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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.
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Their collaboration also aims to improve the country’s stature in quality of life and competitiveness indexes related to women in international reports.
Noura Al Suwaidi, Secretary-General of the GWU, and Hanan Ahli, Director of the FCSC, signed the MoU.
Al Suwaidi stressed that the optimal utilisation of data and technology could help provide accurate information for decision-makers in a timely manner, allowing them to adopt a forward-looking vision.
She also highlighted the importance of strengthening partnerships with relevant national entities, which will allow the GWU to implement the directives of H.H. Sheikha Fatima bint Mubarak, the “Mother of the Nation", Chairwoman of the General Women’s Union (GWU), President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation (FDF), and translate them into effective initiatives and strategies that outline a sustainable future for women and strengthen the role of Emirati women in all aspects of life.
Ahli highlighted the importance of leveraging information and statistics to improve decision-making and draft policies that affect women’s empowerment.
The MoU will enable the drafting of innovative strategies and initiatives that strengthen the role of Emirati women, highlight the UAE’s related efforts, and improve the country’s performance in international competitiveness indexes, she added.
The National Committee for Sustainable Development Goals, in partnership with Emirates Transport, launched the "Road to Sustainability" campaign, which is organized as part of the UAE government’s efforts and projects in the Year of Sustainability, and within the framework of initiatives to enhance community awareness of the global sustainable development goals, and the importance of achieving them to ensure a better future for societies. A large number of government agencies and companies are participating in the campaign at the national level, and will continue until the end of 2024, and aims to spread awareness at the national level of the global goals for sustainable development.
H.E. Abdullah Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange, Deputy Chairman of the National Committee on Sustainable Development Goals, stressed that the campaign embodies the UAE government’s approach to motivating community members to adopt a sustainable lifestyle that contributes to building a better world for future generations.
Alex Rentier, CEO of Emirates Transport, expressed the company’s blessing for this purposeful national campaign.
The campaign was launched at the Head Office Building of the Emirates Transport in Dubai, in the presence of H.E. Abdullah Lootah and Shatha Al Hashimi, an advisor in the Government Experience Exchange Office. The event included a presentation that discussed the history of transportation in the UAE since its inception and gave a brief overview of its services. Following that, the "oad to Sustainability" started from its first station at the company’s headquarters, commencing its extended agenda until the end of the next year. The campaign utilizes an electric bus provided by the company to facilitate the team’s travels to various stations, destinations, and entities across different regions of the country.
Khaled Shukr, the Director of Quality, Environment, Safety, and Occupational Health Department at Emirates Transport, explained that the electric bus has a capacity for 41 passengers in addition to the driver. It operates on a 315-kilowatt-hour battery that can be fast-charged in one hour and forty minutes (with a 180-kilowatt charger), allowing it to travel approximately 300 kilometers on a single charge.
Dubai, Feb. 16 (WAM) — In a move to promote digital transformation in the UAE and to employ big data to support decision-making, the Federal Competitiveness and Statistics Center (FCCC) announced on the sidelines of the World Government Summit, which concluded yesterday in Dubai, the signing of cooperation agreements and strategic partnerships with the aim of benefiting from the large inventory of big data produced by major international and national companies producing data, thus contributing to supporting decision-making and building development policies and strategic initiatives.
The cooperation and partnership agreements signed by the Federal Competitiveness and Statistics Center included the signing of an agreement with Visa, a global leader in digital payments, as well as an agreement with Majid Al Futtaim, one of the oldest national brands with a regional reach, which owns a major chain of shopping malls, stores and entertainment establishments in the Middle East and North Africa.
– Visa and partnership in vital sectors.
Under the cooperation agreement with Visa, the UAE government, represented by the Federal Competitiveness and Statistics Center, will be able to develop development initiatives. Based on the data provided by Visa to the health, education, tourism, consumption and other vital sectors data, which contributes to drawing an accurate perception of reality that is reflected on the community through innovative government initiatives, which contribute to improving the quality of life and promoting sustainable well-being.
– Majid Al Futtaim, mutual collaboration for knowledge partnerships. According to the agreement signed between the Federal Competitiveness and Statistics Centre and Majid Al Futtaim, the two parties will work together to cooperate in the fields of statistical data and information, exchange experiences and information to enhance the country’s competitiveness in global reports and indicators, in addition to cooperation in the implementation of statistical surveys, training and holding seminars and workshops related to data science and statistics.
Joe Abi Akl, Chief Corporate Development Officer and Chief Communications Officer, Majid Al Futtaim Holding, stressed the importance of strategic partnerships and understandings between the public and private sectors, which represent an added value in optimizing the use of data to support innovative initiatives and knowledge-based government policies.
It is worth noting that all data The resulting agreements of understanding concluded between the Federal Competitiveness and Statistics Center and its strategic partners are guaranteed confidentiality and protected by the Federal Law on the Protection of Personal Data, which represents an integrated framework to ensure the confidentiality of information, and protect the privacy of community members by providing sound governance for data management and protection, as the law defines the general frameworks for dealing with data, how to collect, process and store it, means to ensure its protection, and the rights and duties of all concerned parties.
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