Abu Dhabi's Economy Grows 3.8% in 2024, Non-Oil Sector Leads

Post by: Omar Nasser

Photo : Abu Dhabi Media Office

Abu Dhabi's economy grew well in 2024, with new numbers showing that the city's total income (GDP) reached AED 1.2 trillion. This is the highest it has ever been. The main reason for this growth is businesses that do not depend on oil. These businesses grew by 6.2% and now make up 54.7% of the total economy.

Abu Dhabi has worked hard to build strong industries like factories, building work, banking, shops, schools, and hospitals. These areas have seen their best growth ever. This shows that the city is not just relying on oil but is looking for other ways to grow.

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Ahmed Jasim Al Zaabi, a top government leader, said that Abu Dhabi’s economy is moving in the right direction. He said the city’s smart plans are helping businesses grow and bringing in new workers and investors from around the world. He also said that Abu Dhabi is preparing for the future by supporting modern industries and smart technology.

Another top official, Abdulla Gharib Alqemzi, said that Abu Dhabi has made it easier for businesses to grow. Because of this, foreign investments have increased by 300% in the past ten years.

One of the biggest parts of Abu Dhabi’s economy is making things in factories. This area contributed AED 111.6 billion in 2024, growing by 2.7%. Building and construction also did very well, growing by 11.3% and reaching AED 107.4 billion.

The banking and insurance business also became stronger, growing by 10.7% to reach AED 77.8 billion. Communication and information businesses saw a 6.6% rise, reaching AED 32.2 billion.

Shops and trade businesses had their best year yet, reaching AED 62.7 billion, while transport and storage services grew the most, increasing by 16.9%.

The real estate market, where people buy and sell houses, also grew by 4.2%, reaching AED 41.7 billion. Schools and hospitals had strong growth too, with schools reaching AED 20.4 billion and hospitals reaching AED 17 billion.

At the end of 2024, in the last three months, the economy grew by 4.4%, and businesses that do not depend on oil grew by 6.6%. This shows that Abu Dhabi is on a steady path of success, with more industries growing and the economy becoming more balanced.

Abu Dhabi's future looks bright as it continues to bring in more businesses and create more jobs, making it one of the strongest cities for business and work.

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