UAE non-oil sectors reach 73% of GDP following 3.4% growth surge

The UAE economy expanded by 3.4% in the first quarter of 2024, with non-oil sectors now contributing 73% of the national GDP, according to the latest data from the Federal Competitiveness and Statistics Centre. The figures, released on Thursday, 6 August, indicate a structural shift as the country reduces its historical reliance on crude oil revenues. Non-oil sectors lead growth Financial and insurance activities recorded the highest sectoral growth at 7.9%, followed closely by the transport and storage sector at 7.3%. Construction and real estate also showed resilience, growing at 6.2% as major infrastructure projects in Abu Dhabi and Dubai continue to attract domestic and foreign investment. The manufacturing sector, a core pillar of the "Operation 300bn" strategy, expanded by 5.3% during the same period. The Ministry of Economy stated that these figures follow a broader trend of legislative reforms, including 100% foreign ownership of companies and the introduction of the long-term Golden Visa residency programme. These measures have stabilized the private sector against global commodity price volatility. Implications for the UAE workforce This economic transition is directly…