The United Arab Emirates chalked up 4% real GDP growth in 2024, hitting 1.77 trillion dirhams—about $482 billion—and showing once again that oil is no longer the only game in town. The real engine? Non-oil sectors, which grew by 5% and made up more than three-quarters of the national economy.
According to the Ministry of Economy, sectors like transport, construction, and finance were firing on all cylinders. Transport and storage led the way with a 9.6% jump, thanks to a booming aviation industry that saw nearly 148 million passengers pass through UAE airports. Construction wasn’t far behind, growing 8.4% on the back of infrastructure investment. Finance, hospitality, and real estate all posted strong gains, too.
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Minister of Economy Abdulla bin Touq Al Marri credited the growth to the UAE’s strategic pivot toward tech, innovation, and smart regulation. “The UAE continues to move steadily toward the goals of the ‘We the UAE 2031’ vision,” he said, referring to the country’s aim to hit 3 trillion dirhams in GDP and lead the charge in the so-called new economy.
Trade remains the cornerstone of the non-oil economy, followed by manufacturing and financial services. The broader message? The country isn’t just riding out the global economic turbulence—it’s leaning into transformation.
With a diversified economy, robust digital infrastructure, and world-class connectivity, the UAE is betting big on a future beyond hydrocarbons. So far, it looks like a winning hand.