The UAE’s GDP is projected to have surpassed AED 1.7 tn in 2024, marking a record high, according to a recap of the first cabinet meeting of 2025 posted on X. The industrial sector is estimated to have contributed over AED 210 bn to GDP, with industrial exports surpassing AED 190 bn.

Foreign trade is also expected to have exceeded AED 2.8 tn in 2024, with non-oil exports set to top AED 540 bn, imports over AED 1.6 tn, and re-exports crossing AED 700 bn, Wam reports. This is down from AED 3.5 tn in 2023, though non-oil exports would be up from AED 441 bn last year.

REMEMBER- The UAE signed 12 new comprehensive economic partnership agreements (CEPAs) in 2024, bringing the total to 24, with 15 finalized and nine in progress.

Foreign direct investments are expected to have risen by 17.1% y-o-y to reach AED 130 bn in 2024. The UAE attracted around USD 30.7 bn (AED 112.6 bn) of FDI inflows for greenfield projects in 2023, representing 45.4% of total foreign direct investment inflows in the region. It also led with USD 225 bn (AED 826.3 bn) in cumulative FDI balances, comprising 21% of total incoming balances across the region. The country ranked first globally in attracting FDI relative to its GDP in 2023.

Healthcare also had a good year: Medicine sales are expected to reach AED 20.5 bn in 2024, with projections of AED 26.4 bn in sales by 2028. Medical product factories have increased by 90% over the past six years, producing nearly 1.9k items in 2023.

And tourism flourished: UAE airports welcomed 150 mn passengers in 2024, while hotels hosted 30 mn hotel guests, resulting in over 105 mn overnight stays, matching previous predictions.

Emiratization is on the rise in the private sector: Emirati participation in the private sector grew by 350% in 2024, with 131k citizens entering the workforce, driven by the Nafisprogram. Meanwhile, Emiratis alone established some 25k new small- and medium-sized enterprises (SMEs).

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