Skip to content Skip to Search
Skip navigation

Construction leads non-oil boost to Abu Dhabi’s GDP

Construction, Abu Dhabi Creative Commons/jaavaaguru
Abu Dhabi's construction sector contributed 8.5% to total GDP in the first quarter of 2023
  • Highest construction economic growth for nine years
  • New building completion rate up 37% year on year
  • Non-oil GDP up 6.1% for Q1 2023

Construction in Abu Dhabi grew by 14.4 percent in the first quarter of 2023 – the highest rate for nine years – contributing 8.5 percent to the emirate’s overall GDP.

Completion rates of new buildings rose 37 percent year on year, according to Statistics Centre Abu Dhabi, pushed by interest from local and national investors.

Non-oil activities in Abu Dhabi grew by 6.1 percent over the period and made up 52.8 percent of total GDP, an eight-year high.

The wholesale and retail trade, accommodation and food services, transport and storage, and financial and insurance activities sectors also reported strong growth.

Total GDP over the period grew 3.9 percent to AED276.6 billion, according to Wam news agency.

Abu Dhabi’s economy achieved the highest growth rate in the Middle East and North Africa region last year, with GDP growing 9.3 percent, SCAD said.

Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, said: “Abu Dhabi is committed to strengthening its economic scene by achieving a strong, stable, smart and sustainable knowledge economy.

“The non-oil activities have been experiencing strong growth rates despite mounting challenges in the global landscape.”

Latest articles

Men walk past an HSBC branch in Manama. HSBC Bank Middle East made pre-tax profit of $1.2bn in 2023

HSBC’s Middle East unit increases lending in Q4

HSBC’s Middle East subsidiary expanded its loan book in the fourth quarter, outperforming the bank’s other units. Customer lending at HSBC Bank Middle East was $20 billion on December 31, up $1.6 billion, or 8 percent, on three months earlier. Worldwide, HSBC’s customer lending fell by 2 percent over the same period. The Middle East […]

Abdullah Binghannam, deputy head of financing and investment at the Capital Market Authority, spoke on the second day of the forum in Riyadh

Saudi Arabia prods blue chips to list more shares

Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre.  Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was […]

Al Jaber and IAE representatives met in Paris and discussed ways to support climate change commitments

Take action to keep climate goal in reach, urges Al Jaber

The UAE consensus achieved at the Cop28 summit in Dubai set a clear roadmap for keeping global temperature rise to within 1.5C. Now the world must turn the plan into action and results, said Cop28 president Sultan Al Jaber.  Al Jaber told the International Energy Agency roundtable in Paris on Tuesday that all stakeholders must […]

Bahrain investments Manama skyline

Financial services help Bahrain to record $1.7bn in investments

Bahrain attracted more than $1.7 billion in investments last year through its government-backed investment company. The financial services sector was the main driver. The figure, released by the Bahrain Economic Development Board, was 55 percent up on 2022. The investments covered 85 local and international projects, which are forecast to create 5,700 jobs in Bahrain […]