Abu Dhabi’s economy achieved a robust 3.8% growth in 2024, reaching a record-breaking gross domestic product (GDP) of AED 1.2 trillion (USD 326 billion), according to preliminary estimates from the Statistics Center of Abu Dhabi (SCAD). The emirate’s non-oil sector led the charge, growing by 6.2% and contributing an unprecedented 54.7% to total GDP, with a value of AED 644.3 billion (USD 175 billion). This marks the third straight year of record highs for both total and non-oil GDP, showcasing Abu Dhabi’s successful push toward economic diversification.
The manufacturing sector emerged as the top non-oil contributor, adding AED 111.6 billion (USD 30.4 billion) to the economy with a steady 9.5% share and a 2.7% growth rate. This performance highlights the impact of the Abu Dhabi Industrial Strategy (ADIS) in establishing the emirate as a leading industrial hub. Construction followed as a close second, surging 11.3% to a record AED 107.4 billion (USD 29.2 billion), representing 9.1% of GDP, fueled by major infrastructure investments.
Other standout sectors included finance and insurance, which grew 10.7% to AED 77.8 billion (USD 21.1 billion), accounting for 6.6% of GDP, and the transportation and storage sector, which posted the year’s highest growth rate at 16.9%, reaching AED 27.8 billion (USD 7.5 billion). The information and communication sector added AED 32.2 billion (USD 8.8 billion) with a 6.6% increase, while wholesale and retail trade hit AED 62.7 billion (USD 17.1 billion), up 2.2%. Real estate expanded by 4.2% to AED 41.7 billion (USD 11.4 billion), and key service sectors like education and health reached new peaks at AED 20.4 billion (USD 5.6 billion) and AED 17 billion (USD 4.6 billion), respectively.
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), hailed the results as evidence of the emirate’s “Falcon Economy” thriving under forward-looking strategies. “With a GDP of USD 326 billion and non-oil sectors driving over half the economy, Abu Dhabi is cementing its role as a global economic powerhouse,” he said. He credited visionary leadership and the Economic Diversification 2.0 initiatives for accelerating sustainable growth and attracting a 300% surge in foreign investment over the past decade.
Abdulla Gharib Alqemzi, SCAD’s Director-General, emphasized the emirate’s transformation, noting, “The 54.7% non-oil contribution reflects Abu Dhabi’s focus on creating an investment-friendly ecosystem and boosting high-growth industries.” In Q4 2024 alone, GDP rose 4.4%, with non-oil GDP up 6.6%, reinforcing the year’s strong momentum.
Abu Dhabi’s 2024 performance underscores its strategic shift away from oil dependency, positioning it as a hub for industry, finance, and innovation while prioritizing human capital and sustainability.
