The UAE’s economy grew by 4.0 percent in 2024, reaching Dh1.776 trillion in real gross domestic product (GDP), demonstrating the non-oil industries’ vitality and resilience in the face of a challenging international climate.
While oil-related GDP was Dh434 billion, non-oil activity made up an astonishing 75.5% of the national economy, or Dh1.342 trillion, according to official figures provided by the Federal Competitiveness and Statistics Centre (FCSC) on Sunday.
The positive statistics have strengthened trust in the UAE’s long-term economic trajectory, which is being propelled by strategic initiatives under the “We the UAE 2031” vision, increasing investment in non-oil industries, and structural reforms. According to the Ministry of Economy, the expansion is evidence of the nation’s successful economic diversification plan and its shift to an innovation—and knowledge-driven economy.
The UAE’s vice-president, prime minister, and ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, said: “The UAE’s non-oil international trade grew 18.6% year-over-year in the first quarter of this year, hitting Dh835 billion (world average is 2-3%). The country’s non-oil exports grew extraordinarily, rising by 41% a year.
The following two years will see us reach our aim of increasing non-oil international trade to Dh4 trillion by 2031, four years ahead of schedule. The GDP increased by 4% to Dh1.77 trillion in 2024, with the non-oil sector accounting for 75.5% of the country’s total GDP.
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