Blitz Bureau
The UAE witnessed a 3.8 per cent annual expansion in its gross domestic product in the first nine months of 2024, driven by the growth of the Emirates’ non-oil sector.
Also, the non-oil economy grew by 4.5 per cent year on year to 987 billion dirhams ($268.74 billion), the state news agency WAM reported. The report added that the contribution of non-oil activities to UAE’s real GDP reached 74.6 per cent by the end of the first nine months of 2024, while oil-related activities contributed 25.4 per cent.
Abdullah bin Touq Al Marri, UAE’s minister of economy, said that the continuous growth of the country’s economy reaffirms the success of the emirates’ economic policies and strategies to enhance diversification. Key sectors including manufacturing, construction, finance and insurance, information and communication, wholesale and retail trade, education, and health, achieved their highestever 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 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.
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. The construction sector followed closely, contributing 9.1 per cent 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-onyear 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.
