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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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Attractive Environment Drives Surge in Private Tourism Facilities in Saudi Arabia

Visitors flock to one of the events of “Riyadh Season 2024” (SPA)
Visitors flock to one of the events of “Riyadh Season 2024” (SPA)
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Attractive Environment Drives Surge in Private Tourism Facilities in Saudi Arabia

Visitors flock to one of the events of “Riyadh Season 2024” (SPA)
Visitors flock to one of the events of “Riyadh Season 2024” (SPA)

As Saudi Arabia experiences a surge in visitor numbers, there is a growing need to expand tourism infrastructure to keep up with demand.

In this context, the private facilities sector has emerged as a practical solution, contributing positively to increasing the income of local citizens who own these facilities.

This growth is reflected in the significant rise in the number of licenses granted by the Ministry of Tourism, which saw an increase of 333% in 2024 compared to the previous year.

In January, the Ministry of Tourism announced a new mandate requiring booking platforms and apps to exclude or refrain from listing unlicensed private hospitality facilities.

This move aims to ensure the quality of services provided to both local and international tourists across the Kingdom. The Ministry warned that any platforms violating this directive would face penalties.

This initiative is part of a campaign which seeks to enforce compliance with tourism licensing standards and regulations, ensuring facilities meet the criteria outlined in the Kingdom's Tourism Law and its accompanying regulations.

According to preliminary data from the Ministry of Tourism, the number of licenses issued for private hospitality facilities reached 8,357 last year, compared to 1,929 licenses in 2023.

Under the Kingdom’s Tourism Law, a private hospitality facility is defined as “any furnished and independent property unit, owned by an individual, licensed by the Ministry of Tourism, and offering daily accommodation services for a fee.”

Ministry spokesperson Mohammed Al Rasasimah emphasized that the growing number of licenses issued for private hospitality facilities reflects the ministry’s commitment to enabling individual investors in the hospitality sector to obtain the necessary operating licenses.

This initiative aims to enhance the quality of services provided.

He added that these efforts are part of the "Guests Are Our Priority" campaign, which seeks to strengthen compliance with licensing and classification standards and ensure facilities meet the conditions set out in the Tourism Law and its regulations.

Dr. Salem Baajajah, an economic expert and professor at King Abdulaziz University, told Asharq Al-Awsat that the significant growth in hospitality and tourism facilities is a result of the Ministry of Tourism's efforts to attract foreign investors.

He added that this expansion reflects a growing demand from international investors seeking to capitalize on opportunities in Saudi Arabia, aligned with the Kingdom’s Vision 2030 goal of increasing the number of tourists visiting Saudi Arabia.

He further explained that the tourism sector is experiencing notable growth, contributing to higher revenues for local citizens.