2024 was UAE’s best year for economic growth, development

• His Highness Sheikh Mohammed bin Rashid Al Maktoum announced that in 2024, the UAE saw 200,000 new companies, foreign trade surpassed AED 2.8 trillion, FDI is set to reach AED 130 billion, and industrial exports hit AED 190 billion, all for the first time.

• The UAE government has launched more than 750 national projects and initiatives to support the development process and attract top talents, competencies, and investments to the country.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates (UAE) and Ruler of Dubai, commended the country’s economic performance in 2024.

Speaking during the UAE Cabinet meeting, he stated that “During the meeting, we reviewed the outcomes of 2024. It was the best economic and developmental year for the UAE since its founding, thank God,” according to Al Qabas newspaper.

He added, “Our country has strengthened its global presence under the leadership of the President of the State, may God protect him, signing more than 140 international agreements in 2024 across various fields, including economy, sustainability, clean energy, technology, artificial intelligence, security, defense, international humanitarian work, and more.”

Number of citizens working in UAE’s private sector rises by 350%

He further noted, “In the same year, our young citizens launched 25,000 small and medium-sized enterprises, integrating them into the country’s economic cycle. The number of citizens working in the private sector also increased by 350%, reaching 131,000 for the first time, thanks to the National Nafis Program.”

He continued, “During 2024, the UAE government completed a three-year project involving 2,500 officials to update all legislation issued since the founding of the union. By the grace of God, the team successfully updated 80% of the country’s economic, social, and regulatory legislation, contributing to a more conducive environment for growth. As a result, the number of new companies established in 2024 surged to 200,000, while our foreign trade exceeded AED 2.8 trillion for the first time. Foreign direct investment is expected to reach AED 130 billion, and the value of our industrial exports has also reached AED 190 billion, both for the first time.”

The UAE government has launched more than 750 national projects and initiatives to support the development process and attract top talents, competencies, and investments to the country. Additionally, the Cabinet and the Ministerial Development Council issued 1,300 decisions aimed at creating an optimal regulatory environment to sustain the UAE’s accelerated growth over the next two decades.