Official figures reveal that Abu Dhabi’s non-oil sector reached unprecedented levels, contributing AED154.7 billion ($42.1 billion) to the GDP. According to the Statistics Centre – Abu Dhabi (SCAD), estimates show a 3.3 percent growth in Abu Dhabi’s GDP during the first quarter of 2024, compared to the same period in 2023. This increase is credited to the strong performance of non-oil economic activities.
Abu Dhabi GDP
Estimates show a 4.7 percent rise in non-oil GDP during the first quarter of 2024, driven by growth in various non-oil economic sectors. Transportation, construction and building, financial activities, and accommodation and food services showed the strongest performance. These positive outcomes highlight the impact of the government’s economic diversification policies. Statistical estimates indicate that non-oil activities contributed 54.1 percent to Abu Dhabi’s overall economy, the highest level since 2015. The quarterly value of the non-oil economy reached a new high, amounting to AED154.7 billion ($42.1 billion) in the first quarter of 2024. The total value of Abu Dhabi’s economy, including both oil and non-oil sectors, reached AED286 billion ($77.9 billion) during this period. Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), stated: “Our economy continues to demonstrate consistent, stellar growth, reaffirming its resilience and dynamism in navigating global challenges affecting all economies and sectors. “Guided by the leadership’s visionary outlook and supported by strong fundamentals, Abu Dhabi’s economy has made significant strides in accelerating growth and transitioning to a smart, diversified, inclusive, and sustainable economy. “With a 3.3 percent increase in total GDP and a 4.7 percent rise in the non-oil economy in the first three months of 2024, we are moving forward with our strategies to solidify Abu Dhabi’s position as a global hub for top talents, businesses, and investments to grow and expand from the emirate and shape a brighter future for all. “Our attributes as the Capital of Capital are attracting global financial powerhouses to Abu Dhabi, boosting financial activities by 9.7 percent, and enhancing non-oil sectors, which contributed 54.1 percent to total GDP in Q1 2024.” Abdulla Gharib Alqemzi, Acting Director General of the Statistics Centre – Abu Dhabi, commented: “The ongoing growth in non-oil sectors bolsters the emirate’s leadership on both local and international fronts. Abu Dhabi’s competitive investment climate continues to draw foreign investments, especially in key sectors like construction, which contributed 8.8 percent to the overall economy, surpassing AED25 billion ($6.8 billion) in value. “This progress highlights the emirate’s steadfast advancement in its global standing, with a focus on increasing GDP, non-oil exports, and the tourism sector’s economic contribution.” The data shows that construction activities grew by 9.5 percent in the first quarter of 2024 compared to the same period the previous year, contributing 8.8 percent to the overall economy—the highest in five years. The appeal for local and foreign investments is demonstrated by a consistent quarterly growth of 22.6 percent over the past decade. This growth has coincided with an increase in the number of real estate units in the emirate, reaching a total of 754,555 units since 2011. Additionally, finance and insurance activities grew by 9.7 percent in Q1 2024 compared to Q1 2023, contributing 7 percent to the emirate’s economy. This reflects Abu Dhabi’s successful economic policies and its status as a financial hub. The value added by this sector has increased by 39 percent over the past decade, reaching AED20 billion ($5.4 billion) in Q1 2024. Furthermore, telecommunications activities and accommodation and food services experienced growth rates of 5.9 percent and 6.2 percent, respectively, in Q1 2024 compared to Q1 2023. These statistics underscore the emirate’s dedication to boosting the tourism sector’s contribution to the GDP. Similarly, transport and storage activities saw a 14.4 percent increase in the first quarter of 2024 compared to the same period last year. Manufacturing activities experienced a 1.7 percent growth in Q1 2024 from the previous year, contributing 8.7 percent to Abu Dhabi’s GDP. The total quarterly value of this crucial sector exceeded AED24.8 billion ($6.8 billion) during this period, marking a 102 percent increase over the past decade. Abu Dhabi’s ongoing growth is the result of strategic initiatives aimed at economic diversification, developing the industrial sector, and attracting foreign investments. This is particularly evident in the high performance of the non-oil GDP, which exceeded 9.1 percent in 2023.
