Economy

Non-oil sectors account for 75% of UAE GDP

December 30, 2024, 4:57 PM

A tourist visiting Burj Khalifa in Dubai. UAE hotel revenues showed a 7 percent year-on-year increase

GDP is AED981bn in H1 2024
Trade activities make up 16%
Hotel guests up by 10%

Non-oil sectors contributed 75 percent to the UAE’s GDP in the first half of 2024, according to the country’s minister of economy.

The value of the UAE’s real GDP (at constant prices) reached AED981 billion in the opening six months of the year, recording an increase of 3.6 percent.

Trade activities contributed 16.5 percent to the non-oil total, manufacturing 15 percent, financial services and insurance 12.5 percent, construction 11.6 percent and real estate 7.6 percent.

Hotels reported significant growth, with revenues registering an increase of 7 percent to AED24.6 billion. The number of guests increased by 10.5 percent to reach 15.3 million across all seven emirates.

The transport and storage sector grew the fastest in the first half of 2024, showing a growth rate of 8.4 percent.

Financial and insurance activities grew at a rate of 7.6 percent, followed closely by construction activities at 7.3 percent. Information and communication activities achieved a growth rate of 5.3 percent.

The restaurants and hotels sector recorded 5.1 percent growth in the first half of 2024.

Real GDP growth in the UAE is expected to accelerate, with a 4.5 percent rate predicted in 2025 and 5.5 percent in 2026.