Abu Dhabi’s gross domestic product (GDP) expanded by 3.8 percent in 2024, reaching an all-time high value of AED1.2 trillion ($326.71 billion), according to preliminary statistical estimates by the Statistics Center – Abu Dhabi (SCAD).
The emirate witnessed significant annual economic growth driven by the thriving non-oil sector, which recorded a strong growth rate of 6.2 percent, marking its highest-ever annual contribution of 54.7 percent to total GDP.
“The strong performance of Abu Dhabi’s economy in 2024 underscores the success of economic policies that facilitate business expansion and global trade which resulted in around 300 percent increase in the foreign investments in Abu Dhabi over a decade,” stated Abdulla Gharib Alqemzi, director general of the Statistics Center – Abu Dhabi.
Abu Dhabi’s Q4 GDP grows 4.4 percent
In the fourth quarter of 2024, Abu Dhabi’s GDP grew by 4.4 percent, while the non-oil GDP expanded by 6.6 percent, maintaining its record-high contribution of 54.7 percent to total GDP. The 2024 GDP data highlights Abu Dhabi’s sustained economic momentum, with total GDP and non-oil GDP reaching record values for the third consecutive year.
“This milestone reflects the emirate’s commitment to fostering an investment-friendly environment, empowering entrepreneurs, and enhancing business opportunities across various high-growth sectors,” added Alqemzi.
Abu Dhabi’s non-oil sector grows to AED644.3 billion
Abu Dhabi’s non-oil sector remained the primary driver of economic momentum, with total non-oil GDP added value reaching AED644.3 billion, setting a record for the third consecutive year. Key sectors driving this growth included manufacturing, construction, finance and insurance, information and communication, wholesale and retail trade, education, and health, all of which achieved their highest-ever values.
“The consistent, remarkable performance of the Falcon Economy in the past years is a testament to Abu Dhabi’s forward-thinking economic strategies, progressive policies and proactive responses to an evolving global landscape. With a record-breaking AED1.2 trillion GDP and a 6.2 percent growth of non-oil sectors- accounting for 54.7 percent of total GDP in 2024, this steady growth further enhances Abu Dhabi’s status as a rising economic powerhouse and a premier destination for global talent, high-value investments and world-class enterprises,” stated Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (ADDED).
Manufacturing sector drives growth
The manufacturing sector remained one of the largest non-oil contributors to Abu Dhabi’s GDP, maintaining a stable 9.5 percent share, with its added value reaching AED111.6 billion, the highest on record.
This sector achieved an annual growth rate of 2.7 percent in 2024 compared to 2023, reflecting the success of the Abu Dhabi Industrial Strategy’s (ADIS) programs in driving industrial growth to strengthen the emirate’s position as the region’s most competitive industrial hub.
The construction sector followed closely, contributing 9.1 percent to the total GDP, with an impressive growth rate of 11.3 percent and a record high of AED107.4 billion.
Financial and insurance sector grows 10.7 percent
The financial and insurance sector also experienced significant expansion, growing 10.7 percent year-on-year to reach AED77.8 billion, contributing 6.6 percent to the total GDP in 2024, further cementing Abu Dhabi’s position as a leading financial hub.
Meanwhile, the information and communication sector grew by 6.6 percent year-on-year, achieving a record value of AED32.2 billion and contributing 2.2 percent to Abu Dhabi’s total GDP in 2024.
In addition, the wholesale and retail trade sector saw its highest-ever value at AED62.7 billion, contributing 5.3 percent to the emirate’s GDP and reinforcing its vital role with a growth rate of 2.2 percent in 2024.
Transportation and storage sector achieves highest growth
The transportation and storage sector achieved the highest growth rate among all industries in 2024 at 16.9 percent, driven by infrastructure investments, logistics advancements and increased trade activity. The sector’s contribution to Abu Dhabi’s economy stands at 2.4 percent, with a total value of AED27.8 billion.
The real estate sector grew by 4.2 percent in 2024, reflecting steady demand and investment in property development. Its contribution to the total GDP reached 3.5 percent in 2024, with a total value exceeding AED41.7 billion.
Key service sectors also experienced notable expansion, with education and health reaching their highest-ever values at AED20.4 billion and AED17 billion, respectively, through growth rates of 2.5 percent and 4.1 percent in 2024, underlining Abu Dhabi’s commitment to human capital development and social well-being.
“The Economic Diversification 2.0 strategies are accelerating the transition towards a smart, diversified, and sustainable economy. We remain committed to unlocking new opportunities, empowering human capital, and forging strategic partnerships that will shape the economy of the future,” added Al Zaabi.
Abu Dhabi’s record-breaking GDP growth in 2024 highlights the emirate’s successful economic diversification and strategic investments across key non-oil sectors. With a strong emphasis on industrial expansion, financial services, and infrastructure development, Abu Dhabi continues to cement its position as a leading global economic hub. This sustained momentum underscores the effectiveness of progressive policies in fostering business growth, attracting foreign investments and driving long-term prosperity.
