Economic overview and key figures
UAE looking strong
In 2023, the UAE’s economy outperformed its Gulf counterparts. We expect this trend to continue through the rest of this year. The non-oil sector contributes to 74% of the country’s total GDP, a testament to the effectiveness of strategies to diversify the economy. These efforts align closely with the goals of the 'We the UAE 2031' vision and the UAE Centennial Plan 2071.
The Central Bank of the UAE (CBUAE) June 2024 Quarterly Economic Review predicts real GDP growth projection of 3.9% in 2024. This is up from a forecast of 3.7% in January, and is expected to further accelerate to 6.2% in 2025. If these forecasts materialize, it will represent faster economic growth than other countries in the region.
Tourism and long-term resident visas are a crucial driver of economic growth, contributing to job creation, infrastructure development, and cultural exchange, while also impacting small businesses and regional investment positively.
The CBUAE Review states that residential real estate sales transactions continue to increase, resulting in median residential property sales prices in Abu Dhabi and Dubai to increase between January and April by 3.3% and 13.9% year on year, respectively.
in 2023
in 2024
Transportation and tourism sectors also show strong performance, as tourist arrivals grew by 11% in the first quarter of 2024. Abu Dhabi and Dubai International Airports passengers’ traffic increased by 36.0% and 8.4% year-on-year, respectively.
The CBUAE Review projects inflation in the UAE for 2024 to be at 2.3% compared to 1.6% in 2023, due to a moderate increase in commodity prices, wages and rents.
Q1 2024 tourist arrivals
In 2023, the UAE’s economy outperformed its Gulf counterparts. We expect this trend to continue through the rest of this year. The non-oil sector contributes to 74% of the country’s total GDP, a testament to the effectiveness of strategies to diversify the economy. These efforts align closely with the goals of the 'We the UAE 2031' vision and the UAE Centennial Plan 2071.
The Central Bank of the UAE (CBUAE) June 2024 Quarterly Economic Review predicts real GDP growth projection of 3.9% in 2024. This is up from a forecast of 3.7% in January, and is expected to further accelerate to 6.2% in 2025. If these forecasts materialize, it will represent faster economic growth than other countries in the region.
Tourism and long-term resident visas are a crucial driver of economic growth, contributing to job creation, infrastructure development, and cultural exchange, while also impacting small businesses and regional investment positively.
The CBUAE Review states that residential real estate sales transactions continue to increase, resulting in median residential property sales prices in Abu Dhabi and Dubai to increase between January and April by 3.3% and 13.9% year on year, respectively.
Transportation and tourism sectors also show strong performance, as tourist arrivals grew by 11% in the first quarter of 2024. Abu Dhabi and Dubai International Airports passengers’ traffic increased by 36.0% and 8.4% year-on-year, respectively.
The CBUAE Review projects inflation in the UAE for 2024 to be at 2.3% compared to 1.6% in 2023, due to a moderate increase in commodity prices, wages and rents.
