The UAE’s national economy continues to grow rapidly, reinforcing its position as one of the most dynamic economies regionally and globally.
The Union General Budget Plan for 2025 was approved, projecting balanced revenues and expenditures of AED 71.5B ($19.5B). The Central Bank of the UAE (CBUAE) revised its GDP growth forecast for 2024 to 4%, up from 3.9%, due to stronger oil sector performance.
In 2024, the UAE achieved significant milestones, including the successful issuance of AED 25B ($6.8B) in Treasury Bonds and Sukuk. The UAE also completed all 15 FATF recommendations, demonstrating its commitment to combating financial crime. It further strengthened its global economic ties by concluding 18 comprehensive trade agreements.
The UAE’s exports surpassed pre-pandemic levels in the first half of 2024, with foreign trade nearing AED 1.4T ($381B). Non-oil exports grew by 25%, and the country aims to reach AED 3T ($817B) by the end of 2024. Additionally, the UAE moved up three spots to seventh in the 2024 World Competitiveness Report and ranked first regionally in the Human Development Index.
Tourism in the UAE remains strong, with hotel revenues surpassing AED 24.6B ($6.7B) in the first half of 2024. The number of hotel guests grew by 10.5%, while airport passenger numbers across the Emirates exceeded 103M by September, with a forecasted 150M by year-end.
