UAE Economy Grows by 3.9% in 2024, Supported by Strong Oil and Non-Oil Sectors
The UAE’s economy grew by 3.9% in 2024, thanks to strong results in both the oil and non-oil sectors, according to an official report released on Monday.
UAE Economy
Last year, the UAE’s non-oil exports went up by 13.8% compared to the previous year, reaching over $762.3 billion (AED 2.8 trillion). This rise was mainly because of trade deals called Comprehensive Economic Partnership Agreements, according to the Central Bank of the UAE (CBUAE) in its 2024 report.
The Central Bank expects the UAE’s economy (GDP) to grow by 4.7% in 2025. This shows the country’s strong and flexible economy, and its ability to grow in different areas, not just oil.
Banking Sector
In 2024, the total assets of UAE banks reached $1.2 trillion (AED 4.56 trillion), which is a 12% increase compared to the previous year. Because of this, the UAE became the top country in the Middle East in terms of banking assets.
The insurance sector also did well, with total written premiums (money collected for insurance policies) rising to $17.6 billion (AED 64.8 billion).
To protect the banking sector from economic ups and downs, the Central Bank increased capital reserves (extra money set aside), which made the banking system stronger and more stable.
They also improved stress tests to check how banks can handle different problems, including risks from climate change.
To support green and Islamic finance, the Central Bank started work on a new project called the “Sustainable Monetary Sukuk” program. The first step is to study if the project is practical and useful for the market.
Important Statement
CBUAE Governor Khaled Mohamed Balama said:
“The Central Bank is working hard to keep the country’s financial system stable, update rules, and bring new ideas to the financial sector.”
He also said the projects started in 2024 helped make the financial system more efficient, competitive, and sustainable.
Key Figures
In 2024, the Central Bank focused on increasing the number of UAE citizens working in the financial sector (Emiratisation). Financial institutions hired 2,866 UAE nationals—an increase of 152.9%.
Also, the number of UAE citizens in top positions grew to 7,886, which is a 20.2% increase from the year before.
Published: 9th April 2025
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