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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
The United Arab Emirates ranked first regionally in the 2023/2024 Human Development Index report issued by the United Nations Development Programme, advancing nine places in the global ranking from the previous report, to rank 17th globally out of 193 countries covered in the report, ahead of countries such as Canada, the United States, and Japan, thereby attaining a prestigious status and becoming the only Arab country among the top 20 globally.
His Excellency Abdulla Nasser Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange, said, "Under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of UAE, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the UAE government is walking with firm and ceaseless steps towards serving humanity, happiness, and welfare."
He added, "The UAE has proven its leadership at the regional level and its global excellence in the field of human development, thanks to successful policies aimed at achieving prosperity in education, health, economy, living standards, and quality of life, and to ensure sustainable development in all areas to guarantee a promising and sustainable future for future generations."
Her Excellency Hanan Mansour Ahli, Director of the Federal Competitiveness and Statistics Centre (FCSC), said, "The UAE aspires to be among the best performing countries in global competitiveness reports, as competitiveness has a human and societal dimension focusing on human welfare. Under the wise leadership’s directions, we are working to establish the foundations of decent life in the country to ensure the welfare of its society."
Ahli added, "The UAE’s achievement of ranking 17th globally in the report to be among the leading countries in the field of human development is due to the combined efforts of federal and local entities in the health, education, and economic sectors, where it has topped the first place regionally over several years, advancing globally this year by nine places compared to last year. We are all continuing in the competitiveness race to achieve honourable performance for our country."
According to the report titled "Reimagining Cooperation in a Polarized World" this year, the UAE’s score reached 0.937, advancing from last year by 0.026 points, while Switzerland, which ranked first globally, scored 0.967. The UAE’s score in the life expectancy at birth indicator reached 79.2 years, contributing to the third goal of the Sustainable Development Goals (Good Health and Well-being), adopted by the United Nations member states for the 2030 Sustainable Development Agenda. The UAE’s score in the Expected Years of Schooling indicator was 17.2 years, while the Mean Years of Schooling was 12.8 years, reflecting on the fourth goal (Quality Education), while the Gross National Income per capita was 74.104 US dollars.
It is worth mentioning that the Human Development Report is issued annually by the United Nations Development Programme since 1990, and it is a composite index that reflects the well-being of peoples in the world through three dimensions (health, knowledge, and living standards), represented in four indicators: life expectancy at birth, expected years of schooling, mean years of schooling, and per capita gross national income.
The UAE delegation has recently participated in the meetings of the 55th session of the United Nations Statistical Commission, held in New York City. This event stands as the largest international gathering of statistics and data science experts globally, drawing the heads and directors of statistical entities and data centres from various countries. The assembly also saw participation from academics, experts, and consultants in UN bodies and international organisations.
The UAE delegation included leaders from the Federal Competitiveness and Statistics Centre (FCSC), and local statistics centres including the Statistics Centre – Abu Dhabi (SCAD); Digital Dubai represented by Dubai Data and Statistics Establishment (DDSE); the Department of Statistics and Community Development (DSCD) in Sharjah; Ajman Statistics justify; Ras Al Khaimah Statistics justify (RAKSC); and the Federal Authority for Identity, Citizenship, Customs & Port Security.
During its participation in the meetings, the delegation announced its adoption of the United Nations Statistical Commission’s decision proposal to initiate the World Population and Housing Census Programme for the year 2030. The statistical community in the country will commence work on implementing the proposal, positioning the UAE as the first in the world to incorporate this update into its international-level statistical agenda.
The delegation participated in meeting sessions and workshops, surrounding specialised activities and sessions addressing fundamental principles of official statistics, data science, open data, governance statistics, climate change statistics, integration of statistical and geospatial information, the International Comparison Program (ICP), services statistics, statistics related to aging, disaggregated data by age, demographic statistics, human development, and health statistics. Additionally, the agenda covered data and indicators related to the 2030 Sustainable Development Goals (SDGs) Plan.
The delegation emphasised that the practices and digital environment in the UAE have enhanced readiness and led to significant advancements in census implementation. This progress included the utilisation of artificial intelligence tools for data collection and processing, facilitated by effective partnerships between the government and private sectors. These collaborations extend to analysing spatial data for censuses and linking them to essential services for the population, thereby enhancing overall well-being.
The UAE delegation engaged in discussions with officials from various international organisations, including the United Nations Conference on Trade and Development (UNCTAD). They discussed the means of exploring opportunities for collaborative efforts to enhance the measurement of foreign direct investment, aligning with the latest practices and key private standards in data collection and calculation methodologies.
The delegation also met with representatives from statistical offices in various countries, including Statistics Sweden, Statistics Austria, the National Institute of Statistics and Economic Studies in France, Stats New Zealand, the Brazilian Institute of Geography and Statistics, the Statistics Bureau of Japan, and the Korean Statistical Information Service. The meetings aimed to exchange statistical experiences and explore opportunities for enhancing cooperation, particularly in the context of updating the United Nations big data platform for the Sustainable Development Goals. Notably, the UAE is among the four countries worldwide selected as regional headquarters for the platform.
Her Excellency Hanan Mansour Ahli, Head of the UAE delegation and Director of the Federal Competitiveness and Statistics Centre, emphasised the importance of strengthening international collaboration with organisations and partners in the fields of statistics and data science. She highlighted the need for concerted international efforts to leverage big data for the betterment of societies.
Additionally, she highlighted the importance of formulating initiatives to enhance government policies and fostering innovative partnerships between the government and private sectors. These collaborations aim to achieve the strategic goals set by the wise leadership of the UAE, enhance the well-being of communities, and underscore the necessity of working as a global community to unify efforts and design effective solutions for a better tomorrow for humanity.
SDGs Talk with HE Maitha Al Shamsi, Minister of State
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