Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

UAE’s real GDP increases by 3.8% during first nine months of 2024

The EU removes the United Arab Emirates from its money-laundering "high-risk" list. (WAM)
  • This growth was driven by a strong expansion in non-oil sectors, which grew by 4.5 percent to AED 987 billion.
  • The contribution of non-oil activities to real GDP reached 74.6 percent, highlighting the increasing role of these sectors in supporting economic growth.

Dubai, UAE — The UAE’s real GDP increased by 3.8 percent during the first nine months of 2024 compared to the same period in 2023, reaching AED 1.322 trillion. This growth was driven by a strong expansion in non-oil sectors, which grew by 4.5 percent to AED 987 billion, reflecting the success of the country’s economic diversification strategy.

The contribution of non-oil activities to real GDP reached 74.6 percent, highlighting the increasing role of these sectors in supporting economic growth, while oil-related activities contributed 25.4 percent.

Abdullah bin Touq Al Marri, Minister of Economy, emphasized that the continuous growth of the national economy reaffirms the success of the UAE’s economic policies and strategies aimed at enhancing economic diversification, facilitating business activities, and promoting the expansion of new economy sectors as a key driver for sustainable economic and social development.

Bin Touq stated that national efforts continue to increase the contribution of non-oil sectors to the national economy, develop more flexible and competitive economic legislations, enhance economic openness to the world, and build productive partnerships with key regional and global markets.

These efforts support the objectives of the “We the UAE 2031” vision, which aims to raise the country’s GDP to AED3 trillion by the next decade and establish the UAE as a global hub for the new economy, he added.