The UAE's GDP grew by 3.8% year-on-year in the first nine months of 2024, driven by the expansion of the country’s non-oil sector.

During this period, the non-oil economy increased by 4.5%, reaching 987 billion dirhams ($268.74 billion), according to the state news agency WAM.

The report also highlighted that non-oil activities accounted for 74.6% of the UAE’s real GDP by the end of the first nine months of 2024, while oil-related activities contributed 25.4%.

The growth of the UAE’s non-oil sector is in line with a broader trend across the Middle East, where countries like Saudi Arabia are implementing economic diversification programs, Arab News reports.

The UAE's Minister of Economy, Abdullah bin Touq Al Marri, stated that the ongoing expansion of the country’s economy underscores the success of the Emirates' economic policies and strategies aimed at boosting diversification.

He further stressed that the country fosters a business-friendly environment and encourages the growth of new economic sectors, viewing this as a crucial driver for sustainable economic and social development.

Furthermore, a December analysis by the Central Bank of the UAE (CBUAE) projected the country’s GDP to grow by 4% in 2024, driven by robust performance in key non-oil sectors such as tourism, transportation, financial services, insurance, construction, real estate, and communications.

The CBUAE also projected that the Emirates’ economic growth will accelerate to 4.5% in 2025 and 5.5% in 2026.

In addition, the central bank noted that the UAE’s non-oil GDP is expected to grow by 4.9% in 2024 and 5% in 2025.

The study attributed the forecast growth to strategic government policies designed to attract foreign investment and promote economic diversification.

Moreover, regarding regional economic performance, data released by Bahrain’s Information & eGovernment Authority in January showed that the country’s GDP grew by 2.1% in the third quarter of 2024, compared to the same period in 2023.