UAE Real GDP Reaches $484B in 2024 with 4% Growth

The UAE’s economy is gaining pace, with the Federal Competitiveness and Statistics Centre reporting a 4 percent GDP growth in 2024, reaching approximately $484 billion (AED 1.776 trillion). The surge was fuelled largely by the non-oil sector, which expanded by 5 percent, accounting for the majority of this growth trajectory.

Economic Momentum and Leadership Vision

Abdulla bin Touq Al Marri, Minister of Economy, noted that the figures reflect renewed and positive momentum in the national economy, underscoring significant milestones in economic diversification and competitiveness that align with the strategic vision of the UAE’s leadership.

Non‑Oil Sector Leading the Charge

Non-oil industries now account for 75.5 percent of total GDP, underscoring the nation’s strategic shift toward a more diversified and innovation-driven economy. Hanan Mansour Ahli, Managing Director of the FCSC, emphasized that the transition to a knowledge-based, sustainable economy is firmly underway.

Sectoral Growth Highlights

Key sectors driving growth include transport and storage, which expanded by 9.6 percent, backed by a record-breaking 147.8 million airport passenger movements. Construction increased by 8.4 percent, bolstered by extensive infrastructure investment. Other notable performers were finance and insurance (+7%), hospitality (+5.7%), and real estate (+4.8%).

Breaking down contributions within the non-oil economy: trade accounts for 16.8 percent, manufacturing 13.5 percent, finance and insurance 13.2 percent, construction 11.7 percent, and real estate 7.8 percent of GDP.

Future Forecasts and Projections

The Central Bank of the UAE projects 4.5 percent growth in 2025 and 5.5 percent in 2026, following the 4 percent achieved in 2024. Global institutions like the IMF and World Bank have similarly revised their outlooks upward to between 4–4.6 percent, confirming steady momentum in non-oil sectors.

Implications for Real Estate and Infrastructure

This economic upswing is poised to impact the real estate sector significantly. Growth in transport and construction is expected to generate new infrastructure projects, including roads, airports, transit systems, and logistics hubs, thus energizing real estate development. The continued diversification of the economy strengthens investor confidence in residential, commercial, and mixed-use markets. Government targets, such as a $817 billion GDP by 2031, underscore the UAE’s commitment to pushing forward with infrastructure and property sector expansion.

The UAE’s transition away from oil dependence, backed by strong policymaking and strategic investment, positions its property market for robust mid to long-term growth. With infrastructure and logistics aligning with macroeconomic objectives, the nation’s real estate sector is set for sustained development in the years ahead.