UAE Economy Expands in 2024, Powered by Non-Oil Sectors

(MENAFN) The United Arab Emirates' economy expanded by 4% in real terms in 2024, reaching 1.77 trillion dirhams (approximately 482 billion U.S. dollars), with the bulk of this momentum coming from thriving non-oil industries, the Ministry of Economy revealed on Sunday.

Non-oil sectors saw a notable upswing, rising by 5% to hit 1.34 trillion dirhams. These activities now make up 75.5% of the country’s overall economic output. By contrast, the oil sector’s contribution stood at 434 billion dirhams.

UAE Economy Minister Abdulla bin Touq Al Marri emphasized that the figures reflect a broader national effort to pivot toward a resilient, knowledge-driven economy. He credited the growth to a forward-looking policy mix that prioritizes innovation, technology integration, and the strengthening of the business ecosystem.

"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 core industries posted strong year-on-year performance. Transport and storage emerged as the fastest-growing segment, climbing 9.6%, largely on the back of a 10% increase in airport passenger traffic. Airports across the UAE processed 147.8 million travelers in 2024.

Construction also saw a significant uptick, expanding 8.4% amid a wave of infrastructure investments. Meanwhile, financial and insurance services advanced 7%, hospitality and food services improved by 5.7%, and real estate activities grew 4.8%.

Looking at the breakdown of non-oil GDP contributors, the trade sector led the way with a 16.8% share. It was followed by manufacturing at 13.5%, financial and insurance services at 13.2%, construction at 11.7%, and real estate at 7.8%.

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