Abu Dhabi's economy expanded by 3.8 per cent annually in 2024 to reach an all-time high value of Dh1.2 trillion as the emirate's non-oil sector continued to grow amid its diversification push.
The emirate's non-oil sector during the 12-month period grew 6.2 per cent to Dh644.3 billion, marking its highest annual contribution yet to the total gross domestic product at 54.7 per cent, Wam reported on Friday, quoting data from the Statistics Centre – Abu Dhabi.
Sectors including manufacturing, construction, finance and insurance, information and communication, wholesale and retail trade, education and health achieved their highest-ever growth values, “reflecting the emirate's commitment to industrial development, infrastructure investment and human capital enhancement”, the report said.
Abu Dhabi has continued its shift away from oil and has taken several measures to attract international investors, boost its competitiveness and improve the ease of conducting business.
In 2022, the emirate launched an industrial strategy to improve the contribution of the sector to the economy, by investing Dh10 billion across six programmes to more than double the emirate’s manufacturing to Dh172 billion by 2031.
Abu Dhabi also plans to boost the tourism sector's contribution to its GDP to 12 per cent by 2030, from 5 per cent in 2023. It has also laid out long-term strategies to further develop sectors including aviation and technology, with new investments in artificial intelligence.
The record-breaking 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“, Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, said.
“We are future-proofing Abu Dhabi's economy through...initiatives that drive industrial transformation, stimulate sustainable growth and reshape tomorrow's economy.”
The manufacturing sector grew by 2.7 per cent annually last year, contributing 9.5 per cent to the total GDP, while the construction sector expanded by 11.3 per cent with a 9.1 per cent contribution and financial and insurance sector by 10.7 per cent, with its contribution at 6.6 per cent of the total GDP.
The information and communication sector, meanwhile, grew by 6.6 per cent year-on-year to reach a record value of Dh32.2 billion and contributing 2.2 per cent to Abu Dhabi's total GDP in 2024.
The transportation and storage sector achieved the highest growth rate among all industries last year at 16.9 per cent, driven by infrastructure investments, logistics advancements and increased trade activity, the report said.
The sector's contribution to Abu Dhabi's economy stands at 2.4 per cent with a total value of Dh27.8 billion.
The real estate sector grew by 4.2 per cent in 2024, amid continued demand.
In the fourth quarter of 2024, Abu Dhabi's GDP expanded by 4.4 per cent, while non-oil GDP expanded by 6.6 per cent, maintaining its record-high contribution of 54.7 per cent to the total GDP, according to the report.