UAE's GDP reach AED 1,776 billion in 2024 with four per cent growth - Middle East Business News and Information
The UAE's real gross domestic product (GDP) reached AED 1,776 billion in 2024, marking a 4 per cent increase compared to that of 2023. Non-oil GDP grew by 5 per cent, totaling AED 1,342 billion, while oil-related activities contributed AED 434 billion to the overall economy.
H.E. Abdulla bin Touq Al Marri, Minister of Economy, emphasized that the latest GDP figures released by the Federal Competitiveness and Statistics Centre (FCSC) reflect a renewed and positive momentum in the national economy. They further underscore the new milestones achieved by the UAE in economic diversification and competitiveness, guided by the vision and directives of its wise leadership. With non-oil sectors accounting for 75,5 per cent of the UAE's GDP by the end of last year, H.E. emphasized that these indicators reflect the sustained success of the nation's economic strategies, which are driving the transition toward an innovative, knowledge-based, and sustainable economic model aligned with global trends and emerging technologies.
H.E. said: 'Under the leadership of H.H. Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and guidance from H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice‑President, Prime Minister of the UAE, and Ruler of Dubai, we continue to strengthen our national efforts to achieve the objectives of 'We the UAE 2031' vision. With each milestone, we are moving closer to achieving the UAE's target of raising GDP to AED 3 trillion by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness, and forward-looking leadership.'
Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre highlighted that the 4 per cent GDP growth in 2024 reflects the UAE's exceptional economic performance, supported by a forward‑looking vision focused on sustainable, non‑oil‑driven growth.
Hanan Ahli further stated that the guidance and forward-looking vision of the UAE's wise leadership are focused on building an advanced and globally competitive economic model. Economic diversification is adopted not only as a strategic objective but also as a core operational approach, driving sustainable development and enhancing societal well-being. This model serves as a powerful catalyst for continued progress, ensuring sustained GDP growth and positive performance across a wide range of economic and development indicators.
Top performing economic sectors:
The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, recording a 9,6 per cent year-over-year growth. This growth was primarily driven by the exceptional performance of UAE airports, which handled 147,8 million passengers—an increase of approximately 10 per cent.
The building and construction sector followed with an 8,4 per cent growth rate, supported by substantial investments in urban infrastructure. Financial and insurance activities expanded by 7 per cent, while the hospitality sector, encompassing hotels and restaurants, rose by 5,7 per cent. Meanwhile, the real estate sector recorded a 4,8 per cent growth.
With regard to non-oil economic activities that contributed most to the GDP, the trade sector contributed 16,8 per cent, the manufacturing sector accounted for 13,5 per cent, and financial and insurance activities contributed 13,2 per cent. Construction and building contributed 11,7 per cent, while real estate activities accounted for 7,8 per cent of the non-oil GDP.
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