Non-oil sectors now account for 75.5 percent of the national economy
The UAE’s real gross domestic product (GDP) reached AED 1,776bn in 2024, marking a 4 percent increase compared to that of 2023. Non-oil GDP grew by 5 percent, totalling AED 1,342bn, while oil-related activities contributed AED 434bn to the overall economy.
HE Abdulla Bin Touq Al Marri, Minister of Economy, emphasized that the latest GDP figures released by the Federal Competitiveness and Statistics Centre (FCSC) reflect a renewed and positive momentum in the national economy.
With non-oil sectors accounting for 75.5 percent of the UAE’s GDP by the end of last year, HE emphasized 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.
Milestone
“With each milestone, we are moving closer to achieving the UAE’s target of raising GDP to AED 3tn 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,” stated HE Abdulla Al Marri.
Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre highlighted that the 4 percent GDP growth in 2024 reflects the UAE’s exceptional economic performance, supported by a forward‑looking vision focused on sustainable, non‑oil‑driven growth.
Top performing sectors
The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, recording a 9,6 percent year-over-year growth. This growth was primarily driven by the exceptional performance of UAE airports, which handled 147.8mn passengers—an increase of approximately 10 percent.
The building and construction sector followed with an 8.4 percent growth rate, supported by substantial investments in urban infrastructure. Financial and insurance activities expanded by 7 percent, while the hospitality sector, encompassing hotels and restaurants, rose by 5.7 percent. Meanwhile, the real estate sector recorded a 4.8 percent growth, an official press communique concluded.
