Abu Dhabi's GDP grows by 3.8% in 2024
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.
The emirate's real GDP expanded by 3.8 percent in 2024 compared to 2023, reaching an all-time high value of AED1.2 trillion, driven by the non-oil economy which recorded a strong growth rate of 6.2 percent, marking its highest-ever annual contribution of 54.7 percent to total GDP. This underscores Abu Dhabi's continued success in implementing economic diversification strategies and fostering sustainable, long-term growth.
The 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 including manufacturing, construction, finance and insurance, information and communication, wholesale and retail trade, education, and health, achieved their highest-ever values, reflecting the emirate's commitment to industrial development, infrastructure investment, and human capital enhancement.
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said, "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."
He added that 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.
"Guided by our visionary leadership, we are future proofing Abu Dhabi's economy through pioneering initiatives that drive industrial transformation, stimulate sustainable growth, and reshape tomorrow's economy. 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," Al Zaabi stated.
Abdulla Gharib Alqemzi, Director-General of SCAD, said, "The annual GDP statistical estimates confirm Abu Dhabi's steady progress in economic transformation, with non-oil activities reaching a record 54.7 percent contribution to GDP. This milestone reflects the emirate's commitment to fostering an investment-friendly environment, empowering entrepreneurs, and enhancing business opportunities across various high-growth sectors."
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 a 300 percent increase in foreign investments in Abu Dhabi over a decade.
The manufacturing sector remained one of the largest non-oil contributors to 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) programmes 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 total GDP, with an impressive growth rate of 11.3 percent and a record high of AED107.4 billion.
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.
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.
The wholesale and retail trade sector also saw its highest-ever value at AED62.7 billion, contributing 5.3 percent to the emirate's GDP, reinforcing its vital role with a growth rate of 2.2 percent in 2024.
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 wellbeing.
In the fourth quarter of 2024, Abu Dhabi's GDP grew by 4.4 percent, while non-oil GDP expanded by 6.6 percent, maintaining its record-high contribution of 54.7 percent to total GDP.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
6 hours ago
- The National
Gulf Connections: When water is more precious than oil
Earlier this summer the UAE began to export the technology required to extract one of the essential commodities in the world we live in today. Not oil or gas but water. In May it was announced that the country would send 14 mobile desalination plants, which make seawater potable, to Cyprus, currently facing a water crisis exacerbated by a prolonged drought. It might seem strange, even contradictory, for a desert country, arid for much of the year, to come to the rescue of another entirely surrounded by water. But few people understand the value of water for life like those in the Emirates. Searching for water was a daily task until the 1960s. Desert wells were essential for nomadic life, while in the town of Abu Dhabi, water was obtained by digging 'scrapes' in the sand to a depth where the salinity was reduced to permit drinking. Rulers recognised the importance of water above almost everything. Sheikh Shakhbout, Ruler of Abu Dhabi from 1928 to 1966, regarded the search for clean water as equal if not important as finding oil. In the later 1950s, just as oil was being discovered in the Emirate, Sheikh Shakhbout even resorted to employing two English colonels who claimed to be water diviners, promising them generous rewards if successful. Unfortunately they were not. Technology proved a better bet. In 1961, the Ruler ordered one of the earliest examples of an industrial desalination plant from the British engineering company Richardson & Westgarth of West Hartlepool. After teething problems caused by the heat, by the following year the plant was producing 50,000 litres of clean water a day, distributed across Abu Dhabi in cans carried by donkeys. At a price of around one dirham a gallon (4.55 litres) it was more expensive than the market price of crude oil. Later a pipeline was laid to carry water from wells in Al Ain over 130 kilometres to Abu Dhabi, held in a huge water tank in Khalidiya. It can still be seen to this day. Today the UAE has about 70 desalination plants producing over 40 per cent of the country's drinking water using a process known as reverse osmosis. Abu Dhabi's Taweelah plant, operated by Emirates Water and Electricity (Ewec) is the largest of its type in the world, producing over 800,000 cubic metres a day. The expertise the UAE enjoys in water technology is now shared with the rest of the world. UAE Water Aid (Suqia UAE) was established in 2015 in Dubai to provide clean water in 10 countries including Afghanistan, Pakistan, India and Iraq. Funded by donations, in the first year alone over Dh180 million was raised across the Emirates. The annual Mohammed bin Rashid Al Maktoum Global Water Award supports initiatives to support global water security with US$1 million in prize money. In the words of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai 'In our country, water is a great blessing. Our ancestors had been deprived of water, thus they knew its value.'
