Abu Dhabi’s economy recorded a 4.5% growth in the third quarter (Q3) of 2024 compared to the same period in 2023, reaching Dh301.8 billion in GDP, according to the Statistics Centre – Abu Dhabi (SCAD). The non-oil sector played a key role in this performance, expanding by 6.6% and contributing 54% to the emirate’s total GDP, reflecting ongoing economic diversification efforts.
For the first nine months of 2024, Abu Dhabi’s GDP grew by 3.9%, with non-oil activities recording a 5.9% increase during the same period, highlighting sustained resilience in the face of global economic challenges.
The transport and storage sector was one of the fastest-growing areas, achieving an 18% increase in Q3 2024, driven by higher cargo volumes, container handling, and enhanced oil logistics services. The financial and insurance sector expanded by 11.6%, adding Dh19.5 billion to GDP, as a result of increased lending and deposit activities.
The construction sector grew by 10% in Q3, contributing Dh26.7 billion to the economy, spurred by significant investments in urban infrastructure projects. The real estate sector also showed strong performance, with a growth rate of 6.1% and a contribution of Dh10.7 billion to GDP, reflecting continued demand for high-quality real estate.
Manufacturing remained a cornerstone of the non-oil economy, growing by 2% and contributing Dh29.4 billion to GDP. It retained its position as the largest non-oil activity for the seventh consecutive quarter. The electricity, gas, and water supply sector grew by 5%, contributing AED 5.5 billion to GDP, driven by sustainability initiatives and efficient resource management.
“With our focus on strengthening public-private partnerships to develop high-growth sectors, significant government capital investments continue to supercharge Abu Dhabi’s development across key sectors,” said HE Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED). “In 2024, 144 new projects were approved by Abu Dhabi government with a total budget of Dh66 billion, focusing on vital areas such as housing, education, tourism, and natural resources.”
Infrastructure enhancements, including traffic improvement initiatives exceeding Dh3 billion and strategic agreements with Etihad Rail, further strengthened connectivity and economic integration.
“Foreign investment, which reached Dh904.5 billion in 2023, underscores Abu Dhabi’s proactive approach to fostering a dynamic business ecosystem,” said HE Abdulla Gharib Alqemzi, Director General of SCAD. “This success is underpinned by the Emirate’s excellence in services, supported by high-end infrastructure, a robust digitalisation strategy, and the prosperous visionary leadership, which continue to position Abu Dhabi as a global economic hub.”