Abu Dhabi’s GDP grew by 3.3% year-on-year in Q1 2024, largely due to the expansion of non-oil economic activities.

Indeed, the Statistics Centre of Abu Dhabi (SCAD) reported that non-oil GDP saw a notable increase of 4.7% during the first three months of this year.

This trend of strong performance in non-oil sectors is also seen in Saudi Arabia, where real GDP is projected to grow by 2.5% in 2024, supported by a solid 4.8% increase in non-oil private activities, Arab News reports.

In addition, economic growth in the Gulf Cooperation Council region is expected to rebound to 2.8% this year and 4.7% in 2025, according to the World Bank’s Spring 2024 Gulf Economic Update.

The SCAD report highlighted that the transportation, construction, financial services, accommodation, and food sectors drove the positive trend, demonstrating the effectiveness of the government's economic diversification policies.

The centre's estimates showed that non-oil activities accounted for 54.1% of Abu Dhabi's overall economy during that period, marking the highest level since 2015.

Furthermore, the quarterly value of the non-oil economy reached 154.7 billion Dirhams ($42.1 billion), while the total value of Abu Dhabi’s economy, including both oil and non-oil sectors, stood at 286 billion Dirhams.

“Our economy continues to deliver consistent, stellar growth, reaffirming its resilience and dynamism to navigate headwinds and global challenges impacting all economies and sectors,” said Chairman of the Abu Dhabi Department of Economic Development, Ahmed Jasim Al-Zaabi.

“Guided by the leadership’s far-sighted vision and backed by strong fundamentals, Abu Dhabi’s soaring Falcon Economy has taken great strides to accelerate growth and transition to a smart, diversified, inclusive and sustainable economy,” he added.

Al-Zaabi stressed that with this growth, they are advancing their strategies to solidify Abu Dhabi’s status as a global hub for exceptional talent, businesses, and investments.