UAE – Mubasher: Abdulla bin Touq Al Marri, the UAE Minister of Economy, has asserted that the preliminary estimates of the UAE’s GDP in the first half (H1) of 2024, issued by the Federal Competitiveness and Statistics Centre (FCSC), reflect remarkable economic growth and competitiveness, solidifying the country’s position as a leading economic power and a premier destination for business and investment.
Minister Al Marri explained that the value of the UAE’s real GDP (at constant prices) reached AED 879.60 billion in H1-24, recording a notable increase of 3.6%.
Meanwhile, the value of the non-oil GDP during the same period was approximately AED 660 billion, with a growth of 4.4%, compared to the same period last year. With this, the contribution of non-oil sectors to the country’s GDP has reached 75%.
The estimates also indicated that the nominal GDP (at current prices) of the UAE during H1-24 reached approximately AED 981 billion, registering a growth rate of 5.6%.
Meanwhile, the value of non-oil GDP at current prices during the same period rose to about AED 749 billion, with a growth rate reaching 6.8%, compared to H1-23.
Al Marri said: “The achievements highlight the visionary leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and strategic guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.”
The minister added: “The UAE has successfully laid the foundation for a sustainable, diversified economy driven by innovation and knowledge, aligning with global trends while maintaining its position as a premier economic hub regionally and internationally. This progress paves the way for achieving the economic goals outlined in ‘We the UAE 2031’ vision, including raising the UAE’s GDP to AED 3 trillion within the next decade.”
Al Marri stated that the robust growth of non-oil sectors during H1-24 reflects the dynamic nature of the UAE’s economy and its capacity to seize emerging opportunities across multiple fields.
He noted strong performance in key sectors, including transport, storage, finance, and construction, fueled by initiatives to promote entrepreneurship, trade, and investment, as well as major developmental projects launched earlier this year.
Tourism also recorded sustained growth, further reinforcing the UAE’s standing as a global tourism hub.
Additionally, the minister underscored the importance of continued efforts and sector-wide integration to drive sustainable and inclusive economic progress.
Managing Director of FCSC, Hanan Mansour Ahli, said: “The GDP figures for the first half of this year, published by the FCSC, reaffirm the UAE’s dedication to implementing its policy of economic openness as a consistent national strategy.”
Ahli added: “By leveraging its capabilities, the UAE aims to strengthen its economic standing on both regional and global levels as one of the most dynamic and diversified economies, driven by forward-thinking strategies and sustainable diversification plans.”
According to the initial estimates released by FCSC, transportation and storage activities led economic growth in H1-24, with an impressive 8.4% growth rate.
Financial and insurance activities ranked second with a growth rate of 7.6%, followed closely by construction activities at 7.3%.
Information and communication activities ranked fourth, achieving a growth rate of 5.3%.
The restaurants and hotels sector secured the fifth spot, achieving 5.1% growth in H1-24, fueled by exceptional tourism activity across the country.
Hotel revenues exceeded AED 24.60 billion during this period, registering a 7% increase, while the total number of hotel guests across the UAE’s seven emirates reached around 15.3 million, representing a 10.5% growth.
On the other hand, trade activities emerged as the largest contributor to the UAE’s non-oil GDP, accounting for 16.5%, followed by manufacturing at 15%.
Financial and insurance activities took third place with a 12.5% contribution, while construction accounted for 11.6%.
Real estate activities ranked fifth, contributing 7.6%.
