The UAE economy: 3 years of growth, prosperity, and the defeat of terrorist plans

Over the past three years, the UAE economy has been able to strengthen its partnerships with the largest economies around the world and achieve record levels of growth in attracting foreign investments and its non-oil foreign trade, which has reached unprecedented rates, achieving historical peaks that exceeded 2.8 trillion dirhams during the first nine months of the year. Year 2024.

The brutal Houthi terrorist attacks on civilian sites and facilities in the Emirates, which occurred three years ago and marked its anniversary yesterday, demonstrated the solidity of the Emirates and its economy, which today is considered one of the fastest growing economies in the world, as the country has consolidated its position as a global center for trade, investment and attracting talent, confirming with its achievements that Terrorist acts will not undermine its development and economic ambitions.

The UAE’s non-oil foreign trade has witnessed exceptional growth over the past three years, as the total volume of foreign trade exceeded 2.8 trillion dirhams during the first nine months of 2024, which is a new record in the country’s history. It is also expected that the UAE’s gross domestic product will exceed In 2024, the threshold of 1.7 trillion dirhams will be reached for the first time in the country’s development journey.

The number of new companies jumped in 2024 to 200,000 new companies, and the country’s total foreign direct investments are expected to reach 130 billion dirhams for the first time, compared to 111 billion dirhams in 2023, as the UAE ranks first regionally and 11th globally in this field, and it will jump. The value of the country’s industrial exports reached 190 billion dirhams.

The UAE concluded comprehensive economic partnership agreements with 24 countries on five continents, including 18 agreements that were officially signed, six agreements that entered into force, and six others whose negotiations were completed and whose final terms were reached in preparation for their official signing at later times.

The local economic development departments and free zones, with the support of the Ministry of Economy, succeeded in issuing more than 200,000 new economic licenses during the year 2024, with the total number of companies registered in the UAE according to the Unified Economic Register reaching approximately 1.1 million economic institutions and companies.

The tourism sector in the Emirates achieved outstanding performance during the year 2024, as the country received about 29 million tourists, an increase of 8%, and the contribution of the tourism sector to the country’s gross domestic product amounted to about 236.4 billion dirhams, with a growth rate of 7.6%, as 150 million passengers passed through the country’s airports, and the facilities received Tourism: More than 30 million guests in the country’s hotels during 2024, who stayed for more than 105 million hotel nights.

Zayed International Airport in Abu Dhabi was able to win international awards, including the “Most Beautiful Airport in the World” award thanks to its innovative architectural design. It also registered more than 30 million passengers during the year 2024, making it one of the main aviation centers in the region, confirming the UAE’s position as a gateway to the world.

In 2024, the UAE began commercial operation of the fourth station within the Barakah peaceful nuclear energy plants, making this the first time that the four stations are fully operational.

Barakah’s four power plants now produce 40 terawatt hours of electricity annually, up to 25% of the UAE’s electricity needs, without carbon emissions.

The UAE advanced in global competitiveness indicators, topping many indicators in areas such as the quality of infrastructure, flexibility of the business environment, and investment attractiveness. The country ranked first globally in the ease of doing business index for the year 2024. The UAE also achieved third place globally in the logistics services index, which reflects… Efficient and advanced infrastructure.

These economic achievements and the increased confidence of major economies around the world and their keenness to conclude long-term companies with the UAE reflect the solid foundations of the national economy and its ability to overcome any challenges with strength and flexibility and efficiently confront terrorist plots so that the people of the Emirates continue the paths of upward growth and consolidate its position among the strongest economies in the world. Defeating terrorist plans.

. The number of new companies in the country jumped to 200,000 in 2024.

. 130 billion dirhams in direct foreign investments in the country last year, compared to 111 billion dirhams in 2023.