The UAE continues to progress steadily toward achieving its ambitious economic targets under the “We Are the UAE 2031” vision, which aims to double the country’s GDP to three trillion dirhams by the next decade. With this accelerating growth, the UAE economy has maintained its strength and dynamism throughout 2024, as the Central Bank of the UAE forecast a 4% GDP growth, well above the global economic growth rate of 2.7%, according to United Nations reports on trade and development.
Strong Economic Growth Indicators
In 2024, several indicators reflected the success of the country’s economic policies and its position as one of the strongest regional economies. By the end of Q3, the UAE’s banking assets reached an unprecedented 4.4 trillion dirhams, while total credit rose to 2.16 trillion dirhams. Bank deposits also saw a significant increase, reaching 2.76 trillion dirhams, signaling the strength of the UAE banking sector and its ability to support the national economy’s growth.
The Strongest Sovereign Rating in the Region
One of the major achievements for the UAE in 2024 was its sovereign credit rating, which received an “AA-” rating with a stable outlook from the global credit agency Fitch, the highest rating in the region. The UAE’s credit sector also earned an “Aa2” rating from Moody’s, reflecting significant financial stability and its ability to adapt to global economic changes.
The Real Estate Sector Leading Forecasts
In the real estate sector, the UAE continues to achieve unprecedented growth, driven by the increasing demand for residential and commercial properties. Forecasts indicate that the UAE real estate market will exceed 2.56 trillion dirhams by the end of 2024, reflecting rapid development in this vital sector. The UAE has become one of the top destinations for real estate investors, as shown in Knight Frank’s report, which revealed that the UAE ranks among the top ten countries for those planning to purchase homes.
Ambitious Plans Supporting the Industrial Sector
Not only the real estate sector but the UAE’s industrial sector also showed significant expansion. By the end of October 2024, the number of industrial companies in the country surpassed 10,000, reflecting the UAE’s success in diversifying its economy and strengthening the industrial sector as a key driver of national economic well-being.
Foreign Trade: A Turning Point in the UAE Economy
Regarding foreign trade, the UAE achieved notable growth in its non-oil exports, with exports in the first half of 2024 matching the total exports in 2019 before the COVID-19 crisis. The country’s foreign trade grew by 25%, bringing total trade close to 1.4 trillion dirhams. The UAE’s strategic goal now is to reach three trillion dirhams in non-oil trade by the end of the year, reflecting its efforts to enhance its position as a global trade hub.
What distinguishes the UAE’s economic growth in 2024 is the government’s deep and forward-looking vision, which focuses on creating a flexible and strong economic environment that attracts investments and supports various sectors. In this context, the UAE strengthens its position as a major global economic player through strategic partnerships with global markets, continuing to achieve its ambitious goals that support its sustainable growth.
The UAE’s success in overcoming the challenges of the past few years and achieving this remarkable growth is proof of the strength of the national economy and its future vision, placing it in a distinguished position on the global economic map.
