338.9 billion dirhams, the private sector’s contribution to the Abu Dhabi economy during 2023, an increase of 35% in 8 years
ABU DHABI, 4 April / WAM / The private sector in Abu Dhabi continued its strong growth, as its contribution to the emirate’s local economy rose to 338.9 billion dirhams, an increase of 35 percent in 8 years compared to 2016.
The non-oil sectors witnessed remarkable growth, supported by the efforts of the private sector and family companies, as they recorded a growth of 9.1 percent during the year 2023, reaching a value of 610 billion dirhams, and contributing 53.4 percent to the real domestic product of the Emirate of Abu Dhabi.
This came during the second edition of the quarterly “Forum” sessions organized by the Department of Economic Development – Abu Dhabi in cooperation with the Abu Dhabi Investment Office, the day before yesterday, in order to inform the business community of the latest information and trends related to the emirate’s economy and the achievements of the year 2023, and to shed light on future opportunities.
The “Forum” sessions, which were launched in the last quarter of last year, aim to enable the Emirate of Abu Dhabi to accelerate the pace of economic growth, as it represents an appropriate platform for dialogue and strengthening partnerships with the private sector and family companies and informing them of the investment opportunities available to achieve their goals, which contributes to supporting investments. And developing new policies to strengthen the business system in the Emirate of Abu Dhabi.
His Excellency Ahmed Jassim Al Zaabi, Chairman of the Department of Economic Development – Abu Dhabi, said: “The growth indicators in the Emirate of Abu Dhabi demonstrate the importance of partnership between the government and private sectors, and also confirm our ability to achieve this strong economic performance despite global challenges, which reflects the strength and flexibility of the ‘Falcon Economy’. ‘And his ability to soar to new heights.’
He added: “Based on their experience spanning several decades, family businesses and the private sector in Abu Dhabi continue their efforts in supporting economic diversification, and their contribution to the highest growing non-oil sectors indicates the importance of the vital role they play.”
He said: “Family companies in Abu Dhabi represent 50 percent of the companies in the building and construction sector, which achieved a growth of 13.1 percent in 2023, compared to 2022, to reach more than 97 billion dirhams. They also represent 60 percent of the financial sector companies that It recorded a growth of 25.5 percent to 79 billion dirhams, and 80 percent came from the wholesale trade sector, which rose by 7.9 percent to reach 63 billion dirhams. In the transportation sector, family companies represent 70 percent of the sector’s companies, which increased by 17.1 percent over the past year.”
His Excellency added: “In the first session of the forum, we emphasized the key role that family businesses and the private sector play in the success of Abu Dhabi and the UAE. Today, I reiterate the importance of discussing the broad and promising opportunities, identifying the most important challenges and working together to overcome them, and we will be keen to organize these meetings.” On an ongoing basis in order to ensure the exchange of opinions and benefit from your extensive experience and knowledge.”
For his part, His Excellency Abdullah Ghareeb Al Qamzi, Acting Director General of the Statistics Center – Abu Dhabi, gave a comprehensive presentation on Abu Dhabi’s economic performance during the past ten years, which witnessed a remarkable growth in non-oil GDP by 28.5 percent, reaching 610 billion dirhams in 2023. , compared to 474.6 billion dirhams in 2014, while the real gross domestic product increased by 19 percent to reach 1.14 trillion dirhams in 2023, compared to 960.1 billion dirhams in 2014.
His Excellency Al Qamzi highlighted the main sectors contributing to economic diversification efforts, including industry, building and construction, the financial sector, trade, transportation, the real estate sector, and information and communications technology.
During the session, the Musataha Program of the Abu Dhabi Investment Office revealed many investment opportunities available to the private sector, which enable investors to develop government-owned lands, and announced opportunities in the sports field in various regions of the emirate, in addition to new sites that will be offered to develop feed selling markets.
The Abu Dhabi Investment Office signed a Musataha agreement with Dastur Marine Wooden Boat Trading Company to establish a new and advanced project to support marine and coastal activities in the Emirate of Abu Dhabi in line with development and expansion plans that focus on the urban, social, recreational and economic aspects. The Industrial Development Office and the Small and Medium Enterprises Sector of the Department of Economic Development presented – Abu Dhabi initiatives and steps to improve business practice and enable the private sector to benefit from the broad opportunities provided by development plans in Abu Dhabi.
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