Abu Dhabi’s Economic Surge Complementing Dubai’s Role in UAE’s Growth5 min read
- 03.10.2024
- Posted by: Michelle Reinhard
- Categories: Dubai, Middle East
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Recent data from the Statistics Centre—Abu Dhabi (SCAD) shows a 4.1% GDP growth in Q2 2024, with non-oil GDP rising by 6.6% to AED 164.2 billion. Non-oil GDP now makes up 55.2% of Abu Dhabi’s economy, highlighting the Emirate’s successful economic diversification.
Key Growth Sectors in Abu Dhabi
Several sectors in Abu Dhabi are showing remarkable expansion:
- Construction: 11.5% growth, reaching AED 27.5 billion
- Finance and Insurance: 13.4% growth, contributing 7.4% to GDP
- Transportation and Storage: 15.2% growth
- Real Estate: 5.5% growth
Dubai's Complementary Position
While Abu Dhabi is experiencing this growth, Dubai continues to play a crucial role in the UAE’s economic landscape:
- Established Business Hub: Dubai maintains its position as a global business center
- Tourism and Hospitality: Remains a world-leading destination
- International Trade: Dubai’s ports and free zones facilitate significant trade flows
- Innovation and Technology: Continues to attract tech companies and startups
The Abu Dhabi - Dubai Alliance
- Increased Regional Investment: Abu Dhabi’s growth is attracting more attention to the UAE as a whole
- Infrastructure Development: Improved connectivity between the Emirates, such as the Etihad Rail project
- Complementary Specializations: Each Emirate is focusing on different sectors, creating a more comprehensive economic ecosystem
- Regulatory Alignment: Potential for greater harmonization of business regulations across the UAE
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