UAE Economy Grew 3.6% in H1 2024, Driven by Non-Oil Sectors
The UAE economy grew by 3.6% in the first half of 2024, reaching a real GDP value of Dh879.6 billion. Non-oil sectors were the primary growth drivers, contributing 75% to the country’s GDP and recording a 4.4% growth. Non-oil GDP reached Dh660 billion, reflecting the nation’s successful economic diversification efforts.
Leading Growth Sectors
Transportation and storage activities led the non-oil economy with an 8.4% growth rate. The financial and insurance sectors followed, growing by 7.6% and contributing 12.5% to non-oil GDP. Construction and building activities saw a 7.3% growth, ranking third, while information and communication activities achieved 5.3% growth. Tourism also thrived, with hotel revenues surpassing Dh24.6 billion and a 10.5% increase in hotel guests, reaching 15.3 million.
Economy Grew led by Key Non-Oil Contributors
Trade contributed the largest share to non-oil GDP at 16.5%, followed by manufacturing at 15%. Financial and insurance activities ranked third at 12.5%, while construction accounted for 11.6%. Real estate rounded out the top five, contributing 7.6%.
Vision for the Future
UAE Minister of Economy, Abdulla bin Touq Al Marri, highlighted the nation’s progress toward a sustainable, diversified economy. He emphasized the role of innovation, trade, and developmental projects in driving growth. These efforts align with the “We the UAE 2031” vision, aiming to increase GDP to Dh3 trillion by 2031.
Building a Dynamic Economy
Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, emphasized the UAE’s forward-thinking strategies. She noted the country’s goal of strengthening its global standing as a dynamic, diversified economy fueled by sustainable growth initiatives.
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