The UAE’s real gross domestic product reached Dh1.77 trillion in 2024, up 4% from 2023, according to data from the Federal Competitiveness and Statistics Centre. The non-oil sectors contributed Dh1.34 trillion, representing a 5% annual increase, while oil-linked activities added Dh434 billion.
The non-oil sectors accounted for 75.5% of the total GDP by year-end, reflecting continued momentum in the country’s diversification strategy. The largest non-oil contributors were trade (16.8%), manufacturing (13.5%), and financial and insurance services (13.2%). Construction accounted for 11.7%, and real estate 7.8%.
The transport and storage sector recorded the highest growth at 9.6%, driven by a 10% rise in air traffic. UAE airports handled 147.8 million passengers during the year, according to aviation authorities. Construction grew 8.4%, supported by infrastructure investment. Financial and insurance services expanded by 7%, followed by hospitality at 5.7% and real estate at 4.8%.
The figures come amid the government’s ongoing push to increase GDP to Dh3 trillion by 2031 under its ‘We the UAE 2031’ strategy, which focuses on scaling the non-oil economy and attracting foreign investment.
Minister of Economy Abdulla bin Touq Al Marri stated that the growth reflects the UAE’s transition toward a knowledge-based economy and its alignment with global technology trends. Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, said that diversification is now a core operational principle rather than a long-term goal.
The UAE has also seen increased investment in logistics, manufacturing, financial services, and digital infrastructure as part of broader economic reforms launched following the pandemic. Data from the Central Bank of the UAE indicates that credit to the private sector rose throughout 2024, particularly in sectors aligned with industrial and digital transformation.
The IMF forecasts UAE real GDP growth at 4% in 2025, with non-oil growth expected to remain steady amid sustained public and private investment. The country continues to face headwinds from global energy market fluctuations, though its fiscal buffers and sovereign funds remain among the strongest globally.
