Abu Dhabi Witnesses Non-oil Activity Boom, $57.4 Billion New Business Capital, Tourism And Industry Growth
Abu Dhabi witnessed a period of sustained growth in 2023, with an increase in the number of economic licences as non-oil businesses continued to thrive.
The total capital of new economic licences announced during the past year exceeded AED210.7bn ($57.4bn).
Abu Dhabi’s “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department of Economic Development (ADDED), has reported the annual growth of major indicators, emphasising the business ecosystem’s attractiveness and its ability to attract quality investments.
Abu Dhabi Business Activity Report
The report shows strong economic growth, especially within non-oil sectors, which contribute 52.8 percent of Abu Dhabi’s GDP.
According to the report, 24,143 commercial sector licences were issued in 2023, comprising 94.1 percent of the total, while new occupational licences and professional licences touched 411 and 410, respectively.
A total of 25,647 new economic licences were issued last year (2023), and 75,778 licences were renewed, a growth of 3.5 ppercent
Active licences in the Emirate increased to 143,617, a growth of 10.9 percent compared to the year 2022.
Last year witnessed remarkable growth in the professional, tourism, industrial, agricultural, fishery, and livestock sectors, with the number of new industrial licences during the past year reaching 363, an increase of 51.25 percent.
New tourism licences reached 219, an increase of 22.35 percent, while the growth rate of new licences in agriculture, fishery, and livestock touched 288.46 percent compared to 2022.
The report highlighted the rise in “real beneficiary” requests, which witnessed remarkable growth during the past year, increasing from 16,282 to 49,163, an increase of 201.9 percent.
Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, said: “The Business Activity Report for last year reflects the Emirate’s ability to attract quality investments and demonstrates the effectiveness of the initiatives launched by ADDED.
“The findings show that we are delivering the objectives of the economic diversification strategy through infrastructure and digital transformation and the continuous development of legislative and regulatory frameworks.
“We are continuing to provide promising opportunities for investors, entrepreneurs, and distinguished talents.”
Mohammed Munif Al Mansouri, Executive Director of the Abu Dhabi Business Centre, said: “The indicators of last year’s annual report are a testament to the flexibility and vitality of Abu Dhabi’s business sector and its ability to provide attractive opportunities for entrepreneurs and investors from inside and outside the UAE.”
