UAE, 4 December, 2024 : The UAE’s economy continues to demonstrate robust growth, solidifying its position as a dynamic and competitive global player. On the occasion of the 53rd Eid Al Etihad, the Emirates News Agency (WAM) highlights the country’s economic milestones in 2024.
The UAE’s Union General Budget Plan for 2025 was approved with revenues and expenditures both totaling AED71.5 billion, reflecting a balanced approach. Additionally, the Central Bank of the UAE revised its GDP growth projection for 2024 to 4 percent, boosted by strong oil sector performance.
The UAE’s Government Treasury Bonds and Dirham-denominated Islamic Treasury Sukuk Programmes have seen exceptional success, issuing AED25 billion in bonds and sukuk by August 2024, demonstrating confidence in the country’s investment climate.
In terms of system efficiency, the UAE completed all 15 FATF recommendations, enhancing its business-friendly environment. The country also concluded 18 comprehensive economic partnership agreements in 2024, strengthening global trade ties.
Exports exceeded pre-pandemic levels, with the first half of 2024 seeing a 25 percent growth in non-oil exports. The UAE aims for AED3 trillion in non-oil foreign trade by the end of 2024 and AED4 trillion by 2031.
The UAE also improved its global competitiveness, ranking 7th in the 2024 World Competitiveness Report and 17th in the UNDP's Human Development Index. It was ranked the best global destination for entrepreneurship for the third consecutive year by the Global Entrepreneurship Monitor.
The UAE’s tourism sector saw significant growth, with hotel revenues exceeding AED24.6 billion in the first half of 2024, up 7 percent from 2023. The country’s airports surpassed 103 million passengers by September, with total traffic expected to reach 150 million by the end of the year.
Source : www.zawya.com
