UAE’s economy grew by 3.8% in the first nine months of 2024, mainly due to strong growth in non-oil sectors
The UAE’s economy grew by 3.8% in the first nine months of 2024, reaching $359.9 billion (AED1.32 trillion). This growth was mainly driven by non-oil sectors, according to data from the Federal Competitiveness and Statistics Center.
Growth in Non-Oil Sectors
The UAE’s economy grew by 4.5% in non-oil sectors, adding $268.7 billion (AED 987 billion). This shows the success of efforts to reduce dependence on oil.
Non-oil activities made up 74.6% of the country’s total economy, while the oil sector contributed 25.4%.
In the first nine months of 2024, several sectors saw strong growth:
- Transport and storage grew by 7.9%, helped by a strong aviation sector. UAE airports handled over 103 million passengers, a 20% increase.
- Construction rose 7.4% due to big investments in urban projects.
- Financial and insurance sectors expanded by 6.8%.
- Government activities grew 5.0%.
- Hotels and restaurants increased 4.9%.
The trade sector contributed the most to non-oil GDP at 16.5%, followed by manufacturing at 15.1%.
Strengthening Non-Oil Contributions
UAE’s Minister of Economy, Abdullah bin Touq Al Marri, said the steady economic growth proves the success of the country’s strategies. These focus on diversification, making business easier, and developing new industries to ensure long-term progress.
He added that the UAE has built a modern and flexible economy, able to handle global changes. The country is committed to:
- Growing non-oil sectors
- Making business laws more competitive
- Opening up more to global markets
Building strong partnerships with key economies will help strengthen the UAE’s economy and achieve its UAE 2031 vision. This plan aims to increase the country’s GDP to $816.8 billion (AED 3 trillion) in the next ten years.
Published: 6th March 2025
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