Strong economic performance in UAE

28 Dec 2024

Dubai: The UAE’s real GDP grew by 4 per cent in 2024 to reach Dh1.776 trillion, with non-oil sectors contributing 75.5 per cent of the national economy—a clear sign that diversification efforts are accelerating, according to the latest figures released by the Federal Competitiveness and Statistics Centre (FCSC).

The non-oil economy recorded a 5 per cent growth to reach Dh1.342 trillion, while oil-related activities added Dh434 billion. The data underscores the UAE’s shift toward a more sustainable, innovation-driven economic model, aligned with long-term national visions and global competitiveness goals.

Diversification pays off

Abdulla bin Touq Al Marri, UAE Minister of Economy, said the strong performance highlights the resilience and positive momentum of the national economy. He noted that the country’s strategies to diversify away from oil are “achieving tangible results” and supporting the transition to a knowledge-based economy.

“These indicators reflect the sustained success of our economic diversification strategy,” he said. “They also bring us closer to achieving the goals of the ‘We the UAE 2031’ vision—including our target to grow GDP to AED 3 trillion by the next decade.”