UAE’s real GDP posts significant growth of 3.8% during first nine months of 2024

The UAE’s real GDP posted a significant growth of 3.8% during the first nine months of 2024 compared to the same period in 2023, reaching AED1.322 trillion. This growth was driven by a strong expansion in non-oil sectors, which grew by 4.5% to AED987 billion, reflecting the success of the country's economic diversification strategy, according to the Emirates News Agency.

The contribution of non-oil activities to real GDP reached 74.6%, highlighting the increasing role of these sectors in supporting economic growth, while oil-related activities contributed 25.4%, reported WAM.

WAM reported that Abdullah bin Touq Al Marri, Minister of Economy, emphasised the continuous growth of the national economy reaffirms the success of the UAE’s economic policies and strategies aimed at enhancing economic diversification, facilitating business activities, and promoting the expansion of new economy sectors as a key driver for sustainable economic and social development.

Under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan, and the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, the country has focused on building an innovative economic model based on global best practices, capable of adapting to global economic changes and challenges.

Bin Touq stated that national efforts continue to increase the contribution of non-oil sectors to the national economy, develop more flexible and competitive economic legislations, enhance economic openness to the world, and build productive partnerships with key regional and global markets.

These efforts support the objectives of the "We the UAE 2031" vision, which aims to raise the country’s GDP to AED3 trillion by the next decade and establish the UAE as a global hub for the new economy, he added.