Abu Dhabi’s economy expanded by 4.5% y-o-y in 3Q 2024 to an all-time quarterly high of AED 301.8 bn, according to an Abu Dhabi media office statement citing Statistics Centre – Abu Dhabi (SCAD) figures. The non-oil economy grew 6.6%, contributing 54% to GDP during the quarter, according to preliminary estimates by SCAD.

Sector highlights:

  • Manufacturing grew 2% to AED 29.4 bn, contributing 9.7% to the emirate’s GDP, remaining the largest non-oil activity for the seventh consecutive quarter.
  • Construction rose 10% to AED 26.7 bn, supported by investments in urban infrastructure and job creation, accounting for 8.8% of GDP.
  • Financial and ins. services grew 11.6% to AED 19.5 bn, reflecting increased loans and deposits in major banks, contributing 6.4% to Abu Dhabi’s GDP.
  • Real estate grew 6.1% to AED 10.7 bn, driven by increased investments in urban infrastructure projects, contributing 3.5% to Abu Dhabi’s GDP.
  • Transport and storage increased 18% to AED 7.1 bn, driven by higher cargo volumes, container handling, and port revenues.
  • Electricity, gas, and water expanded 5% to AED 5.5 bn, reflecting sustainability efforts, accounting for 1.8% of Abu Dhabi’s GDP.

In 9M 2024: GDP rose by 3.9% during the first nine months of 2024, with the non-oil economy growing 5.9%.

What they said: Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Al Zaabi attributed the results to the emirate’s proactive policies, significant capital investments, and focus on public-private partnerships. SCAD Director General Abdulla Gharib Alqemzi emphasized the role of data-driven decisions and foreign investments, which reached AED 904.5 bn in 2023, in bolstering economic development.

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