Abu Dhabi's Q2 2024 Economic Surge Driven by Non-Oil Sectors

Abu Dhabi's economy saw a 4.1% growth in Q2 2024, spurred by non-oil sectors such as construction, manufacturing, and finance. The non-oil sector's GDP contribution reached 55%, the highest in a decade. Efforts to diversify the economy and attract foreign investments have significantly aided this performance.

Abu Dhabi's economy grew 4.1% in the second quarter of 2024, according to preliminary government estimates, largely driven by non-oil sectors as the city-state accelerates its diversification efforts.

The United Arab Emirates capital's GDP for Q2 reached 297 billion dirhams ($80.87 billion), with non-oil sectors contributing 164.2 billion dirhams, the highest percentage in about a decade at over 55%. Non-oil GDP surged 6.6% in Q2, outperforming overall GDP growth, led by increases in construction, manufacturing, and finance and insurance activities.

Ahmed Jasim Al Zaabi, chairman of Abu Dhabi's economic development department, stated, "The continued strong performance of our economy over the past years is a testament to its resilience and agility in responding positively to mega shifts in the global economy as we accelerate the transition to a diversified, smart, and sustainable economy." Abu Dhabi's economy grew 3.7% in the first half of the year compared to the previous year period. The emirate, holding over 90% of the UAE's oil reserves, leverages its wealth and sovereign funds to boost non-oil growth and attract foreign investment.

(With inputs from agencies.)