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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.
United Voices for 2045: UAE Launches a Global Survey to Shape the Future of Sustainable Development
The Federal Competitiveness and Statistics Centre organized an intensive national workshop on services trade statistics, in cooperation with experts from the World Trade Organization, the International Monetary Fund, the Organization for Economic Cooperation and Development and the United Nations Trade and Development Organization.
The workshop was attended by experts and specialists in national accounts and trade statistics from government agencies from all around the UAE, including the Ministry of Economy, the Ministry of Finance, the Federal Authority for Identity, Citizenship, Customs and Ports Security, as well as statisticians and economists from local statistical centers in the country.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stressed that the UAE, thanks to the vision of the wise leadership, continues to strengthen its international position in services trade, as it ranked 12th as the largest exporter of services in the world during 2022 according to the World Trade Organization, while the value of UAE services exports reached AED 567 billion, equivalent to $155 billion, according to the "Trade Profiles" report issued by the organization last October. This report provides key data on the trade of goods and commercial services for 197 countries worldwide.
His Excellency added that the new strategy for services exports recently adopted by the Cabinet will increase the contribution of this vital sector with promising potential to non-oil foreign trade and GDP of the UAE, as the UAE’s service exports are growing at rates faster than the global average, helping to solidify the UAE’s position as a global business hub with an increasingly advanced and high-value economy that relies on services.
Her Excellency, Hanan Ahli, Manager Director of the Federal Competitiveness and Statistics Centre, said that organizing the workshop comes as part of the joint efforts of the Centre, the World Trade Organization, ministries and government entities. These efforts aim to ensure alignment in the methodologies of collecting data related to services trade with the best practices and international standards. This is done to improve the business environment and achieve sustainable economic growth.
1,600 contestants representing 400 teams of young talents specialized in the fields of artificial intelligence and data science from the UAE and around the world participated in the activities of the United Nations Datathon 2023 platform, which was held in the UAE under the auspices of the United Nations, in the presence of data science specialists from the most prominent universities in the Arab region and the world.
Datathon 2023 is a participatory platform that supports and motivates young talents, organized in partnership between the Artificial Intelligence, Digital Economy and Remote Work Applications Office, the National Committee on Sustainable Development Goals, the Federal Competitiveness and Statistics Centre (FCSC), and the Federal Youth Authority, with the support of academic institutions in the country.
The platform aims to enhance the leadership of the United Arab Emirates globally in the fields of artificial intelligence applications and data science, and to raise awareness of the importance of this sector in shaping future pathways.
Her Excellency Hanan Ahli, Managing Director of the Federal Competitiveness and Statistics Centre said that the UN Datathon serves as a platform for exploring and developing advanced solutions and innovative projects based on the outputs of the rapid evolution of emerging technologies. These can be employed to address various challenges in current and future vital sectors.
Her Excellency emphasized that the UN Datathon encompasses various domains of emerging and advanced technology, spanning data analysis, big data, artificial intelligence, smart conversational robots, blockchain, metaverse, augmented reality, 3D and 4D printing technology, along with several other emerging technologies. The aim is to harness the innovations of youth in these fields to contribute to building more advanced and prosperous societies. H.E. Mohammed Hassan, the Executive Director of the National Statistics and Data Science Sector at FCSC, asserted that the UN Datathon platform will strengthen communication among the youth of the UAE and their counterparts worldwide. It will provide a supportive environment for participants to develop solutions that address the challenges and rapidly changing dynamics in various fields. This, in turn, contributes to supporting efforts to achieve sustainable development goals.
His Excellency stated that participants in the United Nations Datathon 2023 will have the opportunity to engage in numerous sessions designed in an interactive and stimulating format, enabling them to unleash their creativity and enhance a culture of teamwork and collaborative work aimed at maximizing the utilization of available resources.
It is worth mentioning that the Open Data Datathon is one of the global initiatives organized in the UAE, in conjunction with the main event organized in the Republic of Uruguay, under the auspices of the United Nations, and the UAE represents an accredited regional platform for organizing data for the Middle East and North Africa region, with the aim of facilitating the entry of participants in the global competition.
The Federal Competitiveness and Statistics Centre announced the launch of the Statistics Youth Council, as part of its initiatives aimed at empowering youth in the fields of statistics, and enhancing their role in developing innovative ideas and experiences, through a platform for exchanging knowledge, expertise and successful experiences; whilst also providing an opportunity for youth to contribute to the development of statistical methodologies, and forming the features of a unified national statistical system that contributes to supporting the development process of the UAE and enhancing its leadership and competitiveness globally.
The Statistics Youth Council members consists of 14 Emirati youths made up from different statistical centers at the federal and local levels across the country. The formation of the Council was announced, in the presence of His Excellency Mubarak Al Nakhi, Undersecretary of the Ministry of Culture and Youth, Her Excellency Hanan Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, His Excellency Abdullah Al Qemzi, Acting Director General of the Statistics Centre – Abu Dhabi, and a number of officials and young members of the new Council.
H.E. Mubarak Al Nakhi stressed that the establishment of the Statistics Youth Council, initiated by FCSC, to include representatives of youth from different local statistical centers in the UAE, reflects the wise leadership’s commitment to enhancing governmental integration in shaping future paths. It embodies their directives on the importance of investing in the capabilities of young national talents, building their capacities and skills, and encouraging their active contribution to the development of various government sectors.
H.E. Al Nakhi stated that the Statistics Youth Council will contribute to transforming the energy and creativity of young Emirati talents into ideas and projects that enhance the role of the statistical community in leading initiatives aimed at serving the society of the United Arab Emirates.
Hanan Ahli: Enabling young cadres to develop methodologies and innovate solutions to the challenges of the statistical sector
For her part, Her Excellency Hanan Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, stressed the importance of the role of the Council in supporting the UAE government’s directions to enhance the role of youth in various fields, and in enabling young cadres to work on developing statistical methodologies and innovating solutions to the challenges of the statistical sector in the country.
H.E. Hanan Ahli said that the council will provide a platform and an open space to build the capacities of young people, and provide them with the necessary skills and tools in the fields of statistical analysis, data and reports, and understanding changes in the economy and society at the local and regional levels. and international.
The launch of the Statistical Youth Council is part of the government initiatives aimed at supporting the efforts to implement the pillars and targets of the UAE Centennial 2071. This vision, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai (may God protect him), represents a comprehensive and long-term national vision for the next five decades. It focuses on enhancing the role of youth in building a more sustainable future, creating an incubating environment for generating innovative and creative ideas, and ensuring a better future for the coming generations.
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