Celebrating Economic Milestones: The 53rd Eid Al Etihad in the UAE

A Testament to Growth and Unity

On December 2, 2024, the United Arab Emirates (UAE) marked the 53rd anniversary of Eid Al Etihad, a celebration that not only commemorates the unification of the seven emirates but also highlights the nation’s remarkable economic achievements. This year, as the UAE continues to solidify its position as a global economic leader, the festivities were imbued with a sense of pride and optimism, showcasing significant milestones that reflect the nation’s rapid growth and development.

The UAE's economy is experiencing an unprecedented surge, characterized by robust growth across various sectors. As reported by the Emirates News Agency (WAM), the Central Bank of the UAE has revised its GDP growth projection for 2024 to 4%, up from an earlier estimate of 3.9%, largely due to a revitalized oil sector. This growth trajectory underscores the UAE's strategic initiatives aimed at enhancing its economic landscape and attracting global investments.

Economic Achievements Highlighted

The celebration of Eid Al Etihad served as a platform to showcase several key economic milestones achieved throughout 2024:

- Balanced Budget for 2025: The UAE government approved a balanced Union General Budget Plan for 2025, with total revenues and expenditures both set at AED71.5 billion. This fiscal discipline reflects a commitment to sustainable economic management.

  - Successful Bond Issuance: The Government Treasury Bonds Programme and Islamic Treasury Sukuk Programme have seen exceptional success, with total issuances reaching AED25 billion. This achievement highlights investor confidence in the UAE's economic stability and growth potential.

- Strengthened Global Trade Partnerships: In 2024 alone, the UAE has concluded approximately 18 comprehensive economic partnership agreements, reinforcing its position as a strategic gateway for trade and logistics in the region.

- Record Exports and Trade Growth: The first half of 2024 saw UAE exports surpassing pre-pandemic levels, with foreign trade nearing AED1.4 trillion. The country aims for AED3 trillion in non-oil foreign trade by year-end, further solidifying its status as a global trading powerhouse.

These milestones are not merely statistics; they represent the UAE's unwavering commitment to fostering an environment conducive to business and innovation. The country has also excelled in global competitiveness rankings, moving up three places to seventh globally according to the International Institute for Management Development.

Tourism and Infrastructure Development

The tourism sector has been another significant contributor to economic growth. Revenues from hotel establishments reached AED24.6 billion in the first half of 2024, reflecting a 7% increase from the previous year. With approximately 15.3 million hotel guests recorded during this period, it is evident that the UAE remains a premier destination for international travelers.

Infrastructure projects continue to thrive as well, with major developments such as the full operation of all four reactors at the Barakah Nuclear Power Plant being highlighted during this year's celebrations. These advancements not only enhance energy security but also align with the UAE's vision for sustainable development.

A Bright Future Ahead

As the UAE celebrates its 53rd Eid Al Etihad, it stands at a pivotal moment in its history—one defined by remarkable achievements and ambitious goals for the future. The nation’s focus on economic diversification, global partnerships, and sustainable practices positions it well for continued success on both regional and international stages.

The spirit of unity that characterizes Eid Al Etihad resonates deeply within every Emirati citizen and resident, serving as a reminder of what can be achieved through collaboration and shared vision. As we look ahead, it is clear that the UAE is not just celebrating its past but is also laying a strong foundation for future generations to thrive in an ever-evolving global landscape.