The United Arab Emirates (UAE) achieved a 4% real GDP growth in 2024, reaching 1.77 trillion dirhams (about USD 482 billion), primarily driven by strong performance in non-oil sectors, the Ministry of Economy announced.

Non-oil activities expanded by 5%, contributing 1.34 trillion dirhams, or 75.5% of the total GDP. In contrast, the oil sector added 434 billion dirhams to the economy. Economy Minister Abdulla bin Touq Al Marri said the figures reflect the UAE’s shift toward a knowledge-based, innovation-driven economy.

“The UAE is steadily advancing toward the ‘We the UAE 2031’ vision, aiming for a GDP of 3 trillion dirhams and a globally competitive economic model,” he noted.

Key non-oil sectors saw significant growth. Transport and storage grew by 9.6%, supported by a 10% rise in airport passenger traffic, reaching 147.8 million travelers. The construction sector rose by 8.4%, while financial and insurance activities increased 7%. Hospitality and food services expanded 5.7%, and real estate climbed 4.8%.

In non-oil GDP contribution, trade topped the list with 16.8%, followed by manufacturing (13.5%), financial and insurance services (13.2%), construction (11.7%), and real estate (7.8%).

Mazen Al-Obaid, an economics professor at UAE University, noted that the growth is based on real economic activity rather than short-term fiscal stimuli. He emphasized that innovation, digital infrastructure, and a strong investment environment position the UAE as a resilient and competitive economy.

He urged continued investment in high-value sectors and national talent to maintain long-term sustainability amid global uncertainties and energy market volatility.