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Al Etihad
a day ago
- Business
- Al Etihad
UAE GDP climbs to Dh1.776 trillion in 2024, marking 4% growth
15 June 2025 13:11 ABU DHABI (WAM)The UAE's real gross domestic product (GDP) reached Dh1.776 trillion in 2024, marking a 4 percent increase compared to GDP grew by 5 percent, totalling Dh1.342 trillion, while oil-related activities contributed Dh434 billion to the overall 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 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 Marri said, 'Under the leadership of [UAE] President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and guidance from His Highness Sheikh Mohammed bin Rashid Al Maktoum, [UAE] 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 Dh3 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 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 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 transport and storage sectors 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 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 the real estate sector recorded a 4.8 percent the 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.
Al Etihad
18-05-2025
- Business
- Al Etihad
G42 to help develop Europe's largest supercomputer
18 May 2025 11:24 ABU DHABI (ALETIHAD)G42, the leading AI technology group in the UAE, is working on delivering the largest supercomputer project in Europe through its subsidiary Core42, in collaboration with Italian tech company iGenius.G42 is serving both as a strategic partner and lead financier of the initial phase of the supercomputer project known as Colosseum, a media statement said.'At the heart of the partnership is the deployment of a high-performance GPU cluster powered by thousands of NVIDIA Blackwell GPUs,' the statement is a major milestone in enabling sovereign AI infrastructure for the European market, the statement is the first data centre with over 100 Exaflops of compute designed specifically for sovereign AI workloads.'The envisaged pan-European AI rollout will be enabled and operated by Core42, a company specialising in sovereign cloud, AI infrastructure, and digital services,' the statement supercomputer is scheduled to go live in Italy this summer.'The initial build-out is more than a data centre. It's a blueprint for sovereign AI factories designed for use cases demanding the highest levels of security, reliability, and accuracy,' it announcement was made on the sidelines of the 3rd edition of Investopia Europe, in the presence of senior UAE and Italian ministers and bin Touq Al Marri, the UAE's Minister of Economy and Chairman of Investopia, said, 'The signing between G42 and iGenius is a testament to the strong economic cooperation between the UAE and Italy, and to our shared commitment to building partnerships in new economic sectors, like AI. The UAE is at the heart of this shift, and we are proud to see this MoU signed at Investopia, a platform designed to accelerate partnerships and investment in the new economy.'Adolfo Urso, Italy's Minister of Enterprise and Made in Italy, said, 'This agreement, which will lead to the creation of a supercomputer in our country, marks a decisive step forward in relations with the UAE. Italy is on the right path and is building its industrial future with vision, through strategic alliances and cooperation in emerging technologies.'Kiril Evtimov, Group Chief Technology Officer of G42 and Chief Executive Officer of Core42, said, 'This partnership with iGenius marks a new chapter in boosting the European AI economy. By combining Core42's sovereign AI infrastructure expertise with Italy's innovative leadership, we are laying the groundwork to support the next generation of AI innovation in Europe.' Uljan Sharka, CEO of iGenius, said, 'Our alliance with G42 is a strategic step toward building sovereign AI capacity for Europe. Together, we are combining world-class compute infrastructure with deep AI expertise to deliver impactful solutions across industries.' Source: Aletihad - Abu Dhabi
