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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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Abdullah bin Touq:
· The UAE government adopts an innovative economic model that serves its future vision through the adoption of flexible economic policies that align with global changes.
· The numbers confirm the robust economic performance of the country, achieving positive growth rates that exceeded the estimates of analysts and specialized international institutions.
· Estimates of the Gross Domestic Product (GDP) at current prices for the year 2022 exceeded 1.86 trillion dirhams, and at constant prices, 1.62 trillion dirhams.
Dubai, June 25 (WAM) – Minister of Economy Abdullah bin Touq Al Marri affirmed that the preliminary estimates for the Gross Domestic Product (GDP) of the UAE for the year 2022, issued by the Federal Competitiveness and Statistics Center, confirm the resilience of the country’s economic performance. It achieved positive growth rates that exceeded the estimates of analysts and specialized international institutions. The GDP of the country in 2022, at constant prices, reached 1.62 trillion dirhams, achieving a positive growth of 7.9%. At current prices, it reached 1.86 trillion dirhams, with an increase exceeding 337 billion dirhams compared to 2021, achieving a growth of 22.1%. This reflects the wisdom of the economic policies pursued by the government of the UAE and confirms the strength and stability of the UAE economy amid the global economic conditions and geopolitical repercussions.
His Excellency said: " The government of the United Arab Emirates, thanks to the visionary leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, the President of the State, may God preserve him, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President of the State, the Prime Minister, the Ruler of Dubai, may God protect him, works on building an innovative economic model that serves its future vision. This is achieved by adopting flexible economic policies that rely on speed and accuracy in responding to global changes. The government also embraces stimulating economic strategies, proactive economic plans based on economic diversification, and improvements in economic procedures and legislation. This preserves the country’s status as an attractive investment environment continuously, enhances foreign trade, and openness to the world as a component of international economic relations. The success and integration of these policies meet the requirements of sustainable development, achieve economic prosperity, and ensure a decent life for all citizens and residents of the country. Moreover, they contribute to establishing the leadership and competitiveness of the UAE at both regional and international levels."
H.E Hanan Ahli, Director of the Federal Competitiveness and Statistics Centre, commented, "The results and figures achieved confirm that the country’s economy continues to grow, both at the overall level and in terms of key economic sectors and activities. This contributes to reinforcing the policy of economic diversification by increasing the relative importance of non-oil activities in the national economy. It aligns with the state’s economic policies to reduce reliance on the oil economy, establish a knowledge-based and innovative economy, and enhance non-oil national industries."
Her Excellency added, "The per capita share of the Gross Domestic Product (GDP) in the UAE has grown by an unprecedented rate of 24.7% over the past six years, despite the annual increase in the population. In 2022, the per capita share of the GDP achieved a growth rate of 21.1% compared to 2021, confirming the resilience and success of the UAE economy. It also affirms the success of the economic policies pursued by the government in achieving prosperity and a high quality of life in the society of the UAE."
Enhancing the growth of the country’s Gross Domestic Product (GDP) in 2022.
The activation of innovative economic initiatives related to non-oil sectors and activities positively contributed to enhancing the growth of the country’s Gross Domestic Product (GDP) in 2022. The GDP at constant prices amounted to 1 trillion, 623 billion, and 517 million dirhams. The non-oil GDP at constant prices reached 1 trillion, 174 billion, and 615 million dirhams, achieving positive growth across vital sectors.
According to preliminary estimates of the Gross Domestic Product released by the Federal Competitiveness and Statistics Center, the value added to transport and storage activities had the largest share of growth in the GDP at constant prices, unprecedentedly reaching 20.2% compared to 2021. This was driven by an increase in international flight passengers and the country’s growth in air transport movements, with national airlines achieving the highest growth rate in recent years in this tourism-related sector.
The accommodation and food services sector, reflecting hotel and restaurant activities, also experienced significant growth of 13.2%. Additionally, health and social services activities demonstrated remarkable growth, reaching 13% compared to 2021.
The non-oil sectors played a crucial role in supporting the national economy and enhancing the growth of the country’s Gross Domestic Product (GDP). The manufacturing industries achieved added value in the GDP amounting to 179 billion dirhams, registering a growth rate of 8.7% compared to 2021. The most significant contribution of non-oil sectors to the GDP was represented by the value added in the wholesale and retail trade activity, reaching approximately 206 billion dirhams. This accounted for a contribution rate of 12.7% to the UAE’s overall GDP.
