The UAE economy grew 4% in 2024, powered by strong growth in its non-oil sector. The country’s real GDP reached Dh1.78 trillion ($485 billion), according to the Ministry of Economy. This milestone reflects the nation’s ongoing efforts to diversify its economic base beyond oil.
With more than 75% of the economy driven by non-oil activities, the sector expanded by 5% last year. Meanwhile, oil-related industries contributed Dh434 billion to the overall GDP.
This shift highlights how the UAE economy grows 4% in 2024, emphasizing the increasing importance of non-oil sectors.
Furthermore, the Ministry of Economy confirmed the government’s commitment to raise the GDP to Dh3 trillion within the next decade.
Leaders see this growth as essential to strengthening the UAE’s position as a global hub for innovation and trade. Consequently, many sectors, including technology, manufacturing, tourism, and trade, have seen major development.
In addition, reforms like longer stay visas and new visa categories aim to attract international talent. These initiatives support the UAE economy as it grows 4% in 2024 and beyond, ensuring a competitive edge globally.
The Central Bank of the UAE reported a similar growth rate of 3.9% for 2024. It also forecasted that GDP would rise 4.7% this year, with the non-oil economy growing 5.1%.
Likewise, the World Bank increased its growth forecast for the UAE to 4.6% in 2025, citing expanding non-oil activity and the easing of OPEC+ oil production cuts.
The UAE’s non-oil foreign trade surged to a record Dh3 trillion last year, increasing 14.6% year-on-year. Trade agreements with countries from Colombia to Australia contributed Dh135 billion to this growth, marking a 42% rise from the previous year.
This strong trade performance further confirms the UAE economy grows 4% in 2024 and cements its expanding global economic role.
The UAE aims to boost its GDP to $800 billion by 2030. It also targets over $1.1 trillion in non-oil trade by 2031, focusing on sustainable and diversified economic growth.