Zawya
8 hours ago
- Zawya
Abu Dhabi Chamber supports Al Dhafra's business growth through direct SME outreach
Al Dhafra, Abu Dhabi – As part of its ongoing commitment to inclusive growth and regional business empowerment, the Abu Dhabi Chamber of Commerce and Industry (ADCCI) – Al Dhafra Branch conducted field visits to a selected group of small and medium-sized enterprises (SMEs) across Al Dhafra region. This outreach initiative reflects the Chamber's drive to elevate private sector businesses in all regions of the emirate, in alignment with its 2025–2028 roadmap focused on market expansion, ecosystem building, and regional inclusivity to strengthen the emirate's private sector landscape. The guides Abu Dhabi Chamber's efforts to provide key market insights, improve access to investment opportunities, and accelerate capacity building that contributes to the sustainable growth of Abu Dhabi's economy. Al Dhafra region demonstrated a vibrant diversity of entrepreneurial talent across sectors including hospitality, retail, and cultural heritage enterprises. The Chamber's engagement team identified seven development opportunities within the business environment in the Al Dhafra region. Led by ADCCI's engagement team, the delegation visited five companies in the retail, tourism, and manufacturing sectors, including Western Hotel in Madinat Zayed, Al Dhafra Walk, La Belle Chocolates & Flowers, and Al Ghahwa Al Arabiya and Dumo Bakery. The visits aimed to spotlight their success stories, deepen understanding of operational challenges, and identify opportunities for collaboration to promote sustainable business growth. 'A thriving private sector across all regions is central to Abu Dhabi's broader economic vision,' said His Excellency Shamis Ali Al Dhaheri, Second Vice Chairman and Managing Director of the Abu Dhabi Chamber. 'The Chamber's strategic role as a key partner in economic development and a driver of competitiveness and sustainable growth means we stand shoulder to shoulder with the business community, sharing its ambitions and providing the tools and resources to scale and succeed. Initiatives like this reaffirm our commitment to listening to business needs, delivering tailored support, and fostering resilient growth at every level.' During the visits, SME owners engaged in open dialogue with Chamber representatives, providing insights on regional customer demand, operational barriers, and the potential for digital and commercial scalability. Insights gained will inform ADCCI's efforts to design more effective policies and services that empower businesses across all Abu Dhabi's regions. The Chamber will continue to implement similar visits across Abu Dhabi, ensuring that all SMEs receive the institutional support necessary to prosper and advance the emirate's diversified and resilient economy.
Zawya
8 hours ago
- Zawya
Xebia wins strategic cloud transformation deal with Alef Education
Abu Dhabi, United Arab Emirates - Xebia, a global leader in AI-powered digital transformation, cloud and software engineering, today announced a landmark partnership with Alef Education, a leading AI-powered learning solutions provider based in Abu Dhabi. Under this collaboration Xebia will lead the complete cloud migration of Alef's digital ecosystem, including applications, infrastructure, and data, to Microsoft Azure. Following an exhaustive multi-stage evaluation process, Alef Education selected Xebia for its deep cloud expertise, proven track record on the Azure platform, and ability to translate complex business needs into scalable, secure, and future-ready technology solutions. The engagement was shaped through a series of collaborative workshops, technical reviews, and deep architectural dives with Alef's leadership and Microsoft experts. Xebia's solution architects, together with Microsoft specialists, have designed a robust and agile migration blueprint tailored to Alef's long-term digital goals ensuring business continuity, operational scalability, and AI-readiness. The project, set to kick off in July 2025, marks a significant milestone in Alef's cloud-first journey and underscores its commitment to innovation and digital excellence. 'We're honored to be chosen by Alef Education as their trusted cloud transformation partner,' said Anand Sahay, CEO, Xebia. 'Our shared vision is to reimagine education delivery through cutting-edge cloud technology. This partnership not only strengthens our leadership in the region but also showcases the power of strategic collaboration across Microsoft, Xebia, and forward-looking organizations like Alef.' The decision reaffirms Xebia's position as a trusted technology partner with unmatched flexibility, technical depth, and a consultative approach. It also highlights Xebia's commitment to delivering business value through end-to-end digital transformation, aligned with the evolving demands of the education sector. About Xebia Xebia is a leading digital transformation consultancy, providing innovative IT solutions and training. Xebia unites cloud and data modernization, AI, software craftsmanship, and intelligent automation to help companies create digital products and platforms that dramatically elevate the value they deliver while fundamentally reshaping how they deliver it. With 5,500+ professionals in 16 countries around the globe, Xebia ensures they are always where their clients need them to be. For more information, visit Media Contact Arpita Dubey For further information, please contact: Orient Planet Group (OPG) Email: media@ Website:
