Abu Dhabi’s Economy Grew By 4.5% In Third Quarter Of 2024

The latest statistical report revealed that Abu Dhabi’s economy grew by 4.5% in the third quarter of 2024 compared to the same period in 2023. The non-oil economy marked robust growth of 6.6%, reflecting the emirate's strong economic momentum and its success in surpassing global expectations. 

Preliminary estimates released by the Statistics Centre – Abu Dhabi (SCAD) indicate that non-oil activities contributed 54% to the overall economy in the third quarter. In 2024, 144 new projects were approved by the Abu Dhabi government with a total budget of AED66 billion, focusing on vital areas such as housing, education, tourism, and natural resources.

According to the Abu Dhabi Media Office report, the transport and storage sector in the emirate recorded significant growth in Q3 2024, with a growth rate of 18% and value added at AED7.1 billion. The financial and insurance sector achieved a growth rate of 11.6% and contributed 6.4% to Abu Dhabi’s GDP. Meanwhile, in the real estate sector, growth was recorded at 6.1%.