Abu Dhabi’s private sector grows by over  35 percent in 2023

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ADIO announced investment opportunities in the sports field.
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  • Al Multaqa Meetings empower Abu Dhabi to accelerate economic growth, by providing a platform to support investment.
  • Supported by private sector and family-owned businesses, Abu Dhabi’s non-oil sectors is going from strength to strength.

ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office (ADIO), the second edition of Al Multaqa quarterly meetings, presenting business community with recent updates on the Emirate’s economy and achievements in 2023 and highlighting future opportunities.

Launched in Q4-2023, Al Multaqa Meetings empower Abu Dhabi to accelerate economic growth, by providing a platform to support investment and the development of new policies that further enhance the Emirate’s business environment.

In 2023, the private sector continued its strong growth, reaching US$92.2 billion (AED 338.9 billion), up 35 percent compared to 2016.

Supported by private sector and family-owned businesses, Abu Dhabi’s non-oil sectors is going from strength to strength, recording a growth of 9.1 percent during 2023 to US$166 billion (AED 610 billion) to contribute 53.4 percent of total real GDP.

Addressing Al Multaqa meeting, Ahmed Jasim Al Zaabi, ADDED Chairman said, “The importance of our collaborative efforts is reflected in Abu Dhabi’s growth indicators. Remarkably, we managed to achieve this strong performance despite global challenges, reflecting the strength and resilience of our ‘Falcon Economy’ and its ability to soar to new heights.”

He said, “Backed by decades-long experience, the private sector and family-owned businesses in Abu Dhabi continue to contribute to economic diversification as evidenced by their share in the highest growing non-oil sectors.”

Family-owned businesses in Abu Dhabi represent 50 percent of companies in the construction sector, which grew by 13.1 per cent in 2023 compared to 2022, reaching more than US$26 billion (AED97 billion).

They represent 60 percent in the finance sector, which rose by 25.5 percent to AED79 billion; 80 percent in the wholesale trade sector, which achieved a growth of 7.9 percent to reach AED63 billion; and 70 percent in the transportation sector, which rose by 17.1 percent during the past year.

Al Zaabi said, “In our first meeting, we underlined the crucial role that family offices and private sector play in Abu Dhabi and the UAE’s success. Today, I reiterate the importance of discussing promising opportunities, analyse challenges, and work together to overcome them.”

He said, “We are organizing these meetings to ensure the exchange of opinions and to benefit from the extensive experiences and knowledge.”

Abdulla Gharib Alqemzi, Acting Director General of the Statistics Centre – Abu Dhabi, delivered a comprehensive presentation about economic performance of the Emirate during the past 10 years.

The period saw a 28.5 percent growth of non-oil GDP, from AED 474.6 billion in 2014 to AED 610 billion in 2023, and a 19 percent rise of total real GDP, from AED 960.1 billion in 2014 to AED 1.14 trillion in 2023.

Alqemzi highlighted major sectors contributing to economic diversification efforts, including manufacturing, construction, finance, trade, transportation, real estate and ICT.

ADIO’s Musataha Program revealed several investment opportunities offered to the private sector, enabling investors to develop government-owned land.

ADIO also announced investment opportunities in the sports field in different areas of the Emirate in addition to new sites that will be offered to develop feed-selling markets.

ADIO has signed agreement with Dustour Marine Wooden Boats Trading Est. to establish a new state-of-the-art project to support the Emirate’s coastal development in line with urban, social, recreational and economic expansion plans.

ADDED’s Industrial Development Bureau (IDB) and SMEs sector shared significant updates to further improve ease of doing business and enable the private sector to benefit from ample opportunities provided by development plans.

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