Tag Archives: hospitality 5% increase

The UAE’s real gross domestic product (GDP) reached AED 1,776 billion in 2024, marking a 4 per cent increase compared to that of 2023.Hospitality sector, encompassing hotels and restaurants, rose by 5.7 per cent. This growth was primarily driven by the exceptional performance of UAE airports, which handled 147.8 million passengers—an increase of approximately 10 per cent. Non-oil GDP grew by 5 per cent, totaling AED 1,342 billion, while oil-related activities contributed AED 434 billion to the overall economy. H.E. Abdulla bin Touq Al Marri, Minister of Economy, emphasized that the latest GDP figures released by the Federal Competitiveness and Statistics Centre (FCSC) reflect a renewed and positive momentum in the national economy. They further underscore the new milestones achieved by the UAE in economic diversification and competitiveness, guided by the vision and directives of its wise leadership. With non-oil sectors accounting for 75,5 per cent of the UAE’s GDP by the end of last year, H.E. emphasized that these indicators reflect the sustained success of the nation’s economic strategies, which are driving the transition toward an innovative, knowledge-based, and sustainable economic model aligned with global trends and emerging technologies. H.E. said: “Under the leadership of H.H. Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and guidance from H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, we continue to strengthen our national efforts to achieve the objectives of ‘We the UAE 2031’ vision. With each milestone, we are moving closer to achieving the UAE’s target of raising GDP to AED 3 trillion by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness, and forward-looking …

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