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DATA FOR A BETTER FUTURE
H.E. Abdulla bin Touq Al Marri: Under the wise leadership’s vision, the UAE has built an innovative economic model based on global best practices. The continuous growth of the national economy reflects the success of the UAE’s economic diversification policies.
We remain committed to achieving the goals of “We the UAE 2031”, aiming to expand the UAE’s GDP to AED 3 trillion by the next decade and securing the UAE’s position as a global hub for new economy.
Hanan Ahli: The UAE’s robust economic performance is backed by a clear future-oriented vision focused on sustainable economic growth.
Additional Subtitles:
• UAE’s real GDP reaches AED 1.322 trillion
• Non-oil GDP reaches AED 987 billion
• Contribution of non-oil sectors to real GDP is 74.6%
• Top-growing sectors: Transport, construction, finance, government, and hospitality
• Leading contributors to non-oil GDP: Trade, manufacturing, finance, construction, and real estate
• Nominal GDP reaches AED 1.486 trillion (6% growth)
• Nominal non-oil GDP reaches AED 1.136 trillion (6.6% growth)
The UAE has recorded significant growth in its real GDP by 3.8%, reaching AED 1.322 trillion in the first nine months of 2024, compared to the same period in 2023. Meanwhile, non-oil GDP expanded by 4.5% to AED 987 billion, accounting for 74.6% of total real GDP, while oil-related activities accounted for 25.4%.
Commenting on this performance, H.E. Abdulla bin Touq Al Marri, Minister of Economy, emphasized that the UAE’s sustained economic growth is a testament to the success of its policies and strategies aimed at enhancing economic diversification, streamlining business operations, and driving the expansion of new economy sectors as key drivers of sustainable economic and social development. He highlighted that, under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, the UAE has built an agile and globally competitive economic model capable of adapting to global challenges and rapid changes.
“The UAE continues to increase the contribution of non-oil sectors to the national economy by developing flexible economic legislation, enhancing global trade openness, and building strategic partnerships with key international markets. These efforts align with the “We the UAE 2031” vision, which aims to grow the UAE’s GDP to AED 3 trillion within the next decade and secure its position as a global economic hub,” H.E. bin Touq added.
Hanan Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, stated: “The UAE’s GDP growth over the past nine months reflects our strong economic performance and future-driven vision focused on sustainable economic expansion, led by non-oil sectors.”
“Economic diversification remains a key pillar of the UAE national strategy, ensuring long-term growth in the economy and in key economic and development indicators,” she emphasized.
Top-Growing Economic Sectors
During the first nine months of 2024, the UAE’s fastest-growing economic sectors showcased remarkable expansion compared to the same period in 2023. The transport and storage sector experienced a significant growth of 7.9%, largely driven by a surge in passenger traffic at UAE airports, which welcomed over 103 million travelers, marking a 20% increase. Similarly, the construction and building sector expanded by 7.4%, fueled by substantial investments in large-scale urban infrastructure projects. The financial and insurance sector also saw steady growth, rising by 6.8%, while government activities expanded by 5.0%. Additionally, the hospitality and restaurant sector recorded a 4.9% increase, reflecting the continued momentum in the tourism industry.
When examining the key contributors to non-oil GDP, trade emerged as the largest sector, accounting for 16.5% of total non-oil economic output. Following closely behind, manufacturing contributed 15.1%, underscoring the UAE’s industrial strength. The financial and insurance sector played a crucial role, making up 12.1% of non-oil GDP, while construction and building activities contributed 11.7%, and the real estate accounted for 7.6%.
Overall, the UAE’s nominal GDP reached AED 1.486 trillion during the first nine months of 2024, reflecting an impressive 6% year-on-year growth. The nominal non-oil GDP also grew significantly, reaching AED 1.136 trillion, with a 6.6% increase. Notably, non-oil sectors contributed 76.5% to the total GDP, further highlighting the UAE’s progress in economic diversification and sustainable growth.
The UAE, represented by the Federal Competitiveness and Statistics Centre (FCSC), participated in the 17th Meeting of Heads of National Statistical Offices of BRICS, held in Fortaleza, Brazil. The meeting saw the participation of high-level delegations as part of the Triple International Forum on Global South Governance.
The meeting focused on vital topics aimed at strengthening statistical cooperation among BRICS countries. Discussions included the production of digital age indicators, exchange of national experiences in economic development, poverty reduction, climate change mitigation, international statistical training, and joint publications such as the Joint Statistical Publication (JSP) of the BRICS group. These efforts aim to strengthen statistical cooperation frameworks, paving the way for further integration in data production and support for development policies within the group’s countries.
Hanan Ahli: UAE Supports Global Dialogue on Shaping a Data-Driven Future Enhanced by Statistical Innovation
Her Excellency Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, affirmed that UAE’s participation reflects its commitment to supporting global dialogue on shaping a data-driven future, enhancing its governance through a flexible and comprehensive knowledge system that responds to national priorities and aligns with global trends. By leveraging statistical innovation tools and enhancing cognitive integration, the aim is to build more sustainable communities.
Hanan Ahli added, “We look forward to strengthening cooperation frameworks with BRICS countries through the UN Global Platform Regional Hub in the UAE, contributing to the development of indicators that reflect the digital age realities and support joint efforts and knowledge exchange in this vital field.”
The UAE delegation highlighted the importance of developing modern statistical tools that reflect digital transformations in national economies, reaffirming the country’s commitment to enhancing international partnerships in data and evidence-based policy support. The delegation also showcased UAE’s efforts in developing data infrastructure, enabling innovation in statistical work, and deploying modern technologies such as AI and big data to support sustainable development strategies.
The UAE delegation stated that enhancing coordination and aligning the Joint Statistical Publication (JSP) of the BRICS group with public policy requirements is necessary, focusing on the specific nature and development needs of the group’s countries to enhance the effectiveness of data in decision-making processes.
It is worth mentioning that BRICS Heads of National Statistical Offices Meetings serve as a high-level platform bringing together decision-makers and international experts in statistics and big data to exchange experiences, discuss opportunities for effective cooperation and partnerships, and explore the latest innovative practices in statistical work, contributing to the development of quality initiatives that support continuous assessment of evolving needs at regional and international levels.
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