According to Economy Minister Abdulla bin Touq Al Marri, preliminary estimates from the Federal Competitiveness and Statistics Centre indicate impressive economic growth and competitiveness for the UAE in the first half of 2024, reaffirming its position as a major hub for investment and business.
The UAE’s real GDP (at constant prices) increased by 3.6% to AED 879.6 billion in the first half of 2024, as stated by Bin Touq. Meanwhile, the non-oil GDP for the same period amounted to approximately AED 660 billion, showing a 4.4% increase compared to the previous year. As a result, non-oil sectors now make up 75% of the country’s total GDP.
Additionally, the UAE’s nominal GDP (at current prices) grew by 5.6%, reaching around AED 981 billion in the first half of 2024. Compared to the same period in 2023, non-oil GDP at current prices rose by 6.8%, reaching almost AED 749 billion.
Bin Touq credited these achievements to the visionary leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the strategic guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. He emphasized that the UAE has successfully established a foundation for a sustainable, diversified economy driven by innovation and knowledge, in line with global trends, while maintaining its status as a premier economic hub both regionally and globally.
“These results pave the way for achieving the goals outlined in the ‘We the UAE 2031’ vision, including growing the UAE’s GDP to AED 3 trillion over the next decade,” said the Minister.
Bin Touq further emphasized that the UAE’s economy is dynamic, with strong growth in various sectors, particularly non-oil industries in the first half of 2024. Key sectors such as transportation, storage, finance, and construction performed exceptionally well, driven by major development projects initiated earlier in the year, as well as initiatives to foster entrepreneurship, trade, and investment. Tourism also saw steady growth, reinforcing the UAE’s reputation as a leading international travel destination.
The Minister highlighted the importance of continued initiatives and sector-wide cooperation to promote sustainable and equitable economic growth.
Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre (FCSC), commented, “The GDP data for the first half of 2024, published by the FCSC, underscore the UAE’s commitment to its economic openness policy, which remains a consistent national strategy. By leveraging its capabilities, the UAE aims to bolster its position as one of the most dynamic and diversified economies globally, driven by innovative strategies and sustainable diversification plans.”
According to the FCSC’s preliminary estimates, transportation and storage led economic growth in the first half of 2024, with an impressive growth rate of 8.4%. Financial and insurance activities followed closely with a growth rate of 7.6%, while building activities saw a 7.3% increase. Information and communication activities grew by 5.3%, ranking fourth.
The restaurants and hotels sector grew by 5.1% in the first half of 2024, driven by the flourishing tourism industry. Hotel revenues surged by 7% to over AED 24.6 billion, while the number of hotel visitors across the UAE reached over 15.3 million, marking a 10.5% increase.
Trade was the largest contributor to the UAE’s non-oil GDP, accounting for 16.5%, followed by manufacturing at 15%. Construction contributed 11.6%, while financial and insurance activities made up 12.5%. Real estate operations contributed 7.6% to the non-oil GDP.
