The UAE’s economy grew by 3.8% in the first nine months of 2024, mainly due to strong growth in non-oil industries
The UAE’s economy grew by 3.8% in the first nine months of 2024, reaching $359.9 billion (AED 1.32 trillion). This growth was mainly driven by strong performance in 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 diversify the economy.
Non-oil businesses made up 74.6% of the country’s total economy, while the oil sector contributed 25.4%.
From January to September 2024, many industries in the UAE saw strong growth. The transport and storage sector grew the most, increasing by 7.9%, mainly due to a strong aviation industry. UAE airports handled over 103 million passengers, a 20% rise.
The construction sector grew by 7.4%, driven by major urban development projects. The financial and insurance sectors expanded by 6.8%, and government activities increased by 5.0%. The restaurant and hotel industries also grew by 4.9%.
In terms of contribution to non-oil GDP, the trade sector led with 16.5%, followed by manufacturing at 15.1%.
Increasing Non-Oil Contributions
The UAE’s Minister of Economy, Abdullah bin Touq Al Marri, said that the country’s steady economic growth proves its policies and strategies are working. These focus on economic diversification, making business easier, and growing new industries to ensure long-term development.
He added that the UAE has created a modern economic system based on global best practices. This system can adjust to global economic changes and challenges.
The UAE is committed to increasing the role of non-oil sectors by making economic laws more flexible and competitive while opening up more to global markets.
Al Marri also said that building strong partnerships with major economies will strengthen the UAE’s economic foundation. This will help achieve the UAE 2031 vision, which aims to increase the country’s GDP to $816.8 billion (AED 3 trillion) in the next 10 years.
Published: 7th March 2025
For more article like this please follow our social media Facebook, Linkedin & Instagram
Also Read:
UAE’s FAB plans changes to expand its Gulf business
Aldar sells out luxury project phase one, earns $1.4B
UAE economy grew 3.8% in 2024, driven by non-oil sectors
