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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
H.E. Abdulla Lootah is the Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange, delivered a lecture at the New York University (NYU) in the United States.
During the lecture, His Excellency called for the strengthening of academic and research partnerships to achieve the 17 Sustainable Development Goals.
The lecture was attended by NYU graduate students from the School of Professional Studies, the Global Affairs and Global Security Program, and Conflict and Cybercrime Program, and the Division in Programs in Business and Global Sport.
His Excellency discussed the importance of the role of academic institutions and universities in promoting international cooperation and partnership, knowledge exchange, capacity building, and excellence in the research and development efforts. He reiterated that doing so will also contribute to SDG 17 – which calls for plans to revitalize global partnerships for sustainable development.
Attended by Angie Kamath, Dean of the NYU School of Professional Studies, along with NYU’s administrative, academic, and research members, the lecture highlighted the UAE’s multi-faceted competitiveness, positioning it as a worldwide focal point for visionaries, researchers, and accomplished professionals who have chosen the UAE as their home and workplace.
Positive Growth Rates Surpass Expectations: UAE Economy Demonstrates Resilience with a 7.9% Growth in Gross Domestic Product (GDP).
Abdullah bin Touq:
· The UAE government adopts an innovative economic model that serves its future vision through the adoption of flexible economic policies that align with global changes.
· The numbers confirm the robust economic performance of the country, achieving positive growth rates that exceeded the estimates of analysts and specialized international institutions.
· Estimates of the Gross Domestic Product (GDP) at current prices for the year 2022 exceeded 1.86 trillion dirhams, and at constant prices, 1.62 trillion dirhams.
Dubai, June 25 (WAM) – Minister of Economy Abdullah bin Touq Al Marri affirmed that the preliminary estimates for the Gross Domestic Product (GDP) of the UAE for the year 2022, issued by the Federal Competitiveness and Statistics Center, confirm the resilience of the country’s economic performance. It achieved positive growth rates that exceeded the estimates of analysts and specialized international institutions. The GDP of the country in 2022, at constant prices, reached 1.62 trillion dirhams, achieving a positive growth of 7.9%. At current prices, it reached 1.86 trillion dirhams, with an increase exceeding 337 billion dirhams compared to 2021, achieving a growth of 22.1%. This reflects the wisdom of the economic policies pursued by the government of the UAE and confirms the strength and stability of the UAE economy amid the global economic conditions and geopolitical repercussions.
His Excellency said: " The government of the United Arab Emirates, thanks to the visionary leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, the President of the State, may God preserve him, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President of the State, the Prime Minister, the Ruler of Dubai, may God protect him, works on building an innovative economic model that serves its future vision. This is achieved by adopting flexible economic policies that rely on speed and accuracy in responding to global changes. The government also embraces stimulating economic strategies, proactive economic plans based on economic diversification, and improvements in economic procedures and legislation. This preserves the country’s status as an attractive investment environment continuously, enhances foreign trade, and openness to the world as a component of international economic relations. The success and integration of these policies meet the requirements of sustainable development, achieve economic prosperity, and ensure a decent life for all citizens and residents of the country. Moreover, they contribute to establishing the leadership and competitiveness of the UAE at both regional and international levels."
H.E Hanan Ahli, Director of the Federal Competitiveness and Statistics Centre, commented, "The results and figures achieved confirm that the country’s economy continues to grow, both at the overall level and in terms of key economic sectors and activities. This contributes to reinforcing the policy of economic diversification by increasing the relative importance of non-oil activities in the national economy. It aligns with the state’s economic policies to reduce reliance on the oil economy, establish a knowledge-based and innovative economy, and enhance non-oil national industries."
Her Excellency added, "The per capita share of the Gross Domestic Product (GDP) in the UAE has grown by an unprecedented rate of 24.7% over the past six years, despite the annual increase in the population. In 2022, the per capita share of the GDP achieved a growth rate of 21.1% compared to 2021, confirming the resilience and success of the UAE economy. It also affirms the success of the economic policies pursued by the government in achieving prosperity and a high quality of life in the society of the UAE."
Enhancing the growth of the country’s Gross Domestic Product (GDP) in 2022.
