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by IANS |
Dubai, June 16 (IANS) The United Arab Emirates (UAE) recorded a 4 per cent real GDP growth in 2024, reaching 1.77 trillion dirhams (about 482 billion US dollars), fueled primarily by robust expansion in non-oil sectors, the Ministry of Economy has announced.
Non-oil activities surged by 5 per cent to 1.34 trillion dirhams, accounting for 75.5 per cent of total GDP. In contrast, the oil sector contributed 434 billion dirhams, reports Xinhua news agency.
Abdulla bin Touq Al Marri, UAE's economy minister, said the latest figures highlight progress toward transitioning to a knowledge-based, sustainable economy. He attributed the performance to modern economic policies centred on innovation, technology, and business environment development.
"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 added.
Several key sectors recorded notable growth during the year. The transport and storage sector led the way with a 9.6 per cent increase, driven by a 10 per cent year-on-year rise in passenger traffic in airports, which handled 147.8 million travellers.
The construction sector expanded by 8.4 per cent due to increased investment in infrastructure, while financial and insurance activities grew by 7 per cent, hospitality and food services by 5.7 per cent, and real estate by 4.8 per cent.
In terms of contribution to non-oil GDP, the trade sector ranked first with 16.8 per cent, followed by manufacturing (13.5 per cent), financial and insurance activities (13.2 per cent), construction (11.7 per cent), and real estate (7.8 per cent).
Commenting on the data, Mazen Al-Obaid, an economics professor at UAE University, told Xinhua that the growth reflects the effectiveness of government efforts to build a diversified economy based on advanced productive and service sectors.
"What distinguishes this growth is that it is driven by real economic activity, not just temporary fiscal stimulus, which enhances the country's resilience to global market volatility and energy price fluctuations," he noted.
He added that the UAE's focus on innovation, digital infrastructure, and investment climate makes it a competitive economic model, urging continued investment in national talent and high-value industries to ensure sustainable growth.
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