The UAE’s non-oil economy is projected to grow by 4.7% in 2024 driven by strong performance in sectors like real estate and tourism, according to a UBS Global report. This growth reflects the country’s successful diversification and ability to adapt to global challenges.

Key drivers include a booming real estate market with residential sales up by 60% and increased mortgage applications, supported by low interest rates. Eased visa procedures and relaxed business ownership laws are attracting more businesses, boosting demand for commercial properties in Dubai and Abu Dhabi. The construction sector continues to thrive, backed by ongoing government infrastructure investments.

Additionally, the tourism sector is growing rapidly with Dubai’s visitor numbers recovering to pre-pandemic levels. The UAE’s economy is expected to maintain this positive momentum with oil GDP also projected to grow by 4.2% in 2025. The IMF forecasts the overall UAE GDP will grow by 4% in 2024 and rise to 5.1% in 2025.