Dubai: The UAE’s national economy continues to demonstrate accelerated growth, reinforcing its position as one of the most dynamic and competitive economies both regionally and globally. On the occasion of the 53rd Eid Al Etihad, the Emirates News Agency (WAM) highlights the UAE’s remarkable economic achievements in 2024.
According to Emirates News Agency, the UAE has approved the Union General Budget Plan for the fiscal year 2025, with total revenues and estimated expenditures both amounting to AED71.5 billion. This indicates a balanced approach to income and spending. Additionally, the Central Bank of the UAE has revised its GDP growth projection for 2024 upwards to 4 percent from a previous estimate of 3.9 percent, reflecting improved performance in the oil sector.
The Government Treasury Bonds Programme and the Dirham-denominated Islamic Treasury Sukuk Programme have achieved significant success. As of August 2024, these programs have issued Treasury Bonds worth AED11.2 billion and Islamic Treasury Suku
k worth AED13.8 billion, totaling AED25 billion. This success underscores the strong confidence in the UAE’s investment environment.
In terms of system efficiency, the UAE has completed all 15 recommendations of its action plan as announced by the Financial Action Task Force (FATF) in February. This demonstrates the country’s capability in combating money laundering and terrorist financing while maintaining a business-friendly economic climate.
In 2024, the UAE concluded around 18 comprehensive economic partnership agreements, reinforcing its global trade ties and cementing its status as a strategic gateway for trade and logistics. The UAE’s exports in the first half of 2024 surpassed pre-pandemic levels, with foreign trade nearing AED1.4 trillion and a 25 percent growth in non-oil exports.
The UAE has set ambitious targets of AED3 trillion in non-oil foreign trade by the end of 2024 and AED4 trillion by 2031, underscoring its goal to be a global trading powerhouse. The country’s global competitiveness is
highlighted by its rise to seventh place globally in a competitiveness report by the International Institute for Management Development in Switzerland.
Regionally, the UAE ranked first in the 2023/2024 Human Development Index report by the United Nations Development Programme, advancing to 17th globally. The UAE has also been ranked number one globally for the third consecutive year by the Global Entrepreneurship Monitor (GEM) report for 2023-2024, recognized as the best destination for starting and operating new businesses.
In greenfield FDI project announcements, the UAE took second place globally in 2023 with 1,323 projects, marking a 33 percent increase from 2022, as per the World Investment Report 2024 by UNCTAD. The UAE also led in the e-infrastructure index in the 2024 United Nations E-Government Survey and topped the North Africa and West Asia region in the Global Innovation Index.
The UAE’s tourism sector continues to bolster the economy, with hotel revenues surpassing AED24.6 billion in the first
half of 2024, reflecting a seven percent increase from the previous year. The number of hotel guests reached approximately 15.3 million, a 10.5 percent growth, while passenger numbers across major airports exceeded 103 million by September, with projections to reach 150 million by year-end.
