DUBAI: The United Arab Emirates (UAE) has demonstrated remarkable economic progress in 2024, with its real gross domestic product (GDP) reaching AED1,776 billion, reflecting a robust 4 per cent increase compared to the previous year.
The growth is a testament to the nation’s ongoing commitment to economic diversification and strategic development, which continue to position the UAE as a leading global economic hub.
A noteworthy aspect of the 2024 economic performance is the significant expansion of the non-oil sector, which grew by five per cent and contributed AED1,342 billion to the overall GDP.
This sector now comprises approximately 75.5 per cent of the UAE’s total GDP, underscoring the country’s successful transition from an oil-dependent economy to a more sustainable and innovation-driven model.
Oil-related activities, while still important, played a comparatively smaller role, contributing AED434 billion. This shift highlights the effectiveness of national policies aimed at fostering a knowledge-based economy aligned with global trends and emerging technologies.
Non-oil-driven growth
Abdulla bin Touq Al Marri, the Minister of Economy, said that these encouraging figures reflect renewed momentum in the UAE’s economy.
The objective of raising the GDP to AED3 trillion by the next decade exemplifies the nation’s determination to strengthen its position as a dynamic global hub for the new economy, emphasising sustainable development and international competitiveness.
The Federal Competitiveness and Statistics Centre, led by Managing Director Hanan Mansour Ahli, praised the UAE’s exceptional economic performance in 2024 as a direct outcome of forward-looking policies centered on sustainable, non-oil-driven growth.
Ahli highlighted that economic diversification is not merely an aspirational target but a core operational strategy that fuels sustainable development and societal well-being. This approach has been instrumental in generating sustained GDP growth and fostering positive outcomes across various economic and development metrics.
Sectoral contribution
Among the sectors contributing to this growth, transport and storage emerged as the fastest-growing segment, expanding by 9.6 per cent.
The surge was largely propelled by the outstanding performance of UAE airports, which managed 147.8 million passengers in 2024, marking a near 10 per cent increase.
Other key sectors exhibiting robust growth included building and construction, which grew by 8.4 per cent supported by strong urban infrastructure investments; financial and insurance activities, which expanded by 7 per cent; and the hospitality sector, rising by 5.7 per cent. The real estate sector also recorded notable growth at 4.8 per cent.
In terms of contribution to non-oil GDP, the trade sector led with 16.8 per cent, followed by manufacturing at 13.5 per cent, and financial and insurance activities at 13.2 per cent. Building and construction accounted for 11.7 per cent, while real estate made up 7.8 per cent. These figures illustrate the diversified economic structure that underpins the UAE’s resilience and capacity for sustained growth.
