Abu Dhabi’s GDP hits AED 1.2 trillion in 2024, driven by non-oil growth

Abu Dhabi’s economy reached a new milestone in 2024, with real GDP climbing to AED 1.2 trillion—up 3.8% from the previous year—driven by robust growth in the non-oil sector, according to preliminary estimates by the Statistics Centre – Abu Dhabi (SCAD), according to the Emirates News Agency.

The non-oil economy expanded by 6.2%, contributing a record 54.7% to total GDP, highlighting the success of the emirate’s diversification strategy, reported WAM.

Key sectors such as manufacturing, construction, finance, ICT, retail, health, and education all achieved their highest-ever values. Manufacturing contributed AED 111.6 billion, while construction added AED 107.4 billion—growing 11.3% year-on-year. The finance sector grew 10.7% to AED 77.8 billion, and the fast-growing transport and storage sector surged by 16.9%, WAM wrote.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, said the results reflect the strength of Abu Dhabi’s forward-looking economic policies and its growing status as a global hub for investment, talent, and innovation. SCAD Director-General Abdulla Gharib Alqemzi added that the figures show steady progress in economic transformation and investor confidence.

In Q4 2024, GDP grew 4.4% year-on-year, with non-oil activities rising 6.6%, maintaining their record contribution. Abu Dhabi has also seen a nearly 300% increase in foreign investment over the past decade, reinforcing the impact of its pro-business, sustainability-focused strategies.