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UAE's GDP Grew by 3.6% in First Half of 2024

The value of the UAE's real GDP in the first half of 2024 recorded a notable increase of 3.6 percent
The value of the UAE's real GDP in the first half of 2024 recorded a notable increase of 3.6 percent
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UAE's GDP Grew by 3.6% in First Half of 2024

The value of the UAE's real GDP in the first half of 2024 recorded a notable increase of 3.6 percent
The value of the UAE's real GDP in the first half of 2024 recorded a notable increase of 3.6 percent

Minister of Economy Abdulla bin Touq Al Marri has said that the preliminary estimates of the UAE's GDP in the first half of 2024, issued by the Federal Competitiveness and Statistics Center, reflect remarkable economic growth and competitiveness, solidifying the country's position as a leading economic power for business and investment.

He explained that the value of the UAE's real GDP (at constant prices) reached AED879.6 billion in the first half of 2024, recording a notable increase of 3.6 percent. Meanwhile, the value of the non-oil GDP during the same period was approximately AED660 billion, with a growth of 4.4 percent, compared to the same period last year. With this, the contribution of non-oil sectors to the country's GDP has reached 75 percent.

The estimates also indicated that the UAE's nominal GDP (at current prices) during the first half of 2024 reached approximately AED981 billion, registering a growth rate of 5.6 percent. Meanwhile, the value of non-oil GDP at current prices during the same period rose to about AED749 billion, with a growth rate reaching 6.8 percent, compared to the first half of 2023.

"The UAE has successfully laid the foundation for a sustainable, diversified economy driven by innovation and knowledge, aligning with global trends while maintaining its position as a premier economic hub regionally and internationally,” Bin Touq said.

"This progress paves the way for achieving the economic goals outlined in 'We the UAE 2031' vision, including raising the UAE's GDP to AED3 trillion within the next decade."

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Business

Middle East War Presents ‘Serious Risk’ for Africa, Warns Report

Festus Mwirotsi, 34, scouts for pests and diseases in roses meant for export at Isinya Roses farm in Kajiado, Kenya, March 24, 2026, as Kenya's flower industry is losing up to $1.4 million a week as the Iran war cuts demand and disrupts shipping. (AP)
Festus Mwirotsi, 34, scouts for pests and diseases in roses meant for export at Isinya Roses farm in Kajiado, Kenya, March 24, 2026, as Kenya's flower industry is losing up to $1.4 million a week as the Iran war cuts demand and disrupts shipping. (AP)
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Middle East War Presents ‘Serious Risk’ for Africa, Warns Report

Festus Mwirotsi, 34, scouts for pests and diseases in roses meant for export at Isinya Roses farm in Kajiado, Kenya, March 24, 2026, as Kenya's flower industry is losing up to $1.4 million a week as the Iran war cuts demand and disrupts shipping. (AP)
Festus Mwirotsi, 34, scouts for pests and diseases in roses meant for export at Isinya Roses farm in Kajiado, Kenya, March 24, 2026, as Kenya's flower industry is losing up to $1.4 million a week as the Iran war cuts demand and disrupts shipping. (AP)

The Middle East war "presents a serious risk to Africa", the African Union and the African Development Bank (AfDB) said in a report seen by AFP Saturday.

The conflict threatens to increase the cost of living and curtail growth on the continent, the report warned.

The Middle East accounts for 15.8 percent of Africa's imports and 10.9 percent of its exports, the report noted.

"The conflict, which already has triggered a trade shock, could quickly turn into a cost-of-living crisis across Africa through higher fuel and food prices, rising shipping and insurance costs, exchange rate pressures, and tighter fiscal conditions," it added.

The growth rate of most African countries continues to be slower than before the Covid pandemic, it noted.

"A loss in output growth of 0.2 percentage points on Africa's GDP is projected for 2026 if it (the conflict) exceeds six months," it said.

"The longer the conflict lasts and the more severe the disruption to shipping routes and energy and fertilizer supplies, the greater the risk of a significant growth slowdown across the continent."

Reduced deliveries of liquefied natural gas (LNG) from the Gulf will impact fertilizer production, limiting its availability during the crucial planting period up to May, it added.

- Currencies hit -

The report was compiled by the UN Development Program (UNDP) and the United Nations Economic Commission for Africa (UNECA).

According to recent data from the AfDB, the currencies of 29 African countries have already depreciated, increasing the cost of servicing external debt, making imports more expensive and reducing foreign exchange reserves,

Some countries could see some short-term gains, such as Nigeria for its oil exports or Mozambique for its LNG.

The rerouting of ships around Cape of Good Hope could benefit ports in Mozambique, South Africa, Namibia and Mauritius.

Kenya is establishing itself as a logistics hub in East Africa, while Ethiopian Airlines, the leading carrier in Africa, is serving as an "emergency air bridge" between the continent, Asia, and Europe, the report noted.

But these gains are likely to be uneven and will not offset the consequences for inflation, budgets, and food security in Africa, they warned.

Above all, the current crisis could hit the costs of humanitarian aid and divert donor funds towards other priorities.

Business

Taiwan Says It Has Assurances over LNG Supplies from 'Major' Country

The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
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Taiwan Says It Has Assurances over LNG Supplies from 'Major' Country

The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)

Taiwan has received ‌supply assurances from the energy minister of a "major" liquefied natural gas-producing country, the island's economy minister said on Saturday, speaking about the Iran war's impact on Middle East energy imports.

Taiwan, a major semiconductor producer, had relied on Qatar for around a third of its LNG before the conflict, and has said it has secured alternate supplies for the months ahead from countries including Australia and the United States, said Reuters.

Speaking to ‌reporters in Taipei, ‌Economy Minister Kung Ming-hsin said that ‌because ⁠Taiwan has good ⁠relationships with its crude oil and natural gas suppliers, neither adjusting shipment origins nor purchasing additional spot cargoes would be a problem.

Kung said that about two weeks ago the energy minister of a certain "major energy-producing country" proactively contacted him.

The person "explained to us that they ⁠would fully support our natural gas needs. ‌If we have any ‌demand, we can let them know," he added.

"Another country even ‌said that some countries have released strategic petroleum ‌reserves, and they could also help coordinate matters if Taiwan needs assistance," Kung said.

"This shows that Taiwan has in fact earned considerable goodwill internationally through the long-term trust ‌it has built over the years," he said.

He declined to name the countries involved.

Angela ⁠Lin, ⁠spokesperson for state-owned refiner CPC, said at the same news conference that crude oil inventories were being maintained at pre-conflict levels and overall petrochemical feedstock supplies have remained stable.

CPC Chairman Fang Jeng-zen said that to reduce dependence on the Middle East, a new contract with the US will see 1.2 million metric tons of LNG supplied annually, with even more to come in the future, including eventually from Alaska.

However, Taiwan is not considering importing crude or LNG from Russia, he added.

Business

India Says Crude Oil Supplies Secured, No Payment Issues for Iran Imports

The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
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India Says Crude Oil Supplies Secured, No Payment Issues for Iran Imports

The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI

India's petroleum ministry said in a post on X on ‌Saturday ‌that the ‌country's ⁠refiners have secured their ⁠crude requirements, including from Iran, ⁠and ‌there are ‌no payment hurdles ‌for ‌Iranian imports.

India's crude oil ‌requirements remain fully secured ⁠for the coming ⁠months, the ministry added.