The Abu Dhabi Department of Economic Development (ADDED) has issued the Business Activity Report for 2023, highlighting annual growth of major indicators, supported by the emirate’s strong economic growth, especially in non-oil sectors.
The report emphasises the business ecosystem’s attractiveness and its ability to lure quality investments, in addition to shining the light on businesses’ commitment to respect legislation, regulations and standards of transparency, reported the Abu Dhabi Media Office.
The year 2023 marked the issuance of 24,143 commercial sector licences, comprising 94.1% of the total. New occupational licences and professional licences reached 411 and 410, respectively. The total capital of new economic licences exceeded Dh210.7 billion.
Preferred destination for talents, investments, businesses
The number of new economic licences issued last year reached a total of 25,647. Meanwhile, 75,778 licenses were renewed. The number of active licences in Abu Dhabi increased to a staggering 143,617, representing a growth of 10.9% on previous year numbers.
Last year also noted remarkable growth in the professional, tourism, industrial, agricultural, fishery and livestock sectors. The number of new industrial licences touched 363, marking an increase of 51.25%. New tourism licences reached 219, an increase of 22.35%.
In a notable development, the growth rate of new licences in agriculture, fishery and livestock reached 288.46% compared to the year before. In addition, the report also highlighted a stunning 201.9% rise in ‘Real Beneficiary’ requests, as it increased from 16,282 to 49,163.
Flexibility and vitality of Abu Dhabi’s business sector
Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, said the growth in Real Beneficiary requests confirms the success of programmes and campaigns aimed at increasing investors and business owners’ knowledge of their importance in providing the frameworks and accurate information necessary to consolidate investor confidence.
HE highlighted the emirate’s respect for regulations and standards. In addition, he noted the UAE capital’s commitment to further develop partnerships between the public and private sectors, meet the requirements of investors, and ensure ease of doing business, in order to consolidate Abu Dhabi’s position as preferred destination for talents and businesses.
“The indicators of last year’s annual report are testament to the flexibility and vitality of Abu Dhabi’s business sector and its ability to provide attractive opportunities,” said HE Mohammed Munif Al Mansouri, Executive Director of the Abu Dhabi Business Centre.
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