2024 was UAE’s most successful year economically, Sheikh Mohammed bin Rashid announces

Abu Dhabi: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired the first Cabinet meeting of 2025 on Thursday, reflecting on the achievements of 2024, a landmark year for the UAE’s economy and development.

In its first meeting of 2025, the government pledged to President His Highness Sheikh Mohamed bin Zayed, the people of the UAE, and all those who have placed their trust in the country’s development model to continue progressing with a strategy of openness and modernisation. This commitment aims to ensure the best business environment and the highest quality of life for all individuals.

In a post on his X account, Sheikh Mohammed stated: “Today, I chaired the first Cabinet meeting of the new year, wishing it to be a year of goodness, blessings, prosperity and stability for the people of the UAE. During the meeting, we reviewed the outcomes of 2024, which marked the most successful year in the UAE’s economic and developmental journey since its founding. Our nation has bolstered its global presence under the leadership of my brother, the President of the UAE. Over 140 international agreements were signed in 2024 across diverse sectors, including the economy, sustainability, clean energy, technology, artificial intelligence, security, defence, and international humanitarian work among others.”

In 2024, the UAE Cabinet successfully concluded a three-year project involving the collaboration of 2,500 officials to update all legislation enacted since the country’s founding. The team achieved an impressive milestone, modernising 80 per cent of the nation’s economic, social and regulatory laws, thereby creating a more conducive environment for growth, the Vice President revealed.

Speaking about the figures, Sheikh Mohammed said: “As a result, 2024 witnessed remarkable economic achievements: the number of new companies surged to 200,000, foreign trade surpassed Dh2.8 trillion for the first time, and foreign direct investment (FDI) is projected to reach a historic Dh130 billion. Additionally, the value of the UAE’s industrial exports reached Dh190 billion for the first time, setting a new benchmark in the country’s economic performance.”

In the same year, 150 million passengers passed through the UAE’s airports, and over 30 million guests were welcomed by the country’s tourism facilities. Additionally, young Emirati entrepreneurs launched 25,000 small and medium enterprises, integrating them into the national economic cycle.

The number of Emiratis working in the private sector saw a remarkable 350 per cent increase, reaching 131,000 for the first time, driven by the success of the National Nafis Programme. The UAE Cabinet also introduced over 750 national projects and initiatives aimed at advancing development and attracting top talents, competencies, and investments to the country.

Last year, the Cabinet and the Ministerial Development Council issued 1,300 decisions to establish an optimal regulatory environment designed to support the nation’s rapid growth trajectory over the next two decades.