The gross domestic product (GDP) of the UAE has reached Dhs1.776 trillion in 2024, reflecting a growth of 4 percent compared to the previous year, as reported by the Federal Competitiveness and Statistics Centre (FCSC). The non-oil sector saw a 5 percent increase, contributing Dhs1.342 trillion, while oil-related activities added Dhs434 billion to the total economic output, according to a WAM report.
Non-oil industry now constitutes nearly 75% of the UAE’s economy
Abdulla bin Touq Al Marri, the Minister of Economy, highlighted that these latest statistics demonstrate renewed economic momentum and significant achievements in the country’s diversification efforts. “These figures illustrate the ongoing success of the UAE’s economic strategies,” Al Marri stated. “They signify our shift towards a more innovative, knowledge-based, and sustainable economic framework in alignment with global trends and new technologies.”
By the close of 2024, non-oil sectors comprised 75.5 percent of the UAE’s GDP — a result that the minister credits to effective leadership and successful policy enforcement. He reiterated that these achievements align with the broader aspirations of the ‘We the UAE 2031’ vision, which aims to elevate the national GDP to Dhs3 trillion within the next ten years.
Growth Driven by Diversification Strategy
Hanan Mansour Ahli, the Managing Director of the FCSC, supported this perspective, describing the 4 percent GDP growth as “a testament to outstanding economic performance” and indicative of the UAE’s commitment to a sustainable, non-oil-focused growth model.
“The leadership’s progressive vision prioritizes economic diversification not merely as a target but as a core principle of operation,” she noted. Ahli mentioned that this model bolsters national competitiveness and enhances social welfare, ensuring continuous advancement across various development metrics.
This strategy has resulted in significant sector-specific growth. The transport and storage sector was the fastest-growing segment of GDP in 2024, with a year-over-year increase of 9.6 percent. This growth was largely propelled by record passenger traffic, with UAE airports accommodating around 147.8 million travelers—an increase of nearly 10 percent.
Sector Highlights: Transport, Construction, and Finance
The construction and building sector achieved an 8.4 percent growth rate, driven by substantial investments in urban infrastructure. Financial and insurance sectors also showed strong performance, growing by 7 percent, followed closely by the hospitality industry—specifically hotels and restaurants—which expanded by 5.7 percent. The real estate sector recorded a growth rate of 4.8 percent.
Among the non-oil sectors, trade emerged as the leading contributor to GDP, accounting for 16.8 percent, followed by manufacturing at 13.5 percent, and financial and insurance services at 13.2 percent. The construction industry contributed 11.7 percent to the total non-oil GDP, while real estate activities made up 7.8 percent.
As the UAE continues its transition to a knowledge-driven and internationally competitive economy, government officials express optimism that these figures present a strong foundation for future growth and enduring economic stability.