Abu Dhabi’s non-oil GDP grew by 4.7 percent in the first quarter of 2024.

Abu Dhabi’s gross domestic product (GDP) grew by 3.3 percent in the first quarter of 2024 compared with the same period in the previous year.

Estimates from the Abu Dhabi Statistics Centre (SCAD) indicate that GDP excluding oil grew by 4.7 per cent during the period, driven by growth in all sectors of the economy except oil.

New record

According to statistical estimates, the share of non-oil activities in the overall economy of the emirate of Abu Dhabi reached its highest level since 2015 at 54.1%.

Specifically, the quarterly value of the non-oil economy surpassed the previous record, reaching AED 154.7 billion in the first quarter of 2024. The total value of the emirate’s economy (comprising both the oil and non-oil sectors) reached AED 286 billion during the period.

The transport, construction, financial activities and accommodation and catering sectors showed the greatest performance. This reflects the impact of the economic diversification policies implemented by the government.

“Our economy continues to deliver consistent, excellent growth, proving its resilience and dynamism to weather headwinds and global challenges affecting all economies and sectors. Driven by the far-sighted vision of our leaders and supported by strong fundamentals, Abu Dhabi’s soaring Falcon economy has made significant progress in accelerating growth and transitioning to a smart, diversified, inclusive and sustainable economy,” said Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED).

“With a 3.3 per cent increase in total GDP and a 4.7 per cent increase in the non-oil economy in the first three months of 2024, we are executing on our strategies to solidify Abu Dhabi’s position as a global magnet for outstanding talent, businesses and investments to grow and expand from the emirate and shape a brighter future for all. Our attributes as the Capital of Capital are attracting global financial powerhouses to Abu Dhabi, supporting a 9.7 per cent increase in financial activity and supercharging the non-oil sectors, which contributed 54.1 per cent to total GDP in the first quarter of 2024,” he added.

Top performers

Construction activity achieved a growth rate of 9.5 percent in the first quarter of 2024 compared to the same period last year. It contributed 8.8 percent to the overall economy, the highest in the last five years. This attractiveness to local and foreign investment is evident in the steady quarterly growth of 22.6 percent over the past decade. This growth coincided with an increase in the number of real estate units in the emirate, reaching a total of 754,555 units since 2011.

Meanwhile, the financial and insurance sector grew by 9.7%. The sector contributes 7 percent to the emirate’s economy. The value added by the sector increased by 39 percent over the past 10 years, reaching AED 20 billion in the first quarter of 2024.

In addition, the telecommunications and accommodation and catering sectors achieved growth rates of 5.9% and 6.2%, respectively. These figures underscore the emirate’s efforts to increase the contribution of the tourism sector to GDP. Similarly, transportation and warehousing activities grew by 14.4% in the first quarter of 2024 compared to the same period last year.

Manufacturing activities showed a growth rate of 1.7 per cent in Q1 2024 compared to the same period last year, contributing 8.7 per cent to the emirate’s GDP. The total quarterly value of this key sector exceeded AED 24.8 billion during the same period, representing a growth of 102 per cent over the past decade.

“The continued growth in non-oil sectors reinforces the emirate’s local and international leadership position as Abu Dhabi’s competitive investment climate attracts foreign investment, particularly in key areas such as construction, which contributed 8.8 per cent (over AED 25 billion) to the overall economy. This status reflects the emirate’s continued development in terms of its global position, with a focus on increasing GDP, non-oil exports and the contribution of the tourism sector to the economy,” said Abdulla Gharib Alqemzi, Acting Director General of the Abu Dhabi Statistics Centre.

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