The UAE’s real gross domestic product (GDP) reached Dhs1.776tn in 2024, marking a 4 per cent increase from the previous year, according to the Federal Competitiveness and Statistics Centre (FCSC). Non-oil GDP expanded by 5 per cent, totaling Dhs1.342tn, while oil-related activities contributed Dhs434bn to the overall economy, a WAM report said.
Read-Non-oil sector now makes up nearly 75% of UAE’s economy
Minister of Economy Abdulla bin Touq Al Marri emphasised that the latest figures highlight renewed momentum and underline key milestones in the nation’s economic diversification efforts. “These indicators reflect the sustained success of the UAE’s economic strategies,” Al Marri said. “They demonstrate our transition toward an innovative, knowledge-based, and sustainable economic model in line with global trends and emerging technologies.”
Non-oil sectors accounted for 75.5 per cent of the UAE’s GDP by the end of 2024—an outcome the minister attributes to strong leadership and effective policy implementation. He affirmed that these results align with the broader goals of the ‘We the UAE 2031’ vision, which aims to raise the national GDP to Dhs3tn within the next decade.
Diversification strategy driving growth
Hanan Mansour Ahli, Managing Director of the FCSC, echoed the sentiment, calling the 4 per cent GDP growth “a reflection of exceptional economic performance” and proof of the UAE’s commitment to a sustainable, non-oil-driven growth model.
“The leadership’s forward-looking approach prioritizes economic diversification not just as a strategic goal but as a central operational principle,” she said. Ahli added that this model enhances national competitiveness and social well-being, while ensuring consistent progress across development indicators.
This approach has translated into notable sectoral growth across the economy. The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, posting a 9.6 per cent year-over-year increase. This surge was largely driven by record airport traffic, with UAE airports handling approximately 147.8 million passengers—an increase of nearly 10 per cent.
Sectoral Highlights: Transport, construction, and finance
The building and construction sector recorded an 8.4 per cent growth rate, buoyed by significant urban infrastructure investments. Financial and insurance activities also performed well, growing by 7 per cent, followed by the hospitality sector—hotels and restaurants—which expanded by 5.7 per cent. The real estate sector grew by 4.8 per cent.
Among non-oil sectors, trade remained the top contributor to GDP, accounting for 16.8 per cent, followed by manufacturing at 13.5 per cent, and financial and insurance services at 13.2 per cent. The construction sector contributed 11.7 per cent, while real estate activities represented 7.8 per cent of non-oil GDP.
As the UAE continues its shift toward a knowledge-driven and globally competitive economy, government officials remain confident that these figures demonstrate a robust foundation for future growth and long-term economic sustainability.
