The UAE’s real GDP reached Dhs1.322 trillion in the first nine months of 2024, a notable 3.8% increase over the same period in 2023. The country’s economic diversification policy was successful, as seen by the robust growth in non-oil industries, which increased by 4.5% to Dhs987 billion.
While oil-related activities generated 25.4% of real GDP, non-oil activities contributed 74.6%, demonstrating the growing relevance of these sectors in fostering economic growth. The nation has concentrated on creating a cutting-edge economic model based on international best practices that can adjust to changes and challenges in the global economy under the direction of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan and the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai.
According to Bin Touq, national initiatives are still underway to boost the non-oil industries’ share of the national economy, create more adaptable and competitive laws, improve economic openness to the outside world, and establish fruitful alliances with significant regional and international markets.
Abdulla Bin Touq Al Marri claimed in December that the Federal Competitiveness and Statistics Center’s initial estimates of the UAE’s GDP for the first half of 2024 show impressive economic growth and competitiveness, reaffirming the nation’s standing as a significant economic force for investment and business.
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