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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
Ministerial Roundtable of XDGS foresees the future of the world 2030-2045, discusses international cooperation efforts to overcome challenges
As part of the World Governments Summit 2024, the XDGS Ministerial Roundtable was held on the first day of the summit to strengthen international cooperation and address growing global challenges.
Participating ministers from various fields met to set an ambitious agenda for global development and cross-border cooperation, under the theme “XDGs 2045: Navigating the Future of Our World," with the aim of stimulating concrete actions in line with global dialogue and the urgent need to strengthen sustainable development plans by following a comprehensive mechanism and a forward-looking approach to future global development.
This meeting came amid a constantly changing landscape in the twenty-first century and in light of challenges such as climate change, technological developments, and changing geopolitical dynamics, as world leaders face unprecedented challenges, which impose the need to intensify international efforts and coordinate action among countries to confront these challenges and shape the future of international cooperation.
To effectively navigate this uncertain future, leaders must first address a critical question: How can we collaboratively design a strong and just post-2030 global agenda that reflects the changing needs and aspirations of our interconnected world?
The XDGs 2045 Ministerial Roundtable aims to set a joint and ambitious agenda to promote sustainable development, and identify practical steps to achieve these common global goals, through the exchange of experiences and ideas between ministers and government leaders, as the roundtable contributed to developing innovative and effective strategies to achieve sustainable development goals in the short and long term.
The roundtable discussions cover the XDGs 2045 “Shaping The Future of Our World" Report, which indicates the role and obligations that each country must have towards implementing the sustainable development system and standards, which were previously presented in February 2023. The United Arab Emirates activated the concept of the XDGS 2045 Ministerial Roundtable as a dedicated event at the World Governments Summit. For governments to develop radical solutions to the challenges of the unknown future the world may face and practical strategies to achieve specific goals.
The ministerial roundtable was chaired by Eng. Suhail Mohammed Faraj Al Mazroui, Minister of Energy and Infrastructure and Chairman of the Global Council on SDG 11, Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, and Dr Mahmoud Mohieldin, Executive Director of the International Monetary Fund and Special Envoy of the United Nations for Financing the 2030 Agenda for Sustainable Development and Chairman of the Global Council on SDG 1.
Ulvi Ramiz oglu Mehdiyev, Chairman of the State Agency for Public Service and Social Innovations under the President of the Republic of Azerbaijan, and Dr. Heika Harmgart, Managing Director Europan Bank for Reconstruction & Development, Raouf Mazou, Assistant High Commissioner for Operations, UNHCR, and Bora Muzhaqi, Minister of Youth and Children of the Republic of Albania, also participated.
Suhail Al Mazrouie said: “The United Arab Emirates, through the visionary leadership, is working to solidify the country’s position as an active participant in implementing sustainable development goals through collective action with all nations worldwide, benefiting peoples and communities to achieve development goals and create a better future for all."
He added: “There isn’t much time left until the final deadline agreed upon by the international community in 2030. Promises, ideas, and visions alone are not sufficient today. Instead, the focus must be on action, implementation, and achievement. The challenges facing the world are increasing in size and complexity day by day, making it imperative to launch immediate solutions to enable governments and individuals to efficiently and effectively address the larger and more complex challenges."
"The summit serves as a platform where governments, international organizations, institutions, academia, and civil society convene to address the challenges and opportunities of the future," His Excellency emphasised. He further highlighted that the Global Governments Summit offers governments a forum to facilitate and stimulate the sharing of ideas, foster collaboration, and forge partnerships aimed at advancing the global goals beyond 2030.
His Excellency Abdulla Nasser Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange, and Vice Chairman of the National Committee on Sustainable Development Goals, stated that the ministerial roundtable presents a significant opportunity to expand upon the discussions held during last year’s World Governments Summit, which addressed the need to develop the global development agenda for 2030, review current commitments, and analyse future opportunities.
He further added: “The commitment of the United Arab Emirates to sustainable development is at the core of the visionary leadership’s vision for the future of the country, aiming to be one of the best countries in the world. At a time when its experience in dealing with sustainable development goals has become a global benchmark to be guided by, and an inspiring practice from which many governments around the world benefit, aspiring to achieve their national sustainability agendas."
Dr. Mahmoud Mohieldin said: “The global community must endeavor to make 2024 and the subsequent years a period of fast acceleration towards attaining the 2030 SDGs through effective public, private philanthropy partnerships, significant finance stimulus, knowledge and technology sharing and capacity development," he added.
A detailed outline of the renewed global commitment was developed as one of the most important points of discussion, as participants seek to identify effective mechanisms to ensure the commitment of countries and international organizations to achieving the set goals. Emphasis will be placed on developing specific action plans and defining responsibilities and incentives to ensure that agreed commitments are implemented effectively and comprehensively.
Through these proposed points of discussion, the XDGs 2045 Ministerial Roundtable demonstrates a strong commitment to sustainable development and international cooperation in multiple areas. Hopes are high that this meeting will contribute to developing specific and sustainable action plans to build a better and more sustainable future for all.
It is worth noting that the XDGs 2045 Ministerial Roundtable aims to identify the practical steps that should be taken to achieve sustainable development and focus on cooperative efforts among ministers to overcome global challenges and promote sustainable development.
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