Latest news with #EconomicDiversification2.0
Gulf Business
29-03-2025
- Business
- Gulf Business
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.
Gulf Today
28-03-2025
- Business
- Gulf Today
Abu Dhabi GDP shows significant annual economic growth in 2024
The Statistics Centre - Abu Dhabi (SCAD) has released preliminary statistical estimates for Abu Dhabi's Gross Domestic Product (GDP) for 2024, showing significant annual economic growth driven by the thriving non-oil sector. 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 per cent in 2024 compared to 2023, reaching an all-time high value of Dhs1.2 trillion, driven by the non-oil economy which recorded a strong growth rate of 6.2 per cent, marking its highest-ever annual contribution of 54.7 per cent 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 reachingDhs644.3 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-breakingDhs1.2 trillion GDP and a 6.2 per cent growth of non-oil sectors- accounting for 54.7 per cent 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 per cent 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 per cent 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 per cent share, with its added value reachingDhs111.6 billion-the highest on record. This sector achieved an annual growth rate of 2.7 per cent 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 per cent to total GDP, with an impressive growth rate of 11.3 per cent and a record high ofDhs107.4 billion. The financial and insurance sector also experienced significant expansion, growing 10.7 per cent year-on-year to reachDhs77.8 billion, contributing 6.6 per cent 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 per cent year-on-year, achieving a record value ofDhs32.2 billion and contributing 2.2 per cent to Abu Dhabi's total GDP in 2024. The wholesale and retail trade sector also saw its highest-ever value atDhs62.7 billion, contributing 5.3 per cent to the emirate's GDP, reinforcing its vital role with a growth rate of 2.2 per cent in 2024. The transportation and storage sector achieved the highest growth rate among all industries in 2024 at 16.9 per cent, driven by infrastructure investments, logistics advancements, and increased trade activity. The sector's contribution to Abu Dhabi's economy stands at 2.4 per cent with a total value ofDhs27.8 billion. The real estate sector grew by 4.2 per cent in 2024, reflecting steady demand and investment in property development. Its contribution to the total GDP reached 3.5 per cent in 2024 with a total value exceedingDhs41.7 billion. Key service sectors also experienced notable expansion, with education and health reaching their highest-ever values atDhs20.4 billion andDhs17 billion, respectively, through growth rates of 2.5 per cent and 4.1 per cent in 2024, underlining Abu Dhabi's commitment to human capital development and social wellbeing. WAM
Zawya
28-03-2025
- Business
- Zawya
Abu Dhabi's GDP grows by 3.8% in 2024
ABU DHABI - The Statistics Centre - Abu Dhabi (SCAD) has released preliminary statistical estimates for Abu Dhabi's Gross Domestic Product (GDP) for 2024, showing significant annual economic growth driven by the thriving non-oil sector. 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.
Al Etihad
28-03-2025
- Business
- Al Etihad
Statistics Centre – Abu Dhabi reports 3.8% growth in emirate's GDP in 2024
28 Mar 2025 10:16 ABU DHABI (ALETIHAD)The Statistics Centre - Abu Dhabi (SCAD) has released preliminary statistical estimates for Abu Dhabi's Gross Domestic Product (GDP) for 2024, showing significant annual economic growth driven by the thriving non-oil sector. 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 emirate's real GDP expanded by 3.8 per cent in 2024 compared to 2023, reaching an all-time high value of Dh 1.2 trillion, driven by the non-oil economy which recorded a strong growth rate of 6.2 per cent, marking its highest-ever annual contribution of 54.7 per cent to total GDP. This underscores Abu Dhabi's continued success in implementing economic diversification strategies, reducing reliance on oil revenues, and fostering a sustainable, long-term non-oil sector remained the primary driver of economic momentum, with total non-oil GDP added value reaching Dh 644.3 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 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. With a record-breaking Dh 1.2 trillion GDP and a 6.2 per cent growth of non-oil sectors- accounting for 54.7 per cent 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.'Abdulla Gharib Alqemzi, Director General of the Statistics Centre - Abu Dhabi, said: 'The annual GDP statistical estimates confirm Abu Dhabi's steady progress in economic transformation, with non-oil activities reaching a record 54.7 per cent 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 300 per cent increase in the foreign investments in Abu Dhabi over a decade.'The manufacturing sector remained one of the largest non-oil contributor to GDP, maintaining a stable 9.5 per cent share, with its added value reaching Dh111.6 billion—the highest on record. This sector achieved an annual growth rate of 2.7 per cent 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 construction sector followed closely, contributing 9.1 per cent to total GDP, with an impressive growth rate of 11.3 per cent and a record high of Dh107.4 financial and insurance sector also experienced significant expansion, growing 10.7 per cent year-on-year to reach Dh77.8 billion, contributing 6.6 per cent to the total GDP in 2024, further cementing Abu Dhabi's position as a leading financial information and communication sector grew by 6.6 per cent year-on-year, achieving a record value of Dh 32.2 billion and contributing 2.2 per cent to Abu Dhabi's total GDP in wholesale and retail trade sector also saw its highest-ever value at Dh62.7 billion, contributing 5.3 per cent to the emirate's GDP, reinforcing its vital role with a growth rate of 2.2 per cent in transportation and storage sector achieved the highest growth rate among all industries in 2024 at 16.9 per cent, driven by infrastructure investments, logistics advancements, and increased trade activity. The sector's contribution to Abu Dhabi's economy stands at 2.4 per cent with a total value of Dh27.8 real estate sector grew by 4.2 per cent in 2024, reflecting steady demand and investment in property development. Its contribution to the total GDP reached 3.5 per cent in 2024 with a total value exceeding Dh41.7 service sectors also experienced notable expansion, with education and health reaching their highest-ever values at Dh20.4 billion and Dh17 billion, respectively, through growth rates of 2.5 per cent and 4.1 per cent 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 per cent, while non-oil GDP expanded by 6.6 per cent, maintaining its record-high contribution of 54.7 per cent to total GDP.
