Abdulla bin Touq Al Marri, Minister of Economy, emphasized that the preliminary GDP estimates for the UAE in the first half of 2024, released by the Federal Competitiveness and Statistics Centre, highlight substantial economic growth and competitiveness, reinforcing the country’s position as a leading business and investment hub.

The estimates further revealed that the UAE’s nominal GDP (at current prices) for the first half of 2024 reached around $264.87 billion, achieving a growth rate of 5.6%. In the same period, the non-oil GDP at current prices grew to approximately $202.23 billion, representing a growth of 6.8% compared to the first half of 2023.

Bin Touq said, “The achievements highlight the visionary leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the strategic guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. The UAE has successfully laid the foundation for a sustainable, diversified economy driven by innovation and knowledge, aligning with global trends while maintaining its position as a premier economic hub regionally and internationally.”

“This progress paves the way for achieving the economic goals outlined in ‘We the UAE 2031’ vision, including raising the UAE’s GDP to AED 3 trillion within the next decade,” he added.

The Minister of Economy spotlighted the strong growth of non-oil sectors in the first half of 2024, which highlights the dynamic nature of the UAE economy and its ability to capitalize on emerging opportunities across various sectors.

Additionally, the Minister emphasized the continued need for sector-wide integration and concerted efforts to drive sustainable and inclusive economic growth.

Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre (FCSC), remarked, “The GDP figures for the first half of this year, published by the FCSC, reaffirm the UAE’s dedication to implementing its policy of economic openness as a consistent national strategy. By leveraging its capabilities, the UAE aims to strengthen its economic standing on both regional and global levels as one of the most dynamic and diversified economies, driven by forward-thinking strategies and sustainable diversification plans.”

According to the initial estimates from the FCSC, transportation and storage activities led to economic growth in the first half of 2024, with an impressive growth rate of 8.4%. Financial and insurance activities ranked second with a growth rate of 7.6%, followed closely by construction activities at 7.3%. Information and communication activities came in fourth, achieving a growth rate of 5.3%.

The restaurants and hotels sector secured the fifth position with a 5.1% growth rate in the first half of 2024, bolstered by strong tourism activity across the country. Hotel revenues surpassed $6.64 billion during this period, registering a 7% increase, while the total number of hotel guests across the UAE’s seven emirates reached around 15.3 million, marking a 10.5% growth.

Trade activities emerged as the largest contributor to the UAE’s non-oil GDP, accounting for 16.5%, followed by manufacturing at 15%. Financial and insurance activities contributed 12.5%, while construction comprised 11.6%. Real estate activities ranked fifth, with a contribution of 7.6%.