UAE economy grew 3.6% in the first half of 2024

Tourism and trade are among sectors driving expansion in the country’s GDP

The UAE’s economy grew by 3.6% annually in the first half of this year, driven by the non-oil sector as the country continues its economic diversification strategy.

The country’s real gross domestic product (GDP) at constant prices rose to Dh879.6 billion ($239.5 billion) for the six-month period, while non-oil GDP increased by 4.4% annually to reach Dh660 billion, contributing 75% to the total, the Ministry of Economy said.

The strong performance of the non-oil sector was attributed to efforts in boosting entrepreneurship, trade and investment activities, development projects launched at the beginning of the year, as well as tourism activities, Minister of Economy Abdulla bin Touq said.

The UAE, the Arab world’s second-largest economy, has been focusing heavily on diversifying its economy away from oil by developing sectors such as technology, manufacturing, tourism, trade and innovation. The country has introduced several reforms including longer-stay residence visas as well as new visa categories to attract more talent.

The country aims to raise its GDP to Dh3 trillion by the next decade as part of its 2031 vision.