Recent data from the Ministry of Economy reveals that the UAE’s non-oil sector now represents nearly 75% of the national economy. The country’s non-oil GDP recorded a 4.5% increase, reaching Dhs987 billion in the first nine months of 2024.
Strong Overall Economic Performance
The UAE’s overall real GDP experienced a 3.8% rise during the same period, reaching Dhs1.3 trillion compared to the corresponding period in 2023. This expansion was primarily fueled by the non-oil sector, reinforcing the nation’s commitment to economic diversification.
According to the latest figures, non-oil industries now contribute 74.6% to the country’s real GDP, while oil-related activities account for 25.4%. This shift highlights the growing influence of key sectors such as trade, tourism, financial services, and technology in sustaining economic growth.
Strategic Focus on Diversification
Minister of Economy Abdullah bin Touq Al Marri credited the UAE’s consistent economic expansion to strategic policies that prioritize diversification, foreign investment, and innovation-driven growth. The government has adopted an economic model designed to align with international best practices and adapt to evolving global market conditions, as stated by WAM.
Vision 2031: Ambitious Economic Goals
Aligned with the ‘We the UAE 2031’ vision, the country aims to expand its GDP to Dhs3 trillion over the next decade. This roadmap focuses on enhancing regulatory flexibility, strengthening global trade relations, and positioning the UAE as a hub for emerging industries.
Despite strong non-oil sector growth, the UAE’s economy faces external headwinds, including fluctuations in global oil prices, inflationary pressures, and geopolitical uncertainties. However, continued investments in technology, sustainable energy, and entrepreneurship are expected to sustain economic momentum.
The UAE’s resilient economic trajectory places it among the world’s fastest-growing markets. Analysts anticipate continued expansion in 2025, driven by increased foreign investment, robust trade activities, and a thriving tourism sector.
Source: https://gulfbusiness.com/uae-non-oil-economy/
