UAE economy grows 4% in 2024 driven by non-oil growth
The United Arab Emirates’ real GDP reached 1,776 billion Emirati dirhams ($484 billion) in 2024, marking a 4% year-on-year increase driven by non-oil sector growth, according to data released by the Federal Competitiveness and Statistics Centre (FCSC).
Non-oil GDP rose by 5% to 1,342 billion dirhams ($365 billion), accounting for 75.5% of total GDP. Oil-related activities contributed 434 billion dirhams ($118 billion). The figures highlight the UAE’s ongoing diversification efforts away from oil dependency.
Abdulla bin Touq Al Marri, minister of economy, said the data “reflects positive momentum in the national economy” and signals progress towards building an innovative, knowledge-based economy aligned with the UAE’s long-term development strategies. "With each milestone, we are moving closer to achieving the UAE’s target of raising GDP to 3 trillion dirhams by the next decade," Al Marri added.
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Muhammad Ali Bandial