The UAE’s real gross domestic product (GDP) at constant prices reached AED879.6 billion ($239.48 billion) in the first half of 2024, recording a notable increase of 3.6 percent. Preliminary estimates by the Federal Competitiveness and Statistics Center (FCSC) also revealed that the value of the UAE’s non-oil GDP during the same period grew 4.4 percent annually to AED660 billion. With that, the contribution of non-oil sectors to the country’s GDP reached 75 percent.
Commenting on the figures, Abdulla bin Touq Al Marri, Minister of Economy, said that the estimates reflect remarkable economic growth and competitiveness, solidifying the country’s position as a leading economic power for business and investment.
Nominal GDP grows to AED981 billion
The estimates also revealed that the UAE’s nominal GDP at current prices during the first half of 2024 reached approximately AED981 billion, registering a growth rate of 5.6 percent. Meanwhile, the value of the non-oil GDP at current prices during the same period rose 6.8 percent to around AED749 billion.
“The UAE has successfully laid the foundation for a sustainable, diversified economy driven by innovation and knowledge, aligning with global trends while maintaining its position as a premier economic hub regionally and internationally. This progress paves the way for achieving the economic goals outlined in the ‘We the UAE 2031’ vision, including raising the UAE’s GDP to AED3 trillion within the next decade,” stated Bin Touq.
The robust growth of non-oil sectors during the first half of 2024 reflects the dynamic nature of the UAE’s economy and its capacity to seize emerging opportunities across multiple fields. Bin Touq noted strong performance in key sectors, including transport, storage, finance and construction, fuelled by initiatives to promote entrepreneurship, trade and investment, as well as major developmental projects launched earlier this year. Tourism also recorded sustained growth, further reinforcing the UAE’s standing as a global tourism hub.
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Transportation and storage lead GDP growth
According to the initial estimates by FCSC, transportation and storage activities led the UAE’s GDP growth in the first half of 2024, with an impressive 8.4 percent growth rate. Financial and insurance activities ranked second with a growth of 7.6 percent, followed closely by construction activities at 7.3 percent. Information and communication activities ranked fourth, achieving a growth rate of 5.3 percent.
“By leveraging its capabilities, the UAE aims to strengthen its economic standing on both regional and global levels as one of the most dynamic and diversified economies, driven by forward-thinking strategies and sustainable diversification plans,” added Hanan Mansour Ahli, managing director of the FCSC.
The UAE’s restaurants and hotels sector secured the fifth spot, growing 5.1 percent in the first half of 2024, fuelled by exceptional tourism activity across the country. Hotel revenues exceeded AED24.6 billion during this period, registering a 7 percent increase, while the total number of hotel guests across the UAE’s seven emirates reached around 15.3 million, representing a 10.5 percent growth.
Trade activities emerged as the largest contributor to the UAE’s non-oil GDP, accounting for 16.5 percent, followed by manufacturing at 15 percent. Financial and insurance activities ranked third with a 12.5 percent contribution, while construction accounted for 11.6 percent. In fifth place came real estate activities which contributed 7.6 percent to the UAE’s non-oil GDP.
