Latest news with #FCSC
Tourism Breaking News
5 days ago
- Business
- Tourism Breaking News
UAE's GDP reach AED 1,776 billion in 2024 with four per cent growth, non-oil sectors now account for 75,5 per cent of the national economy
The UAE's real gross domestic product (GDP) reached AED 1,776 billion in 2024, marking a 4 per cent increase compared to that of sector, encompassing hotels and restaurants, rose by 5.7 per cent. This growth was primarily driven by the exceptional performance of UAE airports, which handled 147.8 million passengers—an increase of approximately 10 per cent. Non-oil GDP grew by 5 per cent, totaling AED 1,342 billion, while oil-related activities contributed AED 434 billion to the overall economy. H.E. Abdulla bin Touq Al Marri, Minister of Economy, emphasized 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 per cent of the UAE's GDP by the end of last year, H.E. emphasized 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. H.E. said: 'Under the leadership of H.H. Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and guidance from H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, 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 AED 3 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 per cent 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 per cent 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 per cent. 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.
Hi Dubai
5 days 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
6 days 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.
Mid East Info
6 days ago
- Business
- Mid East Info
UAE's GDP reach AED 1,776 billion in 2024 with four per cent growth - Middle East Business News and Information
Non-oil sectors now account for 75,5 per cent of the national economy The UAE's real gross domestic product (GDP) reached AED 1,776 billion in 2024, marking a 4 per cent increase compared to that of 2023. Non-oil GDP grew by 5 per cent, totaling AED 1,342 billion, while oil-related activities contributed AED 434 billion to the overall economy. H.E. Abdulla bin Touq Al Marri, Minister of Economy, emphasized 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 per cent of the UAE's GDP by the end of last year, H.E. emphasized 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. H.E. said: 'Under the leadership of H.H. Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and guidance from H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice‑President, Prime Minister of the UAE, 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 AED 3 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 per cent 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. Top performing economic sectors: 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. This growth was primarily driven by the exceptional performance of UAE airports, which handled 147,8 million passengers—an increase of approximately 10 per cent. 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.
Khaleej Times
6 days ago
- Business
- Khaleej Times
Non-oil sector propels UAE's GDP to nearly Dh1.8 trillion in 2024
The UAE's economy registered a growth of 4.0 per cent in real gross domestic product (GDP) in 2024, reaching Dh1.776 trillion, underscoring the resilience and dynamism of the country's non-oil sectors in the face of a challenging global environment. According to official data released by the Federal Competitiveness and Statistics Centre (FCSC) on Sunday, non-oil activities contributed an impressive 75.5 per cent to the national economy, amounting to Dh1.342 trillion, while oil-related GDP stood at Dh434 billion. The upbeat data has reinforced confidence in the UAE's long-term economic trajectory, driven by structural reforms, increased investment in non-oil sectors, and strategic initiatives under the 'We the UAE 2031' vision. The Ministry of Economy described the growth as a testament to the country's effective economic diversification strategy and its transformation into a knowledge- and innovation-driven economy. Minister of Economy Abdulla bin Touq Al Marri said the performance reflects the UAE's determination to build a sustainable, globally competitive economy. 'Each milestone brings us closer to our national goal of raising the GDP to Dh3 trillion by the next decade,' said Al Marri. 'We are committed to positioning the UAE as a global hub for the new economy by reinforcing sustainable development, leveraging emerging technologies, and enhancing international competitiveness.' Hanan Mansour Ahli, managing director of the FCSC, noted that the 4.0 per cent GDP growth 'mirrors the UAE's strategic foresight and focus on sustainable, non-oil-driven growth,' with diversified economic activity enhancing social well-being and national resilience. Among the fastest-growing contributors to GDP in 2024 was the transport and storage sector, which recorded a remarkable 9.6 per cent year-on-year growth, powered by a strong rebound in aviation and logistics. UAE airports handled a total of 147.8 million passengers during the year, a 10 per cent increase from 2023, reflecting the country's recovery as a global travel and logistics hub. The construction and real estate sectors also continued their upward momentum. The building and construction sector posted an 8.4 per cent increase, buoyed by robust infrastructure development across urban centres, while real estate activities grew by 4.8 per cent amid rising demand for residential and commercial properties. Financial and insurance services expanded by 7.0 per cent, reflecting strong capital inflows and healthy banking sector performance. The hospitality and food services sector grew by 5.7 per cent, supported by a surge in tourist arrivals and high hotel occupancy levels throughout 2024. In terms of sectoral contributions to the non-oil GDP, wholesale and retail trade led the way with a 16.8 per cent share, followed by manufacturing (13.5 per cent), financial and insurance activities (13.2 per cent), construction (11.7 per cent), and real estate (7.8 per cent). These indicators collectively signal a broad-based expansion across key pillars of the non-oil economy. The International Monetary Fund (IMF) echoed the optimism in its latest regional economic outlook, projecting that the UAE will maintain strong medium-term growth thanks to its effective policy mix and strategic diversification plans. The IMF said the UAE's fiscal and monetary policies, alongside targeted reforms in labour markets, green energy, and digital transformation, would underpin continued economic stability and competitiveness. The Central Bank of the UAE, in its most recent economic review, reaffirmed its growth forecast for 2024, noting that the non-oil sector remains the main engine of economic momentum. The apex bank said it expects the non-oil economy to grow by around 5.4 per cent in 2025, supported by steady domestic demand, robust trade activity, and rising levels of foreign direct investment (FDI). Analysts also highlight that the UAE's proactive steps toward climate resilience and hosting of global events such as COP28 have elevated its stature as a responsible economic player, further accelerating investment in green technologies, logistics, advanced manufacturing, and tourism infrastructure. Analysts added that as global headwinds from inflationary pressures and geopolitical uncertainties persist, the UAE's diversified economic model and prudent policy framework appear well-positioned to deliver sustainable growth and opportunity across sectors. With its ambitious vision to double the size of the economy by 2031, the UAE is increasingly seen as a model of modernisation and economic agility in the Arab Gulf region, they noted.
