The Central Bank of the UAE (CBUAE) published its 2024 Annual Report on Monday, highlighting accomplishments and projects that have signaled a significant turning point in its history and reinforced its critical role in fostering the expansion of the country’s economy, preserving financial stability, strengthening monetary and supervisory laws, and advancing the banking, insurance, and financial industries.
The report highlights the advancements made in implementing policies meant to strengthen the UAE’s dominant position in propelling global economic development and forming a sustainable financial future. It offers a thorough overview and in-depth analysis of financial, monetary, and economic developments at the local, regional, and international levels.
Due largely to the robust performance of the oil and non-oil industries, the UAE’s economy saw tremendous expansion in 2024, with its real GDP growing at a pace of 3.9%. The CBUAE’s prediction of an acceleration of growth to 4.7% in 2025 reflects the national economy’s stability and capacity for focused diversification. Additionally, non-oil foreign trade of goods grew by 13.8%, surpassing Dhs2.8 trillion, largely thanks to the Comprehensive Economic Partnership Agreements.
With total banking sector assets exceeding Dhs4.56 trillion, a 12.0% increase, the banking industry also continued to make remarkable progress in the UAE’s financial metrics. With regard to banking assets, this puts the United Arab Emirates at the forefront of the Middle East, strengthening its solid foundations with high capitalization levels, good profitability, adequate liquidity, and stable financial reserves. The total gross written premiums for the insurance industry increased significantly, amounting to AED64.8 billion.
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