Latest news with #AED434
Hi Dubai
an hour ago
- Business
- Hi Dubai
UAE GDP Rises by 4 Percent as Non-Oil Sectors Drive Growth in 2024
The UAE's economy grew by 4 percent in 2024, with real GDP reaching AED1,776 billion, driven largely by robust performance across non-oil sectors, according to official data released by the Federal Competitiveness and Statistics Centre. Non-oil GDP climbed 5 percent year-over-year to AED1,342 billion, making up 75.5 percent of the total economic output. Oil-related activities contributed AED434 billion, highlighting the country's continued push toward economic diversification. Minister of Economy Abdulla bin Touq Al Marri said the figures reflect renewed momentum in the UAE's economic development and mark key progress toward the nation's 'We the UAE 2031' vision, which targets a GDP of AED3 trillion by the next decade. He credited the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum for steering the country toward a sustainable, knowledge-driven economy. Hanan Mansour Ahli, Managing Director of the FCSC, noted the growth signals strong execution of a diversification strategy focused on long-term sustainability and global competitiveness. Among the fastest-growing sectors in 2024, transport and storage led with a 9.6 percent growth, bolstered by a surge in air travel as UAE airports handled 147.8 million passengers—a 10 percent rise. The construction sector followed with an 8.4 percent increase, while financial services, hospitality, and real estate also posted solid gains. Trade, manufacturing, and financial services were the top contributors to non-oil GDP, together accounting for over 43 percent of economic activity, underscoring the UAE's transformation into a multi-sector powerhouse. News Source: Emirates News Agency
Dubai Eye
15 hours ago
- Business
- Dubai Eye
UAE's GDP grows by 4% in 2024 to AED 1.77 trillion
The UAE's real GDP touched AED1.77 trillion in 2024, marking a 4 per cent growth, with non-oil sectors accounting for 75.5 per cent of the national economy. Figures released by the Federal Competitiveness and Statistics Centre (FCSC) show that non-oil GDP grew by 5 per cent, totalling AED1,342 billion, while oil-related activities contributed AED434 billion. UAE's Minister of Economy, Abdulla bin Touq Al Marri, highlighted that these indicators reflect the sustained success of the nation's economic strategies, which are driving the transition toward an innovative, knowledge-based and sustainable economic model aligned with global trends and emerging technologies. "With each milestone, we are moving closer to achieving the UAE's target of raising GDP to AED3 trillion by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness and forward-looking leadership," he added. The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, recording a 9.6 per cent year-over-year growth, with UAE airports' exceptional performance contributing to it. The building and construction sector followed with an 8.4 per cent growth rate, supported by substantial investments in urban infrastructure. Financial and insurance activities expanded by 7 per cent, while the hospitality sector, encompassing hotels and restaurants, rose by 5.7 per cent. Meanwhile, the real estate sector recorded a 4.8 per cent growth. With regard to non-oil economic activities that contributed most to the GDP, the trade sector contributed 16.8 per cent, the manufacturing sector accounted for 13.5 per cent, and financial and insurance activities contributed 13.2 per cent. Construction and building contributed 11.7 per cent, while real estate activities accounted for 7.8 per cent of the non-oil GDP.
ARN News Center
20 hours ago
- Business
- ARN News Center
UAE's GDP grows by 4% in 2024 to AED 1.77 trillion
The UAE's real GDP touched AED1.77 trillion in 2024, marking a 4 per cent growth, with non-oil sectors accounting for 75.5 per cent of the national economy. Figures released by the Federal Competitiveness and Statistics Centre (FCSC) show that non-oil GDP grew by 5 per cent, totalling AED1,342 billion, while oil-related activities contributed AED434 billion. UAE's Minister of Economy, Abdulla bin Touq Al Marri, highlighted that these indicators reflect the sustained success of the nation's economic strategies, which are driving the transition toward an innovative, knowledge-based and sustainable economic model aligned with global trends and emerging technologies. "With each milestone, we are moving closer to achieving the UAE's target of raising GDP to AED3 trillion by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness and forward-looking leadership," he added. The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, recording a 9.6 per cent year-over-year growth, with UAE airports' exceptional performance contributing to it. The building and construction sector followed with an 8.4 per cent growth rate, supported by substantial investments in urban infrastructure. Financial and insurance activities expanded by 7 per cent, while the hospitality sector, encompassing hotels and restaurants, rose by 5.7 per cent. Meanwhile, the real estate sector recorded a 4.8 per cent growth. With regard to non-oil economic activities that contributed most to the GDP, the trade sector contributed 16.8 per cent, the manufacturing sector accounted for 13.5 per cent, and financial and insurance activities contributed 13.2 per cent. Construction and building contributed 11.7 per cent, while real estate activities accounted for 7.8 per cent of the non-oil GDP.
Sharjah 24
a day ago
- Business
- Sharjah 24
UAE's GDP reached AED1,776 billion in 2024 with 4% growth
Non-oil GDP grew by 5 percent, totalling AED1,342 billion, while oil-related activities contributed AED434 billion to the overall economy. Abdulla bin Touq Al Marri, Minister of Economy, emphasised that the latest GDP figures released by the Federal Competitiveness and Statistics Centre (FCSC) reflect a renewed and positive momentum in the national economy. They further underscore the new milestones achieved by the UAE in economic diversification and competitiveness, guided by the vision and directives of its wise leadership. With non-oil sectors accounting for 75.5 percent of the UAE's GDP by the end of last year, Al Marri emphasised that these indicators reflect the sustained success of the nation's economic strategies, which are driving the transition toward an innovative, knowledge-based, and sustainable economic model aligned with global trends and emerging technologies. Al Marri said, 'Under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and guidance from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, we continue to strengthen our national efforts to achieve the objectives of 'We the UAE 2031' vision. With each milestone, we are moving closer to achieving the UAE's target of raising GDP to AED3 trillion by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness, and forward-looking leadership.' Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, highlighted that the 4 percent GDP growth in 2024 reflects the UAE's exceptional economic performance, supported by a forward ‑ looking vision focused on sustainable, non ‑ oil ‑ driven growth. Hanan Ahli further stated that the guidance and forward-looking vision of the UAE's wise leadership are focused on building an advanced and globally competitive economic model. Economic diversification is adopted not only as a strategic objective but also as a core operational approach, driving sustainable development and enhancing societal well-being. This model serves as a powerful catalyst for continued progress, ensuring sustained GDP growth and positive performance across a wide range of economic and development indicators. The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, recording a 9.6 percent year-over-year growth. This growth was primarily driven by the exceptional performance of UAE airports, which handled 147,8 million passengers—an increase of approximately 10 percent. The building and construction sector followed with an 8.4 percent growth rate, supported by substantial investments in urban infrastructure. Financial and insurance activities expanded by 7 percent, while the hospitality sector, encompassing hotels and restaurants, rose by 5.7 percent. Meanwhile, the real estate sector recorded a 4.8 percent growth. With regard to non-oil economic activities that contributed most to the GDP, the trade sector contributed 16.8 percent, the manufacturing sector accounted for 13.5 percent, and financial and insurance activities contributed 13.2 percent. Construction and building contributed 11.7 percent, while real estate activities accounted for 7.8 percent of the non-oil GDP.
