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February 22, 2024

Abu Dhabi issued over 24,000 new economic licences last year

Abu Dhabi Department of Economic Development has reported solid annual growth of major indicators, emphasising 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% of Abu Dhabi’s GDP.
 A total of 24,143 commercial sector licences were issued in 2023, comprising 94.1% of the total, while new occupational licences and professional licences touched 411 and 410, respectively, said ADDED in its Business Activity Report for the year 2023.
A total of 25,647 new economic licences were issued last year (2023), and 75,778 licenses were renewed, a growth of 3.5%. Active licences in the Emirate increased to 143,617, a growth of 10.9% compared to the year 2022.
According to ADDED, the total capital of new economic licences announced during the past year surged to over AED210.7 billion ($57.3 billion).
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%.
New tourism licenses reached 219, an increase of 22.35%; while the growth rate of new licences in agriculture, fishery, and livestock touched 288.46% compared to 2022, it stated.
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% rise.
Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, said the Activity Report for 2023 reflects the emirate’s ability to attract quality investments and demonstrates the effectiveness of the Department’s initiatives.
“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. We are continuing to provide promising opportunities for investors, entrepreneurs, and distinguished talents,” he added.