The UAE Prominent and Dynamic Economy
The UAE national economy has successfully maintained its accelerated growth levels.
It also solidified its position as one of the most prominent and dynamic economies regionally and globally.
The UAE adopted its largest federal budget compared to previous financial years.
Mentioning that both total revenues and estimated expenses reached 71.5 billion dirhams for the fiscal year 2025.
The Central Bank of the UAE forecasts a 4% growth in the country’s GDP for 2024.
Driven by an improvement in the oil sector’s performance, with growth expected to reach 6% in 2025.
Meanwhile, the International Monetary Fund predicted a 2.5% increase in real GDP per capita for the UAE in 2024, rising to 3.4% in 2025.
The UAE received a sovereign credit rating of AA- with a stable outlook from Fitch Ratings.
In addition to the strongest sovereign rating in the region, from Moody’s.
Bonds and Sukuk
The UAE’s government treasury bonds and Islamic treasury sukuk programs continued their exceptional successes in 2024.
With a total issuance of 25 billion dirhams by the end of August 2024.
Reflecting the high confidence in the UAE’s investment environment.
System Efficiency
In February, the Financial Action Task Force (FATF) recognized the UAE’s completion of all 15 recommendations in its action plan.
Acknowledging the efficiency of the UAE’s anti-money laundering and countering the financing of terrorism systems.
Economic Partnerships
This year, the UAE enhanced its international partnerships with strategic markets.
It established around 18 comprehensive economic partnership agreements, including:
- Six fully implemented agreements
- Seven agreements signed and waiting ratification
- The remaining agreements under finalization
Exceptional Exports
The UAE’s exports in the first half of 2024 matched its full-year exports in 2019 before the COVID-19 pandemic.
The exports reached nearly 1.4 trillion dirhams in foreign trade within six months, with a growth of 25% in non-oil exports.
UAE Economy Global Competitiveness
The UAE economy advanced to the 7th position globally in 2024 IMD World Competitiveness report, ranking first globally in over 90 indicators.
The UAE also ranked first regionally in UNDP Human Development Index 2023-2024.
Besides being the first globally in Global Entrepreneurship Monitor report for the third consecutive year.
The United Arab Emirates celebrates the 53rd National Day, under the leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, “may God protect him,” proud of its remarkable achievements during the year 2024, and full of determination to continue… pic.twitter.com/4bolWH8xys
— UAE Voice (@uae_voiceeng) December 3, 2024
Tourism and Travel
The tourism sector continued to achieve positive results, contributing to the national economy’s growth and sustainability.
Hotel revenues reached over 24.6 billion dirhams in the first half of 2024, with a 7% growth compared to the same period in 2023.
The UAE’s airports, including Abu Dhabi, Dubai International, and Sharjah International, handled over 103 million passengers by the end of September 2024.
Mentioning that GCAA is expecting this number to reach around 150 million by the end of the year.
