UAE GDP hits Dh1.776 trillion in 2024, driven by 5% growth in non-oil sectors

Dubai: The UAE’s real GDP grew by 4 per cent in 2024 to reach Dh1.776 trillion, with non-oil sectors contributing 75.5 per cent of the national economy—a clear sign that diversification efforts are accelerating, according to the latest figures released by the Federal Competitiveness and Statistics Centre (FCSC).

The non-oil economy recorded a 5 per cent growth to reach Dh1.342 trillion, while oil-related activities added Dh434 billion. The data underscores the UAE’s shift toward a more sustainable, innovation-driven economic model, aligned with long-term national visions and global competitiveness goals.

Abdulla bin Touq Al Marri, UAE Minister of Economy, said the strong performance highlights the resilience and positive momentum of the national economy. He noted that the country’s strategies to diversify away from oil are “achieving tangible results” and supporting the transition to a knowledge-based economy.

“These indicators reflect the sustained success of our economic diversification strategy,” he said. “They also bring us closer to achieving the goals of the ‘We the UAE 2031’ vision—including our target to grow GDP to AED 3 trillion by the next decade.”

Among the top-performing sectors in 2024, transport and storage led the way with a 9.6 per cent year-on-year growth rate. This was largely attributed to strong air traffic through UAE airports, which handled nearly 147.8 million passengers, an increase of around 10 per cent compared to the previous year.

The construction sector also posted significant gains, expanding by 8.4 per cent, driven by robust investment in infrastructure and urban development. Other high-growth areas included:

These sectors are playing a growing role in supporting non-oil GDP and reflect the UAE’s push to become a hub for business, finance, tourism, and logistics.

The UAE’s non-oil economy in 2024 was anchored by strong performances across several key sectors. Trade emerged as the top contributor, accounting for 16.8 per cent of non-oil GDP, reflecting the country’s status as a major global logistics and commerce hub. The manufacturing sector followed closely, contributing 13.5 per cent, bolstered by ongoing industrial expansion and investments in advanced production technologies.

Financial and insurance activities made up 13.2 per cent of non-oil GDP, showcasing the UAE’s growing strength as a regional financial centre. Meanwhile, the construction and building sector added 11.7 per cent, supported by large-scale urban development projects across major emirates. Real estate activities also played a significant role, contributing 7.8 per cent, as demand for residential, commercial, and mixed-use properties remained strong throughout the year.

These figures highlight the growing diversity and resilience of the UAE’s economy, with each of these sectors reinforcing the country’s shift toward a more balanced and future-ready economic model.

The performance in 2024 adds to the UAE’s economic credibility and strengthens investor confidence, especially as the country prepares for new strategic initiatives and international collaborations in the run-up to 2030.