Abu Dhabi's GDP grows by 3.8 per cent in 2024, driven by non-oil sector
Image: Getty Images
Abu Dhabi's economy has shown strong growth in 2024, with the emirate's gross domestic product (GDP) expanding by 3.8 per cent year-on-year, according to preliminary data released by the Statistics Centre – Abu Dhabi (SCAD).
The growth, which reached an all-time high of Dhs1.2tn, is largely attributed to the continued expansion of the non-oil sector, which recorded a 6.2 per cent increase and now accounts for 54.7 per cent of the total GDP.
This marks the third consecutive year that both total GDP and
Non-oil economy drives growth in Abu Dhabi
The non-oil sector has remained the primary engine of economic growth, with its added value reaching Dhs644.3bn in 2024.
Key sectors such as manufacturing, construction, finance, insurance, and information and communication contributed significantly to this growth. Manufacturing alone contributed 9.5 per cent to the total GDP, achieving Dhs111.6bn in value, while the construction sector saw an 11.3 per cent growth rate, contributing Dhs107.4bn.
Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (ADDED), credited the steady growth to the emirate's forward-thinking policies and proactive responses to global economic challenges. 'The consistent, remarkable performance of the Falcon Economy is a testament to Abu Dhabi's forward-thinking economic strategies, progressive policies, and proactive response.'
He added that with a record-breaking Dhs1.2tn GDP and 6.2 per cent growth in non-oil sectors, the growth reinforces Abu Dhabi's status as a rising 'economic powerhouse'.
Strategic economic policies yield results
The robust performance of the non-oil sector reflects the success of Abu Dhabi's Economic Diversification 2.0 strategies, which aim to transform the economy into a smart, diversified, and sustainable model.
The financial and insurance sector grew 10.7 per cent, contributing Dhs77.8bn to the economy, while the information and communication sector achieved a record value of Dhs32.2bn 6.6 per cent from the previous year.
Abdulla Gharib Alqemzi, director-general of SCAD, highlighted the success of these diversification strategies, noting that non-oil activities now contribute 54.7 per cent to GDP, a record high. 'This milestone reflects our commitment to fostering an investment-friendly environment and empowering high-growth sectors,' he said.
.
— مكتب أبوظبي الإعلامي (@ADMediaOffice)
Key sectors show strong performance
Other sectors also showed notable growth. The wholesale and retail trade sector achieved Dhs62.7bn in value, contributing 5.3 per cent to GDP. Meanwhile, the transportation and storage sector saw the highest growth rate among all industries, expanding by 16.9 per cent, driven by significant infrastructure investments and increased trade activity.
The sector's contribution to GDP reached Dhs27.8bn.
The real estate sector grew by 4.2 per cent, contributing Dhs41.7bn to the economy, while education and health sectors achieved their highest-ever values, underlining Abu Dhabi's focus on human capital development. Education reached Dhs20.4bn, and health reached Dhs7bn in 2024.
Quarterly performance remains strong
In the fourth quarter of 2024, Abu Dhabi's GDP grew by 4.4 per cent, with the non-oil economy expanding by 6.6 per cent.
The non-oil sector's contribution remained steady at 54.7 per cent, continuing its record-high share of total GDP.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
an hour ago
- Khaleej Times
Eid Al Adha in UAE: Hundreds of workers celebrate; win car, flight tickets
Hundreds of workers celebrated Eid Al Adha with various activities, competitions, and raffle draws winning valuable prize, including a car and flight tickets. Held under the slogan ' Eid with Our Workers: Joy and Happiness', the activities were organised by the Ministry of Human Resources and Emiratisation (MoHRE) at 10 locations across the UAE. 'Celebrating and honouring workers during holidays and national occasions is an integral part of MoHRE's sustainable strategy", said the ministry, adding: '(Our) objective is to bring joy to workers and enhance their wellbeing, quality of life, and psychological and social stability, while fostering a sense of belonging to the community and motivating them to give their best.' Stay up to date with the latest news. Follow KT on WhatsApp Channels. Eid Al Adha events were held at workers' compounds in Jebel Ali, Al Quoz, and Muhaisnah in Dubai; Mussafah and Hameem Worker City in Abu Dhabi; Al Sajaa in Sharjah; the Industrial Areas in Ajman and Umm Al Quwain; RAKEZ in Ras Al Khaimah; and Al Hail Industrial Area in Fujairah. Partners from the government and private sectors took part in the celebrations, including the Ministry of Interior; Federal Authority for Identity, Citizenship, Customs, and Ports Security; the General Commands of Abu Dhabi, Dubai, and Sharjah Police; and municipalities across the country. Partners also include Abu Dhabi Ports Group; the General Directorate of Residency and Foreigners Affairs in Dubai; Abu Dhabi Civil Defence Authority; Dubai Civil Defence; the Permanent Committee for Labour Affairs in the Emirate of Dubai; Dubai's Roads and Transport Authority (RTA); the Islamic Affairs and Charitable Activities Department in Dubai; Sharjah's Labour Standards Development Authority; the National Ambulance; Dubai Corporation for Ambulance Services; and Ras Al Khaimah Economic Zone (RAKEZ). MoHRE underscored the Eid celebrations 'highlight the significant role that workers in the UAE play in driving the country's development, supporting its ambitious and pioneering economic vision, and cementing its status as a premier global destination for living, investing, and working.'
