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Emirates economy to grow 6.2% in 2025

Dubai International Airport received 23 million travelers, up 8.4 percent year on year Boychenko
Dubai International Airport received 23 million travelers, up 8.4 percent year on year

UAE’s real GDP will accelerate to 6.2 percent in 2025 from 3.9 percent in 2024 on strong foreign trade performance, the central bank said.

Non-hydrocarbon GDP growth is expected to remain strong at 5.4 percent in 2024 and 5.3 percent in 2025, the apex bank said in its June 2024 economic quarterly review.

The hydrocarbon sector is set to grow by 0.3 percent this year and 8.4 percent in 2025.

In the fourth quarter of 2023, the UAE economy expanded 4.3 percent year on year, above the 2.5 percent growth registered in Q3 2023, driven by higher non-hydrocarbon growth and better performance of the hydrocarbon sector.

The consolidated fiscal balance remained positive at AED85.6 billion ($23.31 billion), or 4.5 percent of GDP, last year, with total revenue declining by 13.9 percent to AED526.1 billion.

Government expenditure increased by 3.1 percent to AED440.5 billion, the central bank said, adding that the fiscal sector will be further strengthened due to the recently introduced corporate tax.

Dubai International Airport received 23 million travelers, up 8.4 percent year on year.

Dubai approved a AED128 billion project for a new passenger terminal at Al Maktoum International Airport in June.

This expansion will increase the size of Dubai’s main international airport fivefold, making it the largest in the world by size and capacity, capable of handling up to 260 million passengers annually.

Meanwhile, Abu Dhabi’s Zayed International Airport welcomed over 6.8 million passengers in the first quarter of 2024, a 36 percent increase year on year.

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