UAE Economy Records 3.6% Growth in H1 2024
The UAE economy grew by 3.6% in the first half of 2024, reaching a GDP of Dh879.6 billion. Non-oil sectors, such as transportation, construction, and ICT, were key drivers, contributing 75% to the economy.
Non-Oil Sector Growth
The non-oil sector rose by 4.4% year-on-year to Dh660 billion, while nominal GDP grew 5.6% to Dh981 billion. Non-oil GDP at current prices increased by 6.8% to Dh749 billion. Abdullah bin Touq Al Marri, Minister of Economy, credited this growth to strategic investments, entrepreneurship, and tourism.
Sector Highlights
Transportation and storage led with 8.4% growth, followed by financial services (7.6%), construction (7.3%), and ICT (5.3%). Hospitality also surged, with hotel revenues rising 7% to Dh24.6 billion, welcoming 15.3 million guests, a 10.5% increase.
Outlook
The IMF revised the UAE’s 2024 GDP growth forecast to 5.1%, supported by strong non-oil sector performance. Hanan Mansour Ahli of FCSC highlighted the UAE’s diversification efforts and alignment with the “We the Emirates 2031” vision, targeting Dh3 trillion GDP by the next decade.