Gulf Business
8 hours ago
- Gulf Business
Ethara's Danny Klima on project management and its role in global sporting events
Image: Gareth Harford / Motorsport Images Photographer) courtesy E1/ For illustrative purposes In the high-stakes world of international events, delivering flawless execution while juggling complex logistics, tight timelines, and diverse stakeholders is no small feat. Danny Klima, venue portfolio director at Ethara, shares how project management principles are at the heart of the success of iconic events like the Formula 1 Etihad Airways Abu Dhabi Grand Prix last year. With over two decades of global experience and 18 years in the UAE, Klima reflects on how certifications from the Project Management Institute ( Danny Klima/ Image: Supplied How has your project management training supported the successful delivery of the Abu Dhabi Grand Prix? Live events have their own set of inherent uncertainties and risks involved with anything from weather conditions, logistical issues and last-minute changes impacting deliverables.. We need to be agile and quick to adapt and turn things around whatever the disruptions as the event has to go live. My Project Management Professional (PMP) and Program Management Professional (PgMP) certifications gave me the tools to lead cross-functional teams with a leadership style that balances decisiveness and collaboration. These qualifications also helped me foster synergy across technical teams and international stakeholders while embedding a culture of accountability. In the end, the outcome is the most crucial part of it all, and if we are able to navigate the challenges and have a process-driven approach while remaining quick on our feet to counter unexpected challenges on the way, we have a win-win situation in hand. Sustainability is another key focus. I used my training to embed sustainability within every phase of the project — from work breakdown structures and programme architecture to delivery and post-event evaluation. This structured approach helped us integrate innovations like renewable energy and waste-reduction strategies into the planning and execution process. What are some of the key sustainability initiatives at the Grand Prix? Sustainability is a fundamental part of our event blueprint. The Grand Prix operations teams are quite process-driven to ensure efficiency and they are already dialed into sustainability. Our sustainability initiatives, be it around advanced technology to reduce our energy consumption — all of our track lights are LED so it reduced our electricity demands — or our renewable project, where we commissioned a one-megawatt solar car park, are really a fundamental part of the business. F1 has a sustainability steering committee that ensures sustainability is embedded into department objectives. For a massive event like this where we have 70,000 spectators coming to an event for a 10-hour day, the impact can be huge. We focus on plastic and waste, wellbeing, energy use, fan travel, how fans get to the venue, how the event impacts the local community, and, of course, carbon. And we think about air quality. We think about noise. We think about groundwater pollution. We initiated a shift to e-tickets as part of our waste management agenda a few years ago. We didn't have to produce the plastic cards, or the lanyards. We didn't need planes and trains and buses to ship the tickets all around the world. So we eliminated all of that waste and logistics from the event, which we're really proud of. We're an old venue. Yas Marina Circuit has been operating since 2009, so we have a lot of old technology. Converting everything to LED lighting has definitely helped. Even simple solutions like having water diffusers on the bottom of taps has helped to reduce wastage especially when we have 70,000 people using the venue. We work with suppliers with sustainability strategies, who have frameworks and net-zero ambitions, and help us deliver our objectives as well. As for how we measure the success of our sustainability drive, we have a robust customer feedback survey which enables us to work around our limitations and scale up our success. We also ensure we are up to date with our certifications which showcases our adherence to sustainable measures. We also get scored by Formula 1 for our sustainability plan around plastic and waste, well-being and nature, energy, fan travel, local community and carbon. Formula 1 sets some stringent guidelines and their feedback mechanism through scoring and awards enable us to ensure we are on the right path. Looking back at the 2024 Formula 1 Etihad Airways Abu Dhabi Grand Prix — what was a key learning from this edition? The 2024 edition marked the culmination of a high-stakes season, and delivering such a multifaceted event reinforced the importance of stakeholder alignment and agile planning. Whether coordinating race-day operations or managing back-to-back headline concerts, the key learning was the need for real-time responsiveness grounded in a robust project framework. These insights will help us elevate future editions even further. How has technology — especially AI and data analytics — changed how you plan and execute events? Adaptability is key to success in this field. Data analytics has helped us optimise resource allocation, forecast demand, and reduce waste. For Formula 1, we often need to know attendee needs before they