Finance UAE economic growth to accelerate in 2025 and 2026 By Pramod Kumar December 24, 2024, 8:54 AM Alamy/Dominic Byrne via Reuters The UAE's non-oil GDP growth is expected to remain strong at 4.9% in 2024 and 5% in 2025 The UAE’s real GDP growth is expected to remain stable at 4 percent in 2024, accelerating to 4.5 percent and 5.5 percent in 2025 and 2026, respectively. Growth expectations are underpinned by strong performances in key sectors such as tourism, transportation, financial and insurance services, construction, real estate and communication, the UAE’s central bank said in its quarterly economic review for December 2024. In the second quarter of 2024 non-oil GDP growth grew to 4.8 percent year on year, up from 4 percent in the previous quarter. This was driven by manufacturing, real estate, trade and transportation and storage. Non-oil GDP growth is expected to remain strong at 4.9 percent in 2024 and 5 percent in 2025, supported by the government’s strategic plans and policies to attract foreign investments and promote economic diversification. The comprehensive economic partnership agreements (Cepa) that the UAE has signed with many countries have bolstered its trade partnerships, leading to non-oil trade exceeding AED1.3 trillion ($353.93 billion) in the first half, equivalent to 134 percent of the country’s GDP. Oil production averaged 2.9 million barrels per day during the first 10 months of 2024 and is expected to grow by 1.3 percent in 2024, accelerating to 2.9 percent in 2025. The UAE fiscal surplus reached AED65.7 billion, representing a 38.8 percent increase from AED47.4 billion recorded in H1 2023. In numbers: United Arab Emirates economy UAE gold reserves surge 28% in 2024 Exports to India from UAE more than double in November The general government revenue rose by 6.9 percent year on year to AED263.9 billion in the first half, driven by a 22.4 percent increase in tax revenues. The number of employees under the wage protection system increased by 4 percent annually, while the average employee salary increased by 7.2 percent year on year in September, the review said.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 3 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 5 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 5 hours ago
Construction Dubai Multi Commodities Centre announces “Crypto Tower” Dubai Multi Commodities Centre (DMCC) and software company Reit Development have announced plans to build a 17-storey “Crypto Tower” that they say will demonstrate the use of blockchain technology. Blockchain will be used for tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. The 150,000 sq […] 6 hours ago
