Abu Dhabi’s Non-Oil Sector Drives Strong Second-Quarter Economic Growth

Abu Dhabi’s economy continued its strong performance in the second quarter of 2024, with its GDP expanding by an annualized 4.1%. The emirate’s economic output reached a record Dh297 billion ($80.87 billion) in the April-June period, demonstrating the effectiveness of its ongoing efforts to diversify away from oil and gas.

The non-oil sector has been the primary driver of Abu Dhabi’s economic growth. In the second quarter, this sector expanded by an impressive 6.6%, reaching a record Dh164.2 billion. This robust performance highlights the success of the emirate’s strategy to develop a more diversified and sustainable economy.

The non-oil sector now accounts for over 55.2% of Abu Dhabi’s total economic output, its highest share since late 2014. For the first half of the year, the non-oil sector grew by 5.7% year-on-year.

“The continued strength of our economy reflects its resilience and adaptability in the face of global economic shifts,” said Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development. “Our diversification efforts have positioned Abu Dhabi as a global hub for talent, businesses, and investment.”

Several key sectors have contributed to the emirate’s non-oil growth:

• Construction: This sector grew by 11.5% year-on-year, reaching a quarterly value of Dh27.5 billion.
• Manufacturing: The manufacturing sector expanded by 2.6%, with its value reaching Dh26.8 billion.
• **Finance and