do — and AI is helping us do just that. Emerging tools are improving our ability to anticipate issues and personalise experiences, and I'm excited about the continued role of AI in shaping how events evolve in the coming years. You've lived in the UAE for nearly two decades. How has the local culture influenced your approach to event management? The UAE's emphasis on hospitality and inclusivity aligns beautifully with our goals in event delivery. Working in Abu Dhabi has taught me the value of adaptability and cultural sensitivity. The local tradition of blending innovation with heritage has helped shape my approach — whether it's integrating advanced technology or meeting global standards while honouring local customs. What does the future look like for Abu Dhabi as a global events destination? Abu Dhabi's transformation into a holistic world-class leisure and lifestyle destination is purely a byproduct of the leadership's ambitious vision backed by heavy investment into innovation that marries technology with sustainability. There are of course challenges with regards to climate and logistics and navigating permits, regulations and legal requirements. But at the end of the day, the steadfast vision to offer a memorable experience for all visitors backed by best-in-class practices and world-class infrastructure along with a robust investment into skilled workforce has ensured the emirate has been able to attract a diverse range of footfall. There is huge potential here for the global events industry and what makes the venue truly unique is the adherence to local culture while not compromising on offering the very best of services to guests. An international event like the Formula 1 Grand Prix draws its own unique crowd – from spectators to vendors to the real heroes on track. The emirate has proved over the years that it can host world class events where technology, innovation and creativity come together intricately to offer a truly memorable experience for all involved. And the cred
Broadcast Pro
11 hours ago
- Broadcast Pro
Multiply Group launches MMG
Multiply Media Group (MMG) combines BackLite Media, Viola Media and Media 247 to operate one of the UAE's largest premium outdoor portfolios with 3,000 units. Abu Dhabi-based investment holding company Multiply Group has launched Multiply Media Group (MMG), bringing together three of its leading out-of-home (OOH) media companies—BackLite Media, Viola Media, and Media 247—into a single, unified entity. Headquartered in the UAE, MMG is positioned to become a dominant force in tech-driven media, with ambitions to reshape the media landscape both regionally and globally. The announcement was made at the World Out of Home Organisation (WOO) Annual Congress in Mexico City, accompanied by a global digital out-of-home (DOOH) campaign that illuminated major cities across the world. The launch highlights Multiply Group's expanding international footprint, reinforcing its role as a $7.2bn subsidiary of International Holding Company (IHC), the most valuable holding firm in the Middle East with a market cap exceeding $240bn. Samia Bouazza, GCEO and Managing Director of Multiply Group, said: 'The launch of Multiply Media Group represents the most significant media consolidations in the UAE. By bringing together market-leading media assets under a single AI & tech-driven group, we are reinforcing our commitment to long-term value creation and shareholder returns. MMG lays a strong foundation for our global ambitions and forward-looking investment strategy.' MMG will focus on performance, scale, and strategic partnerships to advance innovation in the OOH media space. The group will target high-potential media investments and foster synergy across its holdings to capitalize on emerging trends, especially the transformative role of AI in advertising. Jawad Hassan, Head of Media and Communications Vertical at Multiply Group, added: 'For several years, Multiply Group's ambitious growth strategy for the media sector has taken us from an integrated portfolio of three industry leaders to a media powerhouse with vast potential to redefine the entire regional media landscape in ways that will bring immediate impact and long-term value for clients. Through MMG, we stand ready to embrace the emerging trends in our industry, particularly the transformative role of AI, and we will continually look to invest in technologies that enable us to create dynamic and innovative campaigns.' The scale of MMG includes 3,000 advertising units across the UAE, including 75+ premium assets on Dubai's Sheikh Zayed Road, which are backed by long-term partnership agreements with the Road and Transport Authority (RTA) (Mada Media) in Dubai and The Department of Municipalities & Transport (DMT) in Abu Dhabi. James Bicknell, CEO of Multiply Media Group, stated: 'Multiply Media Group launches as a transformative force in out of home media — a powerhouse that unites some of the region's most strategic media assets under one bold vision. With MMG, we are not simply scaling up — we are scaling intelligently. Our mandate is clear: deliver context at scale, and reach audiences where it truly matters, when it matters most. MMG is engineered to be agile, data-led, and deeply integrated, enabling our clients to engage audiences with greater relevance, responsiveness, and resonance than ever before. This is more than media — it's momentum.'
