ABU DHABI, UAE – The Abu Dhabi’s “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department of Economic Development (ADDED), has reported annual growth of major indicators.
The report emphasizes the business ecosystem’s attractiveness and its ability to attract quality investments, supported by the Emirate’s 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 licenses were issued in 2023, comprising 94.1 percent of the total, while new occupational licenses and professional licenses touched 411 and 410, respectively.
The total capital of new economic licenses announced during the past year exceeded AED210.7 billion.
A total of 25,647 new economic licenses were issued in 2023 and 75,778 licenses were renewed, a growth of 3.5 percent.
Active licenses 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 licenses during the past year reaching 363, an increase of 51.25 percent.
New tourism licenses reached 219, an increase of 22.35 percent, while the growth rate of new licenses 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, a whopping 201.9 percent rise.
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.”
He said, “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.”
He added, “We are continuing to provide promising opportunities for investors, entrepreneurs and distinguished talents.”
Mohammed Munif Al Mansouri, Executive Director of the Abu Dhabi Business Center, 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.”