In 2024, for the oil sector in the nominal GDP of the UAE, it accounted for 76.5%, while oil and gas accounted for 23.5%.
Sustainable future for the UAE economy The continuing economic growth of the UAE reflects strategic efforts in diversification, investment in sectors with high growth potential, as well as innovation in infrastructure. For the oil sector, the share in the real GDP was 74.6%, while the oil activities accounted for 25.4%.
Vision for economic diversification The UAE continues to strengthen its position as a global economic center, focusing on policies aimed at stimulating business activity, fostering innovation, and developing key sectors. Economic strategies support sustainable development, ensuring the country's resilience in a changing global market.
Sectors contributing to economic growth In 2024, several sectors played an important role in the UAE’s economic expansion:
- Transportation and storage: increased by 7.9%, supported by a record number of passengers at airports over 103 million people, which marked a 20% increase compared to the previous year. - Construction: grew by 7.4% due to major infrastructure developments in the emirates. - Financial and insurance services: increased by 6.8%, reflecting the sector's resilience and growing investor confidence. - Government services: grew by 5.0%, supporting economic stability. - Hospitality and restaurants: increased by 4.9%, thanks to the recovery of the tourism industry.
Main contributions to the oil sector GDP - Trade sector: the largest contributor, accounting for 16.5% of the oil sector GDP. - Manufacturing: played a key role, having a share of 15.1%, underpinning the expansion of the UAE's industrial base. - Financial and insurance activities: represented 12.1%, reflecting robust banking and investment atmospheres. - Construction: contributed 11.7%, thanks to large projects and growth in infrastructure. - Real estate: became a major factor in the economy, accounting for 7.6%, benefiting from Dubai's and Abu Dhabi's positions as leading global real estate markets.
Nominal GDP and expansion of the oil sector The nominal GDP of the UAE for the first nine months of 2024 reached 1.486 trillion dirhams, marking a growth of 6% compared to the previous year. The growth of GDP in the UAE is reinforced by the expansion of the oil sector.
Leveraging strategic placement, modern infrastructure, and friendly investment policies, the UAE remains one of the most attractive destinations for business and economic growth. With steady growth, UAE strengthens its reputation as a leading economic center in the Middle East, creating conditions for continued prosperity and investment opportunities.
Thanks to strong financial policies, expanding global trade partnerships, and growing oil economy, the UAE remains on its way to achieving long-term economic objectives. The oil economy grew by 4.5%, contributing 987 billion dirhams to the overall economic output, confirming the country's commitment to economic diversification. The oil economy at current prices increased by 6.6%, amounting to 1.136 trillion dirhams.
