The UAE’s real GDP surged by 3.8% in the first nine months of 2024, reaching AED1.322 trillion compared to the same period in 2023.
This growth was propelled by the robust performance of non-oil sectors, which expanded by 4.5% to AED987 billion, reflecting the country’s successful economic diversification strategy.
Non-oil activities contributed 74.6% to the total GDP, underscoring their growing significance in driving the national economy, while oil-related activities accounted for 25.4%. The figures highlight the UAE’s progress in building a resilient and diversified economic model.
Abdullah bin Touq Al Marri, Minister of Economy, affirmed that the consistent growth of the UAE’s economy reinforces the success of its economic policies aimed at fostering business activities, enhancing economic openness, and supporting the expansion of new economy sectors. These efforts align with the leadership’s vision to promote sustainable economic and social development.
Guided by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the UAE has adopted an innovative economic model based on global best practices, capable of navigating global economic challenges.
Bin Touq highlighted that the nation’s ongoing efforts focus on increasing the contribution of non-oil sectors, enhancing competitive economic legislation, and forging productive partnerships with key global markets. These initiatives are pivotal to achieving the objectives of the "We the UAE 2031" vision, which aims to elevate the country’s GDP to AED3 trillion by the next decade and position the UAE as a global hub for the new economy.
News Source: Emirates News Agency
