UAE’s Economy Grows 4% in 2024 as Non-Oil Sectors Drive Sustainable Expansion

UAE’s Economy Grows 4% in 2024 as Non-Oil Sectors Drive Sustainable Expansion

The UAE economy recorded a solid 4% growth in 2024, reaching AED 1.776 trillion, according to the latest data from the Federal Competitiveness and Statistics Centre (FCSC). A significant 75.5% of this growth came from non-oil sectors, reaffirming the country's accelerating diversification strategy and its commitment to long-term sustainability.

Key Economic Insights:
Non-oil GDP rose by 5%, reaching AED 1.342 trillion

Oil-related activities contributed AED 434 billion

These figures reflect the UAE’s progress under its "We the UAE 2031" vision to build a diversified, innovation-driven economy

Leading Growth Sectors:
Transport and storage: +9.6%, driven by rising air traffic and logistics demand

Construction: +8.4%, supported by infrastructure investments and urban development

Finance and insurance: +7%, fueled by capital market activity and fintech growth

Hospitality: +5.7%, supported by tourism and international events

Real estate: +4.8%, backed by strong investor and end-user demand

Non-Oil Sector Contribution Breakdown:
Trade: 16.8% of non-oil GDP

Manufacturing: 13.5%

Finance and insurance: 13.2%

This performance underscores the UAE’s transformation into a regional hub for trade, technology, logistics, finance, and advanced industries. The strong non-oil growth trajectory is a direct outcome of strategic policy reforms, global investor confidence, and a future-focused national vision.

The UAE continues to set a benchmark for economic diversification in the region — with momentum clearly aligned toward sustainable, inclusive, and innovation-led growth.