UAE economy grows 3.8% in first nine months of 2024

Wednesday, 5 March 2025 19:48

By ARN News Staff

The UAE recorded a 3.8 per cent growth in real GDP in the first nine months of 2024, compared to the same period in 2023, reaching AED 1.322 trillion.

This growth was largely driven by a 4.5 per cent boost in non-oil sectors, contributing AED 987 billion and making up nearly 75% of the economy.

Abdullah bin Touq Al Marri, Minister of Economy, said this success highlights the effectiveness of the UAE’s economic diversification strategies.

With a focus on innovation and global partnerships, the country aims to raise its GDP to AED 3 trillion by 2031, positioning itself as a leading global hub for the new economy.

UAE’s real GDP posted significant growth of 3.8% during first nine months of 2024#WamNews https://t.co/3thnLvzat4 pic.twitter.com/TF6GEIV2FI
— WAM English (@WAMNEWS_ENG) March 5, 2025

More from Business

EU seeks unity in first strike back at Trump tariffs

European Union countries will seek to present a united front in the coming days against U.S. President Donald Trump's tariffs, likely approving a first set of targeted countermeasures on up to $28 billion of U.S. imports from dental floss to diamonds.
UK's Jaguar Land Rover to halt US shipments over tariffs

Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, it said on Saturday, as it considers how to mitigate the cost of President Donald Trump's 25% tariff.
US starts collecting Trump's new 10% tariff

U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.
Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.