The activation of innovative economic initiatives related to non-oil sectors and activities positively contributed to enhancing the growth of the country’s Gross Domestic Product (GDP) in 2022. The GDP at constant prices amounted to 1 trillion, 623 billion, and 517 million dirhams. The non-oil GDP at constant prices reached 1 trillion, 174 billion, and 615 million dirhams, achieving positive growth across vital sectors.
According to preliminary estimates of the Gross Domestic Product released by the Federal Competitiveness and Statistics Center, the value added to transport and storage activities had the largest share of growth in the GDP at constant prices, unprecedentedly reaching 20.2% compared to 2021. This was driven by an increase in international flight passengers and the country’s growth in air transport movements, with national airlines achieving the highest growth rate in recent years in this tourism-related sector.
The accommodation and food services sector, reflecting hotel and restaurant activities, also experienced significant growth of 13.2%. Additionally, health and social services activities demonstrated remarkable growth, reaching 13% compared to 2021.
The non-oil sectors played a crucial role in supporting the national economy and enhancing the growth of the country’s Gross Domestic Product (GDP). The manufacturing industries achieved added value in the GDP amounting to 179 billion dirhams, registering a growth rate of 8.7% compared to 2021. The most significant contribution of non-oil sectors to the GDP was represented by the value added in the wholesale and retail trade activity, reaching approximately 206 billion dirhams. This accounted for a contribution rate of 12.7% to the UAE’s overall GDP.
Real estate activities also experienced growth in 2022, amounting to 12% with a value of around 90 billion dirhams in GDP at constant prices. The positive growth in non-oil activities also had a favorable impact on the financial and insurance sector, which achieved a growth rate of 8.4%, contributing 134 billion dirhams to the overall constant GDP in 2022.
Dubai, Feb. 16 (WAM) — In a move to promote digital transformation in the UAE and to employ big data to support decision-making, the Federal Competitiveness and Statistics Center (FCCC) announced on the sidelines of the World Government Summit, which concluded yesterday in Dubai, the signing of cooperation agreements and strategic partnerships with the aim of benefiting from the large inventory of big data produced by major international and national companies producing data, thus contributing to supporting decision-making and building development policies and strategic initiatives.
The cooperation and partnership agreements signed by the Federal Competitiveness and Statistics Center included the signing of an agreement with Visa, a global leader in digital payments, as well as an agreement with Majid Al Futtaim, one of the oldest national brands with a regional reach, which owns a major chain of shopping malls, stores and entertainment establishments in the Middle East and North Africa.
– Visa and partnership in vital sectors.
Under the cooperation agreement with Visa, the UAE government, represented by the Federal Competitiveness and Statistics Center, will be able to develop development initiatives. Based on the data provided by Visa to the health, education, tourism, consumption and other vital sectors data, which contributes to drawing an accurate perception of reality that is reflected on the community through innovative government initiatives, which contribute to improving the quality of life and promoting sustainable well-being.
– Majid Al Futtaim, mutual collaboration for knowledge partnerships. According to the agreement signed between the Federal Competitiveness and Statistics Centre and Majid Al Futtaim, the two parties will work together to cooperate in the fields of statistical data and information, exchange experiences and information to enhance the country’s competitiveness in global reports and indicators, in addition to cooperation in the implementation of statistical surveys, training and holding seminars and workshops related to data science and statistics.
Joe Abi Akl, Chief Corporate Development Officer and Chief Communications Officer, Majid Al Futtaim Holding, stressed the importance of strategic partnerships and understandings between the public and private sectors, which represent an added value in optimizing the use of data to support innovative initiatives and knowledge-based government policies.
It is worth noting that all data The resulting agreements of understanding concluded between the Federal Competitiveness and Statistics Center and its strategic partners are guaranteed confidentiality and protected by the Federal Law on the Protection of Personal Data, which represents an integrated framework to ensure the confidentiality of information, and protect the privacy of community members by providing sound governance for data management and protection, as the law defines the general frameworks for dealing with data, how to collect, process and store it, means to ensure its protection, and the rights and duties of all concerned parties.
International day of sign language
His Highness Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, received, at his office at the Amiri Diwan, the members of the Higher Committee for Coordination of Statistical Work at the State level
Professor Jeffrey D. Sachs, President of the UN Sustainable Development
Highlights of H.E Noor AlKhulaif, Minister of Sustainable Development
Intro to UNCEBD Task Team Training Competencies Capacity Level
UN Regional Hub for BIG DATA in UAE WEBINAR SERIES
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