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In 2024, the mining and quarrying sector, including crude oil and natural gas accounted for the largest share of real gross domestic product (GDP) in the United Arab Emirates (UAE), representing **** percent. The wholesale and retail trade industries followed closely at approximately **Ìý±è±ð°ù³¦±ð²Ô³Ù.

Conventional versus renewable energy

In the United Arab Emirates, extractive industries have long been the backbone of the domestic economy, contributing over *** billion UAE Dirham to the country’s GDP in 2020. The UAE has also been ranked among the global leaders in crude oil production. However, the country is diverging from such conventional energy sources for the sake of a more environmentally sustainable economy. The UAE is working towards ** percent of renewable energy by 2030, while the UAE Strategy 2050 further targets a contribution of ** percent of clean energy to the energy mix.

Non-oil economic sectors on the rise

Despite the availability of vast deposits of fossil fuels and the country’s historical dependency on these natural resources, the UAE has also been striving towards a more diversified economy. Among the country’s non-oil industries, tourism and hospitality have contributed significantly to domestic economic growth. The pandemic-delayed Dubai Expo 2020 has cushioned the initial shock of COVID-19, offering a worthwhile opportunity for recovery and growth for the UAE tourism-related industries.