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 year.The 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 growth.The 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 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. 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 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 of Dh107.4 billion.The 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 hub.The 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 2024.The 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 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 of Dh27.8 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 exceeding Dh41.7 billion.Key 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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
4 hours ago
- Arabian Business
IKEA UAE announces massive 50% off discount on storage solutions
IKEA has announced discounts of up to 50 per cent on storage solutions across its UAE stores and online platform, running until July 6. The promotion covers wardrobes, chests of drawers, and shoe cabinets, available through both physical stores and the company's online portal at The retailer has structured the offer as a limited-time IKEA Family promotion, targeting customers seeking home storage upgrades. View this post on Instagram A post shared by IKEA UAE (@ikeauae) Blue Rewards members receive extra 10% cashback on IKEA storage sale Blue Rewards members receive an additional 10 per cent cashback on items included in the sale, extending the value proposition for participating customers. The promotion targets customers looking to maximise space or update room aesthetics through storage solutions. All IKEA stores in the UAE will participate in the sale, alongside the online shopping platform. Customers can contact IKEA for further information through the toll-free number 800 IKEA (800 4532). The sale period spans 18 days, concluding on July 6. IKEA has positioned the promotion as an opportunity for customers to combine style and value in their home storage upgrades. The retailer operates both in-store and online channels for customer access to the discounted products.
Al Etihad
7 hours ago
- Al Etihad
Abu Dhabi holds awareness sessions about Emirati Family Growth Programme, Numou and Medeem initiative
21 June 2025 13:17 ABU DHABI (ALETIHAD)The Department of Community Development (DCD), in collaboration with the Presidential Court Majalis Abu Dhabi, has hosted a series of sessions for community members to raise awareness on the Medeem initiative and the Emirati Family Growth Program, sessions shed light on the objectives and successes of both initiatives, encouraging youth and soon-to-be-married couples to embrace an approach rooted in Emirati heritage—one that promotes simplicity, mutual understanding, and shared responsibility as the foundation for happy, stable sessions, which were attended by Dr Mugheer Al Khaili, Chairman of DCD, and Engineer Hamad Ali Al Dhaheri, Undersecretary of DCD, and included a series of interactive discussion sessions across Abu Dhabi, Al Ain and Al sessions fostered direct engagement with community members, addressing their questions, gathering feedback, and sharing insights on the design and impact of both Medeem and highlighted the critical role of the sessions as open forums for meaningful dialogue where youth and families can share their experiences, including success stories from Medeem, which has empowered couples to build stable marriages with reduced financial burdens. Aligned with the Year of the Community, the department reaffirmed its commitment to collaborating with partners like Majalis Abu Dhabi to deliver tailored community programmes that meet the needs of the youth and Emirati families. These efforts underscore the enduring importance of reaching diverse segments of the community across all regions of the emirate. The sessions were held at various community majalis across Abu Dhabi, Al Ain, and Al Dhafra, including Baniyas Majlis, Al Aliah Majlis, Mazid Majlis, Al Masoudi Majlis, and Mohammed Al Mahmoud Majlis. In the Al Dhafra region, a session was also hosted at the Madinat Zayed Majlis. Source: Aletihad - Abu Dhabi
The National
11 hours ago
- The National
UAE Property: ‘I'm worried the seller is unduly delaying my house purchase'
Question: I signed a memorandum of understanding on March 4 for the purchase of a property at Gate Tower, Abu Dhabi. The original agreement was valid for 60 days. However, due to delays in the bank loan process, the seller decided to withdraw from the sale. About a week later, the seller reconsidered and agreed to proceed with the sale. We did not sign a new memorandum of understanding, as advised by the agent handling the transaction. Now, as we are already into the third week of June, certain pending actions remain from the seller and the agent holding the power of attorney. Could you advise what steps I can take to help move the process forward, as the delay is becoming longer than anticipated? My blank cheque as security deposit of 10 per cent of the property price is with the agent. AA, Abu Dhabi Answer: The first thing to point out is that not signing a new written agreement was a bad move because now you are reliant on a verbal agreement, where the parties don't have any legal redress should they fail to fulfil the wishes of all. These delays would worry me because the tide has turned from your side being the one that had issues leading to delays, but now the delay is with the seller. If all parties are in agreement and even at this late stage, I would still urge you to firstly sign an addendum to the expired memorandum of understanding clearly stating the obligations of all parties in order to finalise this sale, after which all parties can work to finish this transaction, assuming all still wish to do so. This is where my concerns are. It's possible that the seller may use this delay to look for another buyer or indeed has one already but just has not informed you yet. I know this is pure speculation, but my experience has shown me that when the seller delays, especially in a rising market, it's because he wants a better deal. I suggest you bring all parties together to agree once and for all if this deal is going ahead because with an expired memorandum of understanding in hand, nobody has any rights. Q: I have a question regarding an office rental situation. If I provide a tenant with a 12-month eviction notice due to the sale of the property, and after the tenant vacates, I later invite them to return but they decline, would I be legally allowed to rent the office to someone else? I recently purchased an office property and understand that the previous owner issued a 12-month eviction notice to the tenant due to the sale of the property. I assume that this eviction notice remains valid under my ownership, just as the lease contract would. Could you confirm if this is correct? Additionally, as the new owner, once the tenant vacates the property, am I permitted to lease it to a new tenant immediately? JL, Dubai A: The outgoing tenant always has the first right of refusal after a forced eviction, so if you re-offer the unit to the outgoing tenant and they are not interested to return, you would need to have this in writing, preferably notarised, after which you can re-let the property again. The reason of the notarised notice is because a landlord technically cannot evict one tenant to then just re-let it out to another. That's why the outgoing tenant has the right of refusal and if they do not exercise that right, you can move forward and re-let the property immediately. Your second point is correct, as long as the eviction notice was sent by notary public and/or registered mail and was for the statutory 12 months' notice, you can use this for your own gain, even if it was sent by the previous owner. This has now been made possible by judges at the Rental Dispute Settlement Committee agreeing that the notice served is transferable when previously it wasn't. Before this law change, you would have had to serve another 12 months' eviction notice to the tenant yourself.
