According to preliminary statistical estimates from the Abu Dhabi Statistics Centre (SCAD), Abu Dhabi's Gross Domestic Product (GDP) grew by 3.8% in 2024, reaching a record AED 1.2 trillion (approximately $326.71 billion USD). This significant increase marks a major milestone in Abu Dhabi's economic development.
Read Also...:
The Bottom Line - Decisions That Made Me: Julian Metcalfe (Itsu and Pret A Manger) - BBC Sounds
03-31, 2025
Free Thinking - The Middle Classes
03-31, 2025
The people who turned public toilets into homes and businesses
03-31, 2025
Why are Morrisons and Sainsbury's cafes closing?
03-31, 2025Abu Dhabi's economic growth is primarily attributed to the thriving non-oil sector, which achieved a robust growth rate of 6.2%, contributing a record high of 54.7% to the GDP. This data demonstrates Abu Dhabi's significant progress in economic diversification.
Abdulla Gharib Alqemzi, Acting Director-General of the Abu Dhabi Statistics Centre, stated, "Abu Dhabi's strong economic performance in 2024 highlights the success of economic policies in promoting business expansion and global trade. These policies have enabled Abu Dhabi's foreign investment to grow by approximately 300% over the past decade."
In the fourth quarter of 2024, Abu Dhabi's GDP grew by 4.4%, with non-oil GDP growing by 6.6%, also maintaining a record high contribution of 54.7%. The 2024 GDP data underscores the continued growth momentum of Abu Dhabi's economy, with both total GDP and non-oil GDP setting records for the third consecutive year.
Alqemzi added, "This milestone reflects Abu Dhabi's commitment to fostering an investment-friendly environment, empowering entrepreneurs, and strengthening business opportunities across various high-growth sectors."
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), stated, "The Falcon Economy's continued outstanding achievements over the past few years are a testament to Abu Dhabi's forward-looking economic strategy, progressive policies, and proactive response to evolving global dynamics. The record GDP of AED 1.2 trillion in 2024, with a 6.2% growth in the non-oil sector accounting for 54.7% of total GDP, further enhances Abu Dhabi's position as an emerging economic powerhouse and a preferred destination for global talent, high-value investments, and world-class enterprises."
Manufacturing remains one of the largest non-oil contributors to Abu Dhabi's GDP, maintaining a stable share of 9.5%, with its added value reaching a record AED 111.6 billion. The construction sector followed closely, accounting for 9.1% of total GDP, with a growth rate as high as 11.3%, reaching a record AED 107.4 billion. The finance and insurance sector also experienced significant expansion, with a year-on-year increase of 10.7%, reaching AED 77.8 billion and accounting for 6.6% of the total GDP in 2024, further solidifying Abu Dhabi's position as a leading financial center.
The transportation and storage sector achieved the highest growth rate among all industries in 2024, reaching 16.9%, driven by infrastructure investments, logistics advancements, and increased trade activities. This sector contributed 2.4% to Abu Dhabi's economy, with a total value of AED 27.8 billion. The real estate sector grew by 4.2% in 2024, reflecting stable demand and investment in real estate development. Its contribution to total GDP reached 3.5% in 2024, with a total value exceeding AED 41.7 billion.
Al Zaabi added, "The Economic Diversification 2.0 strategy is accelerating the transformation towards a smart, diversified, and sustainable economy. We remain committed to unlocking new opportunities, empowering human capital, and building strategic partnerships to shape the future economy."
Abu Dhabi's record GDP growth in 2024 underscores the emirate's successful economic diversification and strategic investments in key non-oil sectors. With a strong focus on industrial expansion, financial services, and infrastructure development, Abu Dhabi continues to solidify its position as a leading global economic hub. This continued momentum highlights the effectiveness of progressive policies in fostering business growth, attracting foreign investment, and driving long-term prosperity.
