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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
Officials and leaders from the UAE delegation at the United Nations High-Level Political Forum (HLPF) on Sustainable Development 2024 in New York affirmed the UAE’s strong commitment to enhancing international cooperation to achieve global sustainable development goals. In statements following their participation, they emphasised the importance of continued efforts to accelerate the implementation of these goals.
Rashid Al Mansouri: HLPF Provided a Platform to Highlight ERC’s Experience
H.E. Rashid Mubarak Al Mansouri, Secretary-General of Emirates Red Crescent (ERC), highlighted that the participation in the United Nations HLPF on Sustainable Development 2024 provided a platform to showcase the Authority’s sustainable development initiatives. These initiatives address social, economic, and environmental dimensions, optimise resource use to meet community needs, and aim to combat poverty, hunger, disease, and climate change; challenges that threaten societal stability and development. He emphasised that sustainability is crucial for mitigating these risks.
Al Mansouri stated that the Emirates Red Crescent implements initiatives that aim to create a lasting positive impact on people’s lives. The development projects focus on fragile communities and address key areas such as food sustainability, health, education, and essential services like electricity, water, sanitation, and clean energy. Additionally, the projects include infrastructure development, such as constructing housing units and facilities for refugees and displaced persons, and supporting their stability to enhance their productivity and integration into local communities.
Mohammed Al Suwaidi: UAE’s Historic Achievements in Advancing Development Goals
H.E. Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development, stated that under the guidance of its wise leadership, the United Arab Emirates has achieved remarkable milestones in supporting sustainable development goals and fostering global economic cooperation. The UAE’s efforts have established a unique model for assisting developing countries in addressing economic and development challenges.
Al Suwaidi added: “The Abu Dhabi Fund for Development receiving the United Nations Small Island Developing States Partnerships Award 2024 exemplifies the Fund’s and its strategic partners’ forward-looking vision. This recognition underscores their commitment to finding innovative and effective solutions for accelerating the transition to renewable energy, empowering communities, and building capacities as key components of a comprehensive strategy for sustainable development in developing countries".
H.E. Dr. Alanoud Alhaj, Assistant Under-Secretary for Green Development and Climate Change at the Ministry of Climate Change and Environment, emphasised that the UAE’s climate action is centred on achieving sustainable development goals. These include ensuring access to adequate and affordable food, quality education, health care, and the optimal use of resources.
Dr. Alhaj added: “The UAE is dedicated to enhancing food security and advancing towards SDG 2 (Zero Hunger). Through strategic planning, innovative solutions, and international collaboration, we are making significant progress in eliminating hunger, improving food security, and promoting sustainable agriculture on a global scale".
She further noted that, amid the challenges of climate change, such as global warming and environmental degradation, it is crucial to recognise their impact on economic, social, and health outcomes. To address these challenges, a unified strategy for sustainable development is essential. Specifically, SDG 13 (Climate Action) is closely connected to goals addressing water scarcity, hunger, health, economic growth, and other critical issues.
Dana Al Marzooqi: Achieving Sustainable Development Goals as a Pillar of the UAE’s Vision and Mission
Lieutenant Colonel Dana Humaid Al Marzooqi, Director-General of the International Affairs Bureau at the Ministry of Interior, said: “The UAE has long recognised the vital connection between sustainability, security, and climate action. Therefore, we, together with our partners at the United Nations and beyond, are committed to leading global efforts to ensure that everyone can live a life of dignity".
Mohamed Al Ramahi: Committed to Climate Action Through a Just Energy Transition
Mohamed Jameel Al Ramahi, Chief Executive Officer of Abu Dhabi Future Energy Company (Masdar), stated that Masdar is committed to climate action through a fair and equitable energy transition and by supporting countries and communities in achieving their net zero targets. With global partnerships and projects spanning over 40 countries across six continents, Masdar is committed to increasing renewable energy production capacity to 100 gigawatts by 2030. This goal aligns with the UAE’s historic agreement to triple global renewable energy production capacity by the same year.
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