UAE’s Economy Grows 4% in 2024 as Non-Oil Sectors Drive Expansion

The United Arab Emirates’ real gross domestic product (GDP) rose to AED 1.776 trillion in 2024, reflecting a 4% increase compared to the previous year, according to data released by the Federal Competitiveness and Statistics Centre (FCSC). The growth was largely propelled by strong performance in non-oil sectors, which expanded by 5% to reach AED 1.342 trillion.

Oil-related activities contributed AED 434 billion to the overall GDP, underscoring the country’s ongoing transition toward a diversified economic model.

Minister of Economy Abdulla bin Touq Al Marri said the latest figures reaffirm the UAE’s economic resilience and progress in reducing reliance on hydrocarbons. “These indicators reflect the sustained success of the UAE’s economic strategies,” Al Marri stated. “They demonstrate our transition toward an innovative, knowledge-based, and sustainable economic model in line with global trends and emerging technologies.”

Non-oil sectors accounted for 75.5% of total GDP by the end of 2024—a milestone attributed to effective policy implementation and leadership. Al Marri added that the growth supports the objectives of the “We the UAE 2031” vision, which aims to increase the national GDP to AED 3 trillion within the next decade.

Hanan Mansour Ahli, Managing Director of the FCSC, called the 4% GDP growth “a reflection of exceptional economic performance” and highlighted the government’s commitment to sustainable, diversified development. “The leadership’s forward-looking approach prioritizes economic diversification not just as a strategic goal but as a central operational principle,” she said.

Several key sectors recorded strong performance in 2024. The transport and storage sector led all industries with 9.6% growth, driven by a surge in air travel. UAE airports handled nearly 147.8 million passengers last year, marking a 10% increase over 2023.

The construction sector grew by 8.4%, supported by robust investment in urban development. Financial and insurance activities rose by 7%, while the hospitality sector—comprising hotels and restaurants—saw a 5.7% increase. The real estate sector expanded by 4.8%.

Trade remained the largest contributor among non-oil sectors, making up 16.8% of GDP. It was followed by manufacturing (13.5%), financial and insurance services (13.2%), construction (11.7%), and real estate (7.8%).

Officials maintain that these results lay a strong foundation for sustained economic growth and reflect the country’s strategic pivot toward a competitive, knowledge-based future.