As 2024 comes to an end, the UAE National Day marks a memorable occasion to reflect on the UAE’s remarkable economic achievements and milestones in 2024. The UAE’s economy continued to demonstrate accelerated growth, reinforcing its position as one of the most dynamic and competitive economies both regionally and globally.
Key government initiatives, strategies and plans have supported growth across the country, propelling the UAE’s financial markets, financial services, trade ties, travel sector, and overall global standing.
Here are some of the UAE’s most notable economic achievements and milestones in 2024:
Largest budget in UAE’s history
In October 2024, the UAE Cabinet approved the union general budget for the fiscal year 2025, the largest in the UAE’s history. The budget totals AED71.5 billion ($19.5 billion) in revenues and AED71.5 billion in estimated expenditures, maintaining a balanced approach between income and spending.
This approval underscores the robustness of the UAE’s national economy and the sustainability of resources to support key developmental, economic, and social projects. Moreover, it is part of the multi-year financial plan (2022-2026).
GDP to grow 4 percent in 2024
The Central Bank of the UAE (CBUAE) revised its GDP growth projection for 2024 upwards to 4 percent from 3.9 percent previously, reflecting the improved performance of the oil sector. The bank also maintained its 2025 growth forecast at 6 percent.
The central bank also expects the non-oil sector to grow by 5.2 percent in 2024, rising to 5.3 percent in 2025, while the oil sector is expected to see a modest 0.7 percent growth this year, increasing to 7.7 percent in 2025, reflecting growth across all divisions of the UAE’s economy.
Bond and sukuk issuances hit AED25 billion
The Government Treasury Bonds Program and the Dirham-denominated Islamic Treasury Sukuk Program have also achieved exceptional success this year. Since their launch until the end of August 2024, the UAE has issued Treasury Bonds worth AED11.2 billion and Islamic Treasury Sukuk worth AED13.8 billion, totaling AED25 billion.
This reflects the high confidence in the UAE’s investment environment as one of the most competitive and advanced economies globally.
Promoting a business-friendly economy
In February, the Financial Action Task Force (FATF) announced the UAE’s completion of all 15 recommendations of its action plan, underscoring the country’s efficiency in combating money laundering and terrorist financing while fostering a business-friendly economy.
The UAE also joined the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG) as an observer, becoming the first country in the region to achieve this status. This move highlights the UAE’s commitment to enhancing regional and global cooperation in combatting money laundering and terrorist financing.
UAE signs 18 CEPAs
In 2024, the UAE continued to reinforce its global trade ties by concluding approximately 18 comprehensive economic partnership agreements (CEPA), positioning itself as a strategic gateway for trade and logistics.
The UAE’s exports in the first half of 2024 surpassed pre-pandemic levels. The country’s foreign trade reached close to AED1.4 trillion within six months, with a 25 percent growth in non-oil exports. With a target of AED3 trillion in non-oil foreign trade by the end of 2024, and AED4 trillion by 2031, the UAE is on track to solidify its status as a global trading powerhouse.
The UAE’s CEPA program is a key pillar of the nation’s growth strategy and economy. It targets $1 trillion in total trade value by 2031 and aims to double the size of the wider economy to surpass $800 billion by 2030. To date, agreements implemented in the program, which was launched in September 2021, span the Middle East, Africa, Southeast Asia, South America, and Eastern Europe and encompass almost a quarter of the world’s population.
UAE raises global competitiveness
In one of the most important global competitiveness reports issued by the International Institute for Management Development in Switzerland, the UAE moved up three places, reaching seventh place globally.
It is also among the top ten globally in more than 90 key and sub-indicators in the 2024 World Competitiveness Report.
The UAE ranked first regionally in the 2023/2024 Human Development Index report issued by the United Nations Development Programme, advancing nine places in the global ranking from the previous report, to rank 17th globally out of 193 countries covered in the report.
In addition, the nation ranked number one globally for the third consecutive year on the Global Entrepreneurship Monitor (GEM) report for 2023-2024, surpassing many advanced economies. The UAE was also recognized as the best global destination for starting and operating new business ventures with a score of 7.7, which is the highest ever recorded in the history of the report.
Additionally, the UAE took second place in greenfield FDI project announcements in 2023 at 1,323, an increase of 33 percent compared with 2022, according to the World Investment Report 2024, published by the UN Trade and Development (UNCTAD).
The UAE also led in the e-infrastructure index in the 2024 United Nations E-Government Survey and topped the North Africa and West Asia region in the Global Innovation Index.
In addition, it ranked first in the North Africa and Western Asia region in the Global Innovation Index (GII) 2024.
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Travel and tourism boost
In 2024, the UAE’s tourism sector continued to grow, bolstering its contribution to the growth and sustainability of the national economy. The revenues generated by hotel establishments in the country surpassed AED24.6 billion in the first half of 2024, up seven percent compared to the corresponding period in 2023. Furthermore, the number of hotel guests across the UAE’s seven emirates reached approximately 15.3 million during the first six months of 2024, reflecting a 10.5 percent growth.
The UAE’s tourism industry continues to showcase impressive growth in international visitor numbers and hotel occupancy, in line with the UAE Tourism Strategy 2031. This strategy aims to draw AED100 billion in tourism investments and elevate the sector’s GDP contribution to AED450 billion by 2031.
In the first seven months of 2024, Dubai attracted 10.62 million tourists, marking an 8 percent increase year-on-year. Meanwhile, Abu Dhabi’s hotels hosted over 2.87 million guests in the first half of 2024, generating AED3.6 billion, reflecting a 19.5 percent annual growth.
Passenger numbers across Abu Dhabi, Dubai, and Sharjah airports surpassed 103 million by September, with the General Civil Aviation Authority projecting total passenger traffic to reach 150 million by year-end.
These achievements underscore the effectiveness of the UAE’s initiatives across key sectors, supported by robust infrastructure, key developments and investments, and growing economic ties across the world.
