Abu Dhabi’s economy maintained strong momentum in 2024, with real Gross Domestic Product (GDP) increasing by 3.8% to AED 1.2 trillion. According to the Statistics Centre – Abu Dhabi (SCAD), the non-oil sector recorded impressive growth of 6.2%, reaching its highest-ever contribution of 54.7% to total GDP.
Economic Diversification Fuels Expansion
Over the past year, Abu Dhabi’s focus on economic diversification has strengthened key industries. The non-oil sector contributed AED 644.3 billion in added value, setting a new record. Additionally, manufacturing, construction, finance, technology, trade, education, and healthcare reached their highest levels, demonstrating the emirate’s commitment to long-term economic growth.
Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (ADDED), highlighted that Abu Dhabi’s AED 1.2 trillion GDP reinforces its status as a global economic powerhouse. Moreover, he emphasized that diversification strategies continue to support industrial transformation and sustainable development.
Meanwhile, Abdulla Gharib Alqemzi, director-general of SCAD, noted that the non-oil sector’s 54.7% contribution reflects Abu Dhabi’s success in attracting investment and expanding opportunities in high-growth sectors.
Key Sectors Driving Growth of GDP
Several industries played a crucial role in boosting the economy. The manufacturing sector contributed 9.5% to GDP, adding AED 111.6 billion, with a 2.7% annual growth rate. Similarly, the construction sector experienced an 11.3% increase, reaching AED 107.4 billion and making up 9.1% of total GDP.
In addition, the financial and insurance sector expanded by 10.7%, reaching AED 77.8 billion and accounting for 6.6% of GDP. The information and communication sector also grew by 6.6%, hitting a record AED 32.2 billion.
Furthermore, the wholesale and retail trade sector climbed to AED 62.7 billion, contributing 5.3% to GDP with a 2.2% growth rate. The transportation and storage sector led with the highest growth of 16.9%, reaching AED 27.8 billion and representing 2.4% of GDP.
At the same time, the real estate sector expanded by 4.2%, contributing 3.5% to GDP with a total value of AED 41.7 billion. Meanwhile, key service industries also experienced growth. The education sector reached AED 20.4 billion with a 2.5% increase, while healthcare expanded by 4.1%, totaling AED 17 billion.
Steady Growth in Q4 2024
By the fourth quarter of 2024, Abu Dhabi’s GDP grew by 4.4%, while non-oil GDP expanded by 6.6%, maintaining its record-high share of 54.7%. Thanks to forward-thinking policies, the emirate has successfully encouraged business expansion and international trade. As a result, foreign investments in Abu Dhabi have surged by 300% over the past decade.
Looking ahead, Abu Dhabi remains focused on unlocking new opportunities, fostering innovation, and strengthening its position as a leading global economy.
