abu dhabi's economic triumph in 2023 a detailed analysis
In a groundbreaking revelation, the ‘Business Activity Report’ for 2023, published by the Abu Dhabi Department of Economic Development (ADDED), has illuminated the significant strides in the Emirate’s economic landscape. This report serves as a testament to the flourishing business activity, underlining Abu Dhabi’s commitment to global standards and its prowess in attracting quality investments.
1. Robust Economic Expansion
Abu Dhabi’s economy, especially in non-oil sectors contributing 52.8% to the GDP, has witnessed robust growth. The issuance of 25,647 new economic licenses in 2023, along with a 3.5% growth in license renewals (75,778), signifies the Emirate’s resilience and confidence in its business sector.
2. Sectoral Breakdown
The past year showcased remarkable growth across diverse sectors:
– Professional Sector: New industrial licenses surged by 51.25%, reaching 363.
– Tourism Sector: 219 new tourism licenses were issued, marking a substantial 22.35% increase
– Agriculture, Fishery, and Livestock: The growth rate skyrocketed by 288.46% compared to 2022.
3. Commercial Sector Dominance
In 2023, a staggering 94.1% of the total licenses (24,143) belonged to the commercial sector. This dominance emphasizes Abu Dhabi’s position as a global business hub.
4. Financial Landscape
The total capital of new economic licenses in 2023 exceeded a remarkable AED 210.7 billion, indicating a robust financial landscape and strong investor confidence.
The ‘Business Activity Report’ not only highlights achievements but also underscores the efficacy of initiatives by ADDED to enhance business commitment and competitiveness:
1. Real Beneficiary Requests Soar
The rise in ‘Real Beneficiary’ requests, soaring from 16,282 to 49,163, signifies the success of awareness programs. This astonishing 201.9% growth showcases the Emirate’s dedication to transparency and investor confidence.
2. Leadership Perspectives
Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, emphasizes delivering economic diversification goals through infrastructure, digital transformation, and regulatory frameworks. Compliance with global standards remains a top priority, ensuring a vibrant and competitive business sector.
3. Role of Abu Dhabi Business Centre
Mohammed Munif Al Mansouri, Executive Director of the Abu Dhabi Business Centre, commends the flexibility and vitality of Abu Dhabi’s business sector. The initiatives undertaken ensure optimal conditions for growth, safeguarding consumer rights, intellectual property, and service quality.
In conclusion, Abu Dhabi’s economic triumph in 2023 showcases a dynamic and resilient business ecosystem. The Emirate’s commitment to global standards, coupled with strategic initiatives, solidifies its position as a preferred destination for talents, investments, and businesses.
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