The UAE recently announced that the country’s real GDP recorded strong growth of 3.8% during the first nine months of 2024, reaching AED 1,322 billion, reflecting the strength and resilience of the UAE economy and its ability to achieve outstanding performance across various sectors.
In the context of UAE business statistics, the country’s non-oil sectors recorded a 4.5% increase, reaching a value of AED 987 billion, confirming the success of the state’s economic diversification strategy, in line with the axes of the UAE’s future roadmap.
The contribution of non-oil activities by 74.6% to the real GDP reflects the growing role of these sectors in supporting economic growth, with the trade, manufacturing, and financial activities sectors topping the list of major contributors.
Moreover, the transportation, storage, construction, and financial activities sectors were at the top of this list, reflecting the great diversity of the UAE economy and its ability to achieve balanced growth in various sectors.
On the other hand, the value of GDP at current prices recorded a growth of 6%, with a value of AED 1,486.3 billion, while the value of non-oil GDP at current prices increased by 6.6%, reaching AED 1,136.6 billion.
From UAE business statistics, it can be concluded that the UAE economy is stable in its path and goals towards achieving strong and sustainable growth, not limited to the oil side but supported by diversification in income sources and the ability to adapt to various global economic conditions.
What is the role of non-oil sectors in the rise of UAE business statistics?
The UAE economy is witnessing a remarkable shift towards diversification, with non-oil sectors playing an increasingly important role in driving growth, as growth in non-oil sectors recorded a 4.5% increase, with their contribution reaching 74.6% of the real GDP.
This growth and the large space that non-oil sectors occupy in the real GDP reflect the success of the state’s economic diversification strategy, which aims to build a sustainable and diverse economy within the goals of the UAE Centennial 2071.
The reasons for the growth of these sectors are due to several key factors, including:
- Government policies and reforms: The UAE has adopted flexible and investment-attractive economic policies and has developed advanced infrastructure, which has contributed to improving the business environment and promoting growth.
- Investment in promising sectors: The country focuses on investing in fields such as technology, renewable energy, financial services, and tourism, which are key drivers of economic growth.
- Ability to adapt to challenges: The UAE has demonstrated a high ability to adapt to global economic changes, which has contributed to maintaining sustainable growth.
Several non-oil sectors contribute significantly to GDP, with the trade sector ranking first with a contribution of 16.5%, followed by the manufacturing sector with 15.1%, then financial and insurance activities with 12.1%, the construction sector with 11.7%, and real estate activities with 7.6%.
These indicators confirm the success of the UAE’s vision in building a diversified and sustainable economy, and its ability to achieve its aspiring goals in light of global economic challenges.
How did UAE business statistics in 2024 support the goals of Vision 2031?
In recent times, the United Arab Emirates has focused its efforts on economic growth within the scope of its ‘We the UAE 2031’ vision objectives, which have primarily centered on supporting non-oil sectors and the performance of vital sectors.
Here’s how the UAE business statistics for 2024 are aligning with the goals of the ‘We the UAE 2031’ vision:
1. Continuous Growth of Non-Oil Sectors
The United Arab Emirates is witnessing an ambitious phase of economic transformation, represented in achieving economic diversification goals and enhancing its position as a global hub for the new economy.
This is clearly evident in the continuous growth of non-oil sectors and the increase in exports, reflecting a strategic vision aimed at achieving sustainable economic growth and global leadership in various fields.
- Achieving Economic Diversification Goals:
This was evident in the 4.5% growth of the non-oil GDP, and the contribution of non-oil activities by 74.6% of the real GDP value, reflecting the state’s economic diversification strategy on the ground.
This growth is among the most important goals of the “We the UAE 2031” vision, which primarily aims to achieve high economic growth rates in all fields and sectors.
- Reinforce UAE’s Status as a Global Hub for the New Economy:
This indicator focuses on increasing the state’s focus on sectors such as renewable energy, technology, financial services, tourism, construction and real estate, which contributes to establishing the UAE’s position as a global hub for the new economy, one of the main goals of the “We the UAE 2031” vision.
- Increasing Non-Oil Exports:
Increasing non-oil exports is one of the most important indicators of the “We the UAE 2031” vision, as the state aims to raise its non-oil exports to 800 billion dirhams. This is consistent with what the state achieved in 2024, as the non-oil GDP reached 987 billion dirhams in the previous year.
2. Strong Performance of Vital Sectors
The strong performance of vital sectors in the UAE reflects an integrated economic strategy aimed at enhancing the country’s status as a leading global center in various fields, and improving the quality of life for its citizens and residents.
- Supporting Sustainable Growth:
The strong growth in the transport and storage, construction and building, and financial activities sectors reflects the leadership’s keenness to achieve the goal of sustainable growth for the UAE economy, which is in line with the goals of Vision 2031. At the same time, the outstanding performance in the transport and storage sector, with more than 103 million passengers recorded in the state’s airports, contributed to enhancing the UAE’s position as a global logistics hub.
- Improving Quality of Life:
Growth in multiple areas, such as restaurants and hotels, has boosted the tourism sector and contributed to improving the quality of life in the UAE, as enhancing the position of UAE cities among the top 10 cities in quality of life is one of the most important indicators of Vision 2031.
3. Positive Economic Indicators
The positive economic indicators in the UAE confirm the strength and resilience of the national economy, and are a clear indication of the success of the strategic plans adopted by the state to achieve sustainable economic growth and increase the value of foreign trade.
- Increase in GDP:
The growth of real GDP by 3.8%, and GDP at real prices by 6%, brings the UAE closer to achieving the goal of Vision 2031 to raise GDP to 3 trillion dirhams.
- Enhancing Confidence in the UAE Economy:
The strong economic performance increases the level of investors’ confidence in the UAE economy and attracts more foreign investments, which supports the achievement of Vision 2031 goals.
- Increasing the Value of Foreign Trade:
Increasing the value of UAE foreign trade to 4 trillion dirhams is one of the most important indicators of Vision 2031, so achieving economic growth is a vital pillar in increasing the value of foreign trade.
4. “We the UAE 2031” Vision and the Future Roadmap
The “We the UAE 2031” vision is a comprehensive roadmap that relies on achieving sustainable economic growth, diversifying income sources, and achieving global leadership in many vital sectors.
- Achieving Vision Goals:
The economic growth achieved in 2024 significantly contributes to the accomplishment of the goals of “We the UAE 2031” vision, which is based on establishing the state’s position as a global hub for the new economy.
- Diversifying Income Sources:
The steps taken by the state, including focusing on non-oil sectors, developing flexible economic legislation, and enhancing economic openness, have contributed to diversifying income sources and achieving Vision 2031.
- Achieving Global Leadership:
Vision 2031 aims to achieve global leadership in many fields, and economic growth is the basis for achieving this leadership worldwide.
From the above, we conclude that through these strong economic indicators, the UAE continues to strengthen its position as a global hub for the new economy and achieve the goals of the “We the UAE 2031” Vision, reflecting the insightful vision of the UAE leadership and its commitment to building a prosperous future for generations to come.
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