Abu Dhabi’s economy expanded by 3.8% in 2024, reaching a record AED 1.2 trillion, driven by a 6.2% surge in the non-oil sector, according to the Statistics Centre – Abu Dhabi . This marks the third consecutive year of record-breaking GDP figures for the emirate.
The non-oil sector’s contribution rose to 54.7% of the total GDP, underscoring the effectiveness of Abu Dhabi’s economic diversification strategies. Key industries such as manufacturing, construction, finance, and insurance played pivotal roles in this growth.
In the fourth quarter of 2024, the emirate’s GDP grew by 4.4%, with the non-oil sector expanding by 6.6%, maintaining its 54.7% share. The third quarter saw a 4.5% GDP increase, achieving a quarterly high of AED 301.8 billion, with the non-oil economy growing by 6.6%.
The construction sector experienced a 4.2% growth, reflecting sustained demand and investment in property development. Additionally, the transportation, financial activities, and accommodation and food services sectors demonstrated significant performance, contributing to the overall economic expansion.
The Central Bank of the UAE maintained its real GDP growth projection for 2024 at 4.0%, anticipating acceleration to 4.5% in 2025 and 5.5% in 2026. These projections align with the emirate’s ongoing efforts to diversify its economy and reduce reliance on oil revenues.
Abu Dhabi has introduced measures to simplify business processes, including establishing the Abu Dhabi Registration Authority to centralize business registration. This initiative aims to attract foreign investment and bolster local enterprises, supporting the emirate’s diversification objectives.
Follow Arabian Post
Select Arabian Post as your preferred source on Google and MSN News for trusted business news and Arab politics and updates.
