED24.6 billion—a 7 percent increase—while welcoming 15.3 million guests, a 10.5 percent rise.
Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre (FCSC), noted that the GDP figures reaffirm the UAE's commitment to economic openness and diversification. She emphasized the UAE's forward-thinking strategies that strengthen its position as a dynamic, globally competitive economy.
Transportation and storage activities led economic growth in H1 2024, expanding by 8.4 percent. Financial and insurance activities followed with 7.6 percent growth, while construction grew by 7.3 percent. Information and communication activities recorded 5.3 percent growth, with the restaurants and hotels sector achieving 5.1 percent growth, driven by booming tourism.
Trade emerged as the largest contributor to the non-oil GDP, accounting for 16.5 percent, followed by manufacturing at 15 percent, financial and insurance activities at 12.5 percent, and construction at 11.6 percent. Real estate activities contributed 7.6 percent, ranking fifth among the key sectors.