Rising Above: Abu Dhabi's Economic Landscape Shines in 2023

Abu Dhabi, the thriving capital of the United Arab Emirates, has once again asserted its economic prowess with the release of the 'Business Activity Report' for the year 2023 by the Abu Dhabi Department of Economic Development (ADDED). This comprehensive report not only signifies sustained growth but also reflects the Emirate's unwavering commitment to fostering a robust business ecosystem.

In a testament to its economic resilience, Abu Dhabi reported substantial annual growth in major economic indicators, underlining the attractiveness of its business environment and its knack for attracting high-quality investments. The Emirate's commitment to adhering to both local and international standards of legislation, transparency, and governance further emphasizes its standing as a global business leader.

A key highlight from the report is the Emirate's stellar economic growth, particularly in non-oil sectors, contributing a significant 52.8% to Abu Dhabi's GDP. The issuance of 25,647 new economic licenses in 2023, coupled with a 3.5% growth in license renewals (75,778 in total), showcases a robust and confident business sector. Active licenses witnessed a substantial surge of 10.9%, reaching 143,617 licenses compared to the previous year.

Sectoral diversification played a pivotal role in Abu Dhabi's economic story in 2023. The professional, tourism, industrial, agricultural, fishery, and livestock sectors experienced remarkable growth. Notably, new industrial licenses increased by an impressive 51.25%, while tourism licenses saw a surge of 22.35%. The agriculture, fishery, and livestock sectors witnessed an outstanding growth rate of 288.46% compared to the year 2022.

The Emirate's commitment to transparency and governance is underscored by the rise in 'Real Beneficiary' requests, growing by a staggering 201.9% from 16,282 to 49,163. Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, emphasizes that the report reflects the success of initiatives focused on economic diversification, infrastructure development, and the continuous enhancement of legislative and regulatory frameworks.

Mohammed Munif Al Mansouri, Executive Director of the Abu Dhabi Business Centre, points out that the report's indicators showcase the flexibility and vitality of Abu Dhabi's business sector, providing attractive opportunities for entrepreneurs and investors globally.

As Abu Dhabi continues to make strides in economic development, this report serves as a valuable resource for investors, entrepreneurs, and stakeholders looking to engage with a dynamic and prosperous business landscape.

For an in-depth analysis of Abu Dhabi's economic triumph and to explore the complete 'Business Activity Report,' Abu Dhabi's commitment to providing promising opportunities for investors, ensuring ease of doing business, and increasing global competitiveness remains unwavering.