The United Arab Emirates (UAE) achieved a 4% real GDP growth in 2024, reaching 1.77 trillion Dirhams (approximately $482 billion), driven largely by strong performance in non-oil sectors, according to the Ministry of Economy.
Non-oil activities grew by 5%, totalling 1.34 trillion Dirhams and making up 75.5% of the overall GDP. In comparison, the oil sector contributed 434 billion Dirhams, Xinhua news agency reports.
UAE Economy Minister Abdulla bin Touq Al Marri stated that the latest growth figures reflect the country’s progress toward building a knowledge-based, sustainable economy.
He credited the strong performance to forward-looking economic policies focused on innovation, technological advancement, and enhancing the business environment.
“The UAE continues to move steadily toward the goals of the ‘We the UAE 2031’ vision, which aims to raise GDP to 3 trillion Dirhams and reinforce the country’s position as a global hub for the new economy,” he stated.
Several major sectors saw significant growth in 2024. Leading the way was the transport and storage sector, which grew by 9.6%, fuelled by a 10% year-on-year rise in airport passenger traffic, with 147.8 million travellers handled.
Furthermore, the construction sector expanded by 8.4%, supported by increased infrastructure investment. Financial and insurance services rose by 7%, hospitality and food services grew by 5.7%, and the real estate sector recorded a 4.8% increase.
In regard to contributions to the non-oil GDP, the trade sector led with a 16.8% share, followed by manufacturing at 13.5%, financial and insurance activities at 13.2%, construction at 11.7%, and real estate at 7.8%.
Commenting on the figures, Mazen Al-Obaid, an economics professor at UAE University, told Xinhua that the growth underscores the success of government initiatives aimed at developing a diversified economy anchored in advanced productive and service industries.
“What distinguishes this growth is that it is driven by real economic activity, not just temporary fiscal stimulus, which enhances the country’s resilience to global market volatility and energy price fluctuations,” he said.
He further noted that the UAE’s emphasis on innovation, digital infrastructure, and a strong investment climate positions it as a competitive economic model. To maintain sustainable growth, he emphasised the importance of continued investment in national talent and high-value industries.