Real estate activities also experienced growth in 2022, amounting to 12% with a value of around 90 billion dirhams in GDP at constant prices. The positive growth in non-oil activities also had a favorable impact on the financial and insurance sector, which achieved a growth rate of 8.4%, contributing 134 billion dirhams to the overall constant GDP in 2022.
The Ministry of Interior stressed the importance of global peace and security in achieving the sustainable development goals and the UAE’s keenness to achieve a balanced and comprehensive development path that does not only affect the national level, but also benefits all countries of the world. This came during the participation of Lt. Col. Dana Humaid Al Marzouqi, Director General of the International Affairs Office at the Ministry of Interior, as part of the UAE delegation in the activities of the High-Level Political Forum on Sustainable Development of the United Nations held in New York, organized by the United Nations Department of Economic and Social Affairs until July 17, in which the Ministry of Interior reviewed its international initiatives in climate action and community security. Lieutenant Colonel Dana Humaid Al Marzouqi noted the UAE government’s keenness to continue raising and enhancing global peace and security levels through law enforcement institutions, national security strategies, and modernizing the legislative system in line with the growing requirements of societies to achieve sustainable development goals worldwide. She said that our wise leadership realized early the importance of achieving the 16th goal of the sustainable development goals to achieve the rest of the goals, which requires the implementation of a comprehensive approach to make leaps Quality in the levels of achievement of all seventeen sustainable development goals, it is important to have strong and effective institutions, and a governance system, which will address and address various social, economic and environmental challenges, and the interest reflects the state’s keenness to achieve a balanced and comprehensive development path that does not have an impact only at the national level, but also to provide an effective development model that reaches its benefit to all countries of the world. She stressed that the State of U.A.E. continues as a leading model in achieving the sustainable development goals of 2030 and 2045. During her intervention at a session on the sixteenth goal on promoting peace, justice and strong institutions and its interrelationship with the rest of the sustainable development goals, she stressed that there is a need for more police cooperation at the international level, and issued an invitation to join in cooperation for a safer world. In her intervention, she referred to the International Law Enforcement Initiative for Climate (I2LEC), launched by the Ministry of Interior at the World Government Summit in partnership with the United Nations Office on Drugs and Crime last year 2023, which aims to establish a joint approach to inter-agency law enforcement action. International organizations and governments to develop global frameworks aimed at building the global research capacity of law enforcement agencies to address crimes that affect the environment. During its first year, the initiative achieved many results, including the support of more than 60 law enforcement agencies around the world, while joint international operations under the umbrella of the initiative contributed to the seizure of more than $ 32 million in environmental crime proceeds and the training of more than 270 law enforcement officials from more than 40 countries around the world. She stressed that such an initiative reflects the UAE’s belief that sustainable development cannot be achieved without ensuring the safety and stability of all societies, and strengthening cooperation and partnership globally. Al Marzouqi reviewed the latest developments in the strategic partnership between the Ministry of Interior and the United Nations Regional Crime and Justice Research Institute (UNICRI), which aims to provide protection for children using artificial intelligence applications to facilitate the fight against crimes against children and conduct the necessary investigations to detect and prosecute perpetrators. Since its launch in 2020, the initiative has announced projects that have a prominent role in disseminating working methods that have an impact on making the lives of the world’s children. Safer The entities participating in the initiative reached more than 580 entities from 106 countries around the world who benefited from 80 artificial intelligence applications that serve the protection of children around the world, including reducing the time to detect child victims. Among the most prominent projects launched by the initiative is a set of training courses for all those working in areas related to law enforcement. In May 2023, the first specialized training courses in the field of artificial intelligence for safer children began, and to date, 7 training courses were held, in which 415 officers and employees of executive agencies from 20 countries participated. She pointed to the UAE’s role as a responsible global partner in achieving the sustainable development goals through its pioneering efforts in the global humanitarian system, where it provided material and development assistance and exchange of experiences to regions suffering from conflicts, climate-related disasters and other humanitarian disasters. Participating in a session on gender balance, climate, peace and security, held in collaboration with UN Women and the Permanent Mission