Today's Edition
ABU DHABI (WAM)
Over the past three years, the UAE economy has strengthened its partnerships with the world's largest economies, achieved record growth in attracting foreign investments, and elevated its non-oil foreign trade to unprecedented levels.
The nation’s trade exceeded Dh2.8 trillion during the first nine months of 2024, marking a historic peak.
The heinous terrorist attacks by the Houthis on civilian sites in the UAE, which occurred three years ago and are remembered today, demonstrated the UAE’s resilience and the strength of its economy.
Fastest-growing economies
Now recognised as one of the fastest-growing economies globally, the UAE has solidified its position as a global hub for trade, investment, and talent. These achievements affirm that terrorism cannot hinder the nation’s developmental and economic ambitions.
Over the past three years, the UAE’s non-oil foreign trade experienced exceptional growth, surpassing Dh2.8 trillion in the first nine months of 2024, setting a new national record. Additionally, the UAE’s GDP is expected to exceed Dh1.7 trillion in 2024 for the first time in its development journey.
The number of new companies established in 2024 surged to 200,000, with foreign direct investments (FDIs) expected to reach Dh130 billion for the first time, up from Dh111 billion in 2023. The UAE ranks first regionally and 11th globally in this sector, with industrial exports projected to reach Dh190 billion.
CEPA
The UAE signed Comprehensive Economic Partnership Agreements (CEPAs) with 24 countries across five continents, of which 18 were officially signed, six have come into effect, and six are in the final negotiation stages, awaiting official signing.
Supported by the Ministry of Economy, local economic departments and free zones issued over 200,000 new economic licences in 2024, bringing the total number of registered companies to nearly 1.1 million according to the unified economic registry.
Tourism
The tourism sector also thrived in 2024, with the UAE welcoming around 29 million tourists, an 8 percent increase. The sector contributed approximately Dh236.4 billion to the national GDP, reflecting a growth rate of 7.6 percent.
Over 150 million passengers passed through the country’s airports, and over 30 million guests stayed at UAE hotels, spending more than 105 million nights.
Abu Dhabi’s Zayed International Airport earned global acclaim, including the "World’s Most Beautiful Airport" award for its innovative architectural design. The airport served over 30 million passengers in 2024, reinforcing the UAE's role as a gateway to the world.
In 2024, the UAE commenced commercial operations at the fourth unit of the Barakah Nuclear Energy Plant, marking the first time all four units operated simultaneously. Together, the plants now produce 40 terawatt-hours of electricity annually, meeting up to 25 percent of the UAE’s electricity needs without carbon emissions.
The UAE advanced in global competitiveness indices, ranking first globally in ease of doing business in 2024 and third in the logistics performance index, reflecting the country’s robust infrastructure and business environment.
These economic achievements, coupled with the trust of major global economies and their commitment to long-term partnerships with the UAE, underscore the solid foundations of the national economy. The UAE’s resilience enables it to overcome challenges, counter terrorism, and continue its upward growth trajectory, solidifying its place among the world’s strongest economies.
