CBUAE 2024 report highlights UAE’s leadership in boosting financial sector

The CBUAE forecasts an acceleration of growth to 4.76 in 2025, reflecting the resilience of the national economy and its ability to achieve targeted diversification

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The Central Bank of the UAE (CBUAE) on Monday released its 2024 Annual Report, embodying achievements and initiatives that have marked a transformative shift in its journey and strengthened its vital role in supporting the growth of the national economy, safeguarding financial stability, enhancing monetary and supervisory legislation, and contributing to the advancement of the financial, banking, and insurance sectors.

The report provides a comprehensive overview and in-depth analysis of financial, monetary, and economic developments at the local, regional, and global levels, highlighting the progress made in implementing initiatives aimed at reinforcing the UAE's leading position in driving global economic development and shaping a sustainable financial future.

The UAE's economic performance witnessed significant growth during 2024, with the nation's real GDP achieving a growth rate of 3.9%, driven by the strong performance of the oil sector and other non-oil sectors. The CBUAE forecasts an acceleration of growth to 4.7% in 2025, reflecting the resilience of the national economy and its ability to achieve targeted diversification.

Non-oil foreign trade of goods also increased by 13.8%, exceeding Dhs2.8 trillion, supported by the prominent role of the Comprehensive Economic Partnership Agreements.