THE UAE’s gross domestic product reached 1.77 billion dirhams ($481.4bn) in 2024, recording 4 per cent growth, with non-oil sectors contributing 75.5pc of the total, highlighting diversification progress, reports Arab News.
The Central Bank of the UAE has maintained its real GDP growth forecast at 4pc for 2024, with an expected acceleration to 4.5pc in 2025 and 5.5pc in 2026.
According to the Central Bank’s Quarterly Economic Review for December 2024, this growth outlook was supported by strong performances in tourism, transportation, financial and insurance services, construction and real estate, and communication sectors.
In comparison, Saudi Arabia, the largest economy in the region, recorded a modest growth rate of 1.3pc in 2024, with its non-oil sector contributing 54.8pc of GDP as the kingdom steadily advances its Vision 2030 reforms.
Qatar’s economy expanded by 2.4pc, supported by non-hydrocarbon activities comprising nearly 64pc of GDP, reflecting ongoing efforts to broaden its economic base.
Oman’s GDP grew by 1.7pc, driven by a 3.9pc increase in non-oil activities, particularly in industry and services, while Kuwait’s economy contracted by 2.7pc in 2024 due to lower oil revenues under extended Opec+ cuts, though its non-oil sector showed relative resilience with stronger private sector credit growth.
According to the Federal Competitiveness and Statistics Centre, the non-oil GDP grew by 5pc, totalling 1,342bn dirhams, while oil-related activities contributed 434bn dirhams to the overall economy.
Minister of Economy Abdulla bin Touq Al-Marri emphasised that the latest GDP figures released by the FCSC reflect a renewed and positive momentum in the national economy, according to the UAE’s official news agency.
He added that they further underscore the new milestones achieved by the UAE in economic diversification and competitiveness, guided by the vision and directives of its leadership.
The minister emphasised that “these indicators reflect the sustained success of the nation’s economic strategies, which are driving the transition toward an innovative, knowledge-based, and sustainable economic model aligned with global trends and emerging technologies,” WAM reported.
“With each milestone, we are moving closer to achieving the UAE’s target of raising GDP to 3 trillion dirhams by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness, and forward-looking leadership,” Al-Marri said, as per WAM.
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