of Australia to the UN, Lieutenant Colonel Dana Al Marzouqi said: "The relationship between sustainability As the world faces the climate crisis and its growing impacts, we must work to address and reduce environmental crimes such as illegal logging, wildlife trafficking, and dumping of toxic waste, which, according to all studies and reports, have far-reaching consequences beyond environmental damage, undermining sustainable development efforts and exacerbating poverty and corruption levels, and often the effects of this on the levels of women’s participation in economic and societal advancement, and lower levels of equality and gender balance Consequently, development in those societies is disrupted. The High-Level Political Forum on Sustainable Development (HLPF) is the main platform of the United Nations on sustainable development issues, and since its establishment in 2012, it has played a pivotal role in following up and reviewing what has been implemented at the country level in the 2030 Agenda for Sustainable Development. This edition of the International Forum is held under the theme "Promoting the 2030 Agenda for Sustainable Development and Eradicating Poverty in Times of Multiple Crises: Effectively Implementing Sustainable, Resilient and Innovative Solutions". Delegates participating in this year’s edition of the Forum are working Throughout its session, it has been conducting in-depth reviews of five of the Sustainable Development Goals (SDGs): Goal (1) to eradicate poverty in all its forms everywhere; Goal (2) to end hunger, achieve food security, improve nutrition and promote sustainable agriculture; Goal (13) to support climate action and call for urgent action to combat climate change and its repercussions; Goal (16) to promote peaceful and inclusive societies to achieve sustainable development, provide justice for all and build effective and efficient institutions; and Goal (17) which focuses on Establish global partnerships to promote the implementation of the Sustainable Development Goals. Follow Ajman News on Google News
The U.A.E. will participate with a large government delegation in the work of the "High-Level Political Forum on Sustainable Development", organized by the United Nations Department of Economic and Social Affairs at its headquarters in New York from July 8 to 17. The forum, which is being held this year under the theme "Promoting the 2030 Agenda for Sustainable Development and Eradicating Poverty in Times of Multiple Crises: Effectively Implementing Sustainable, Resilient and Innovative Solutions", with the participation and attendance of more than 1,000 delegates and delegates from various governments of the world and international organizations, aims to promote sustainable development, follow up global efforts in this regard, anticipate current and emerging challenges and innovate solutions to them, by exchanging knowledge on the best experiences and expertise, coordinating and evaluating policies and supporting global efforts to accelerate the achievement of the goals Sustainable development for the good of societies. The UAE delegation will participate in key working sessions, multiple seminars and a series of bilateral meetings, during which it will present the UAE’s pioneering experiences and its distinguished model in achieving the path of sustainable development, which succeeded in bringing together Development initiatives, financing programs, development assistance and strategic partnerships with countries and governments of the world and international organizations and highlighting their distinguished efforts in supporting the transformation of the 17 basic goals set by the United Nations to reach an effective system for sustainable global development by the end of the current decade. The UAE delegation to the High-Level Political Forum includes a number of government officials, representatives of the National Committee for Sustainable Development Goals, the Government Knowledge Exchange Office, the Federal Competitiveness and Statistics Center at the Ministry of Cabinet Affairs, the Ministry of Interior, the Ministry of Climate Change and Environment, Masdar, the Emirates Red Crescent Authority, and the Abu Dhabi Fund for Development, in coordination with the Permanent Mission of the UAE to the United Nations. The UAE government delegation will hold a series of bilateral meetings with leaders, political officials and experts from international organizations, institutions and global working groups that support societies and countries to achieve the sustainable development goals, and the delegation will also present a range of initiatives, programs and success stories implemented by UAE entities in various fields of sustainable development around the world. U.A.E A key supporter of the development goals Abdullah Nasser Lootah, Assistant Minister of Cabinet Affairs for Knowledge Exchange and Competitiveness, stressed that the UAE, under the directives of its wise leadership, has established its leading position on the world map as a key partner and key international supporter to achieve the 17 sustainable development goals set by the United Nations until 2030, and that its tireless participation in the forum in the forum reflects its keenness to exchange knowledge and share successful experiences and best practices with world governments and international organizations to improve the lives of peoples and societies. Lootah added that the UAE adopts the approach of achieving sustainable development as a humanitarian mission to improve its society and the societies of the world and enhance human life, and invests great efforts in this in