How is the UAE driving economic growth and gaining global recognition?

As the UAE celebrates its 53rd National Day - Eid Al Etihad, the Ministry of Economy highlights all the achievements of the country in 2024.

The UAE’s rapid growth and achievements have reaffirmed global leader status in trade, innovation, and sustainability. Here’s how the UAE plans to grow even more in 2025.

Strengthening economic foundations for the future

For the upcoming year, the UAE has announced a Union General Budget Plan worth AED 71.5 billion, with plans to use these funds to ensure long-term economic stability.

The UAE Central Bank has revised its 2024 GDP growth projections to 4% driven by strong oil sector performance and foreign investments within the UAE.

A look at - Trade and investor growth in the UAE

In the UAE, trade is growing rapidly, with non-oil exports increasing by 25% in the first half of 2024.

The UAE has strengthened its position in global trade by signing 18 major economic agreements in 2024, through this, by the end of the year, total trade revenues in the UAE are expected to reach AED 3 trillion!

The UAE also ranks first in North Africa and West Asia for innovation and e-government standards, with its focus on growth and advanced infrastructure. In line with this, and the 2040 Urban Master Plan, Greenfield FDI projects grew by 33% in 2023

With the introduction of programs like Treasury Bonds and Islamic Sukuk, the UAE has also raised AED 25 billion, further fuelling strong international investor confidence in the UAE’s economy.

Advanced global competitiveness - How is the UAE standing out?

The UAE has ranked 7th globally in the 2024 World Competitiveness Report and has held the top spot in the Global Entrepreneurship Monitor for three years running.

The country has excelled in over 90 global indicators, adding to its reputation as a hub for innovation, business, and economic opportunities.

The growth driver - Tourism!

The tourism sector has been a constant economic driver in the UAE and continues to grow year on year..

In the first half of 2024, hotel revenues increased by AED 24.6 billion, which was a 7% jump from 2023. By September, all UAE airports handled 103 million passengers, with 150 million expected by year-end, only adding to how much of a tourist-friendly country the UAE is!

Building for a new future

With initiatives like the AED 128 billion expansion of Al Maktoum International Airport and the 2040 Urban Master Plan, the UAE is shaping a future of continued growth.

These efforts not only drive economic growth but also position the country as a leader in global innovation and sustainability.

Now, isn’t that impressive?

Planning to call the UAE your next home? You can drop our in-house experts a line!