The Central Bank of the United Arab Emirates (CBUAE) expects the country’s strong foreign trade performance to continue in 2024 and 2025, sustaining its projected growth for the UAE’s real GDP in 2024 at 3.9%, with expectations for it to further accelerate to 6.2% in 2025.
Non-hydrocarbon GDP growth is expected to remain strong at 5.4% in 2024 and 5.3% in 2025, with the hydrocarbon sector set to grow by 0.3% in 2024, followed by further expansion by 8.4% in 2025.
Real Estate, Tourism, and Hospitality Thrive
The real estate, tourism, and hospitality sector, and transportation sectors collectively represent around 30% of the non-oil GDP. The number of residential real estate sales transactions in Abu Dhabi in January-April 2024 was estimated to have increased by 7.7% YoY.
Dubai sustained its role as a top international tourism hub, with hotel occupancy rates standing at 83%, equal to the previous year’s figures. The emirate recorded an 11% rise in tourist arrivals in the first three months of 2024 compared to the same period last year, taking advantage of the revival of worldwide travel demand.
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