UAE’s Capital Spending Soars 15.4% in 2024, Fuels Non-Oil Growth

According to the Central Bank, the UAE’s capital expenditure surged by 15.4% in 2024, reaching AED 20.7 billion ($5.6 billion), driving growth across key non-oil sectors. This investment boost significantly impacted real estate, tourism, and transport.

Dubai led the real estate market’s expansion, with transactions skyrocketing by 42.5% year-on-year. The apartment segment dominated, surging 45.5%, fueled by a 64.5% rise in off-plan sales. Villa transactions also climbed 25.3%, driven by a 45.4% increase in off-plan purchases.

While Abu Dhabi saw a 6% dip in total sales transactions, the apartment market remained strong, with a 14% rise, particularly in ready unit sales, which jumped 55.2%.

The Central Bank emphasized that the UAE’s infrastructure investments reinforce the country’s commitment to long-term economic diversification and investor confidence.