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.

The transport and storage sector was the fastest-growing segment in 2024, expanding 9.6% as airports handled 147.8 million passengers, an increase of nearly 10%. The construction sector grew 8.4%, driven by infrastructure investment, while financial and insurance activities grew 7%. Hospitality recorded a 5.7% increase, and real estate expanded 4.8%.

Hanan Mansour Ahli, managing director of FCSC, said the UAE’s growth reflects “exceptional performance supported by a forward-looking vision focused on sustainable growth not reliant on oil.” She added that economic diversification remains both a strategic goal and an operational approach for long-term development.

Within the non-oil economy, trade contributed 16.8%, manufacturing 13.5%, financial activities 13.2%, construction 11.7%, and real estate 7.8%.

The UAE continues to position itself as a global hub for new economies and sustainable development, supported by ongoing strategic initiatives under its “We the UAE 2031” vision.