RIYADH: The growth of the non-oil sector in the United Arab Emirates contributed to the country’s 3.8 percent annual gross domestic product expansion in the first nine months of 2024. According to the state news agency WAM, the UAE’s non-oil economy expanded by 4.5 percent annually throughout this time, reaching 987 billion dirhams ($268.74 billion). According to the analysis, by the end of the first nine months of 2024, non-oil activities accounted for 74.6 percent of the UAE’s real GDP, while activities tied to oil provided 25.4 percent.
The expansion of the non-oil industry in the United Arab Emirates is consistent with the wider trend in the Middle East, where nations like Saudi Arabia are working to diversify their economies. According to UAE Economy Minister Abdullah bin Touq Al Marri, the nation’s economy’s steady expansion confirms the effectiveness of the Emirates’ economic policies and diversification-boosting initiatives.
In order to support sustained economic and social development, he continued, the nation also fosters an atmosphere that is conducive to business ventures and encourages the growth of new economic sectors. According to a December analysis by the Central Bank of the United Arab Emirates, the country’s GDP is predicted to grow by 4% in 2024, propelled by robust performance in important non-oil sectors such as financial services, tourism, transportation, insurance, real estate, and communications.
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