cooperation with various countries of the world, international organizations, and institutions concerned with supporting development, and works to launch qualitative initiatives and programs and provide funding contributions and humanitarian assistance in order to reach the sustainable development goals by the end of the current decade, based on the values of cooperation, partnership, exchange of knowledge, sharing best practices and distinguished experiences, providing support and working on Laying the foundations for impactful institutional action, It achieves sustainable and inclusive development, improves education and health care, promotes equal opportunities, conserves natural resources and protects the environment for future generations." Abdullah Lootah said: "The participation of the UAE government delegation in the United Nations High-Level Political Forum on Sustainability this year aims to strengthen the UAE’s international partnerships in the field of sustainable development, which is in line with the seventeenth goal of the Sustainable Development Goals, which is to strengthen and activate global partnerships between governments, countries and communities to achieve sustainable development. Continuous regulatory frameworks, policies and legislation, as well as partnerships and the use of technology, especially the use of artificial intelligence, and the activation of data in the service of achieving inclusive global sustainable development that creates opportunities and protects the planet’s resources." United Nations High-level Political Forum The High-level Political Forum on Sustainable Development is the main platform of the United Nations. On sustainable development issues. Since its inception in 2012, it has played a pivotal role in following up and reviewing what has been implemented at the country level in the 2030 Agenda for Sustainable Development. This edition of the International Forum is held under the theme "Promoting the 2030 Agenda for Sustainable Development and Eradicating Poverty in Times of Multiple Crises: Effectively Implementing Sustainable, Resilient and Innovative Solutions". Throughout the 8-17 July 2024 edition, delegates participating in this year’s edition of the Forum will work on in-depth revisions of five of the Sustainable Development Goals (SDGs): Goal 1 to eradicate poverty in all its forms everywhere, Goal 2 to end hunger, achieve food security, improve nutrition and promote sustainable agriculture, Goal 13 to support climate action and call for urgent action to combat climate change and its repercussions, and Goal 16 to promote peaceful and inclusive societies to achieve development. Goal 17, which focuses on global partnerships to promote the implementation of the Sustainable Development Goals. Proactive meeting of the National Committee for Sustainable Development Goals The National Committee for Sustainable Development Goals preceded the participation of the UAE government delegation in the work of the United Nations High-Level Political Forum, with a preparatory meeting for the members of the Committee, before the delegation’s departure to New York, during which it discussed the agenda and agenda of the UAE’s participation in the forum, reviewed the UAE’s performance in the reports of indicators of sustainable development goals, and the data that has been provided and improved, as well as a number of files related to the work of the Committee. The meeting reviewed the report of the Sustainable Development Goals Index issued by the Sustainable Development Solutions Network for the year 2024, pointing to the performance of the UAE, which ranked 70th globally, 3rd regionally and Arably, and first in the Gulf, reflecting the country’s commitment to achieving the goals and strengthening its position globally. The meeting discussed plans, workshops and initiatives that are being implemented to enhance the quality of data and achieve progress in goals, and challenges in data collection, including the need to review data with international organizations, remove some indicators that do not apply to the UAE, and formulate indicators in line with the laws of the country. Coordination and cooperation between government and private entities to ensure the collection of consistent and analyzable data in a uniform manner. The meeting was attended by Abdul Allah Lootah, Assistant Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange and Chairman of the National Committee for Sustainable Development Goals, Rashid Mohamed Al Hemeiri, Director of the Development and International Cooperation Department at the Ministry of Foreign Affairs, Dr. Hussein Abdul Rahman Al Rand, Assistant Undersecretary for the Public Health Sector at the Ministry of Health and Prevention, Hassan Obaid Al Muhairi, Assistant Undersecretary for the Policies and Economic Studies Sector at the Ministry of Education, Nasser Ismail, Assistant Undersecretary for Social Welfare Affairs at the Ministry of Community Development, Maria Hanif Al Qassim. Assistant Undersecretary for Economic Policies and Studies Sector at the Ministry of Economy, Eng. Alia Abdul Rahim Al Harmoodi, Assistant Undersecretary for Sustainable Communities Sector at the Ministry of Climate Change and Environment, Eng. Nawal Yusuf Al Hinai, Director of the Future Energy Department at the Ministry of Energy and Infrastructure, Hanan Ahli, Director of the Federal Competitiveness and Statistics Center at the Ministry of Cabinet Affairs, and Mohammed Ahli, Executive Director of the Statistics and Data Science Sector At the Federal Competitiveness and Statistics Center.
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