UAE Economy Flourishes with Robust Non-Oil Sector Growth
Boosted by transportation, construction, and ICT, the UAE sets a strong economic course for 2024 and beyond.
The United Arab Emirates (UAE) has showcased remarkable economic resilience and growth with a 3.6% increase in GDP during the first half of 2024, reaching an impressive Dh879.6 billion.
This vibrant performance is primarily driven by the non-oil sectors, notably transportation, construction, and information and communications technology (ICT), which underscore the nation's strategic shift towards economic diversification.
According to data released by the Federal Competitiveness and Statistics Centre (FCSC), the non-oil sectors witnessed a robust growth of 4.4%, bringing their contribution to the nation's GDP to 75% and further solidifying the UAE’s stature as an emerging powerhouse on the global economic stage.
The UAE's nominal GDP, measured at current prices, rose by 5.6%, totaling approximately Dh981 billion for the first half of 2024.
The non-oil GDP, specifically, surged by 6.8%, amounting to Dh749 billion, signaling the country's success in fostering a dynamic and resilient economy that thrives on innovation and sustainability.
Abdullah bin Touq Al Marri, Minister of Economy, lauded the exceptional performance of the non-oil sectors as a clear testament to the vitality of the UAE economy.
He emphasized the nation’s entrepreneurial spirit and strategic investments as fundamental drivers of economic growth, notably in sectors like transportation, storage, financial activities, and construction, among others.
These sectors have recorded significant growth, thanks to ongoing development projects and a booming tourism industry which contribute notably to the national economic fabric.
International endorsements, such as the IMF's revised forecast predicting a 5.1% growth in 2024, reflect the confidence in the UAE's non-oil economic sectors.
The International Institute of Finance (IIF) further underscores this sentiment, projecting the UAE to lead regional GDP growth through 2025.
Further reflecting on the UAE’s economic trajectory, Al Marri highlighted the 'We the Emirates 2031' vision, aiming to escalate the country's GDP to Dh3 trillion within the next decade, reinforcing its position as a pivotal economic hub in the region.
Hanan Mansour Ahli, director of the FCSC, echoed these sentiments by underscoring the UAE’s commitment to economic openness and sustainable diversification, positioning it as one of the most dynamic economies in the region.
Among the standout sectors, transportation and storage activities achieved an impressive growth rate of 8.4%, with significant contributions also from financial and insurance activities (7.6%), construction and building (7.3%), and ICT (5.3%).
The hospitality sector also saw substantial growth, with hotels' revenues exceeding Dh24.6 billion and an increase in guests by 10.5%, indicative of a thriving tourism landscape.
The UAE's economic narrative continues to unfold as a testament to its strategic foresight and enduring commitment to leverage its capabilities towards sustainable and diversified economic growth, setting a benchmark for regional and global economies alike.
This vibrant performance is primarily driven by the non-oil sectors, notably transportation, construction, and information and communications technology (ICT), which underscore the nation's strategic shift towards economic diversification.
According to data released by the Federal Competitiveness and Statistics Centre (FCSC), the non-oil sectors witnessed a robust growth of 4.4%, bringing their contribution to the nation's GDP to 75% and further solidifying the UAE’s stature as an emerging powerhouse on the global economic stage.
The UAE's nominal GDP, measured at current prices, rose by 5.6%, totaling approximately Dh981 billion for the first half of 2024.
The non-oil GDP, specifically, surged by 6.8%, amounting to Dh749 billion, signaling the country's success in fostering a dynamic and resilient economy that thrives on innovation and sustainability.
Abdullah bin Touq Al Marri, Minister of Economy, lauded the exceptional performance of the non-oil sectors as a clear testament to the vitality of the UAE economy.
He emphasized the nation’s entrepreneurial spirit and strategic investments as fundamental drivers of economic growth, notably in sectors like transportation, storage, financial activities, and construction, among others.
These sectors have recorded significant growth, thanks to ongoing development projects and a booming tourism industry which contribute notably to the national economic fabric.
International endorsements, such as the IMF's revised forecast predicting a 5.1% growth in 2024, reflect the confidence in the UAE's non-oil economic sectors.
The International Institute of Finance (IIF) further underscores this sentiment, projecting the UAE to lead regional GDP growth through 2025.
Further reflecting on the UAE’s economic trajectory, Al Marri highlighted the 'We the Emirates 2031' vision, aiming to escalate the country's GDP to Dh3 trillion within the next decade, reinforcing its position as a pivotal economic hub in the region.
Hanan Mansour Ahli, director of the FCSC, echoed these sentiments by underscoring the UAE’s commitment to economic openness and sustainable diversification, positioning it as one of the most dynamic economies in the region.
Among the standout sectors, transportation and storage activities achieved an impressive growth rate of 8.4%, with significant contributions also from financial and insurance activities (7.6%), construction and building (7.3%), and ICT (5.3%).
The hospitality sector also saw substantial growth, with hotels' revenues exceeding Dh24.6 billion and an increase in guests by 10.5%, indicative of a thriving tourism landscape.
The UAE's economic narrative continues to unfold as a testament to its strategic foresight and enduring commitment to leverage its capabilities towards sustainable and diversified economic growth, setting a benchmark for regional and global economies alike.