New economic licenses in Abu Dhabi attracted over $57.3 billion in capital investments in 2023

A total of 25,647 new economic licenses were issued in 2023
New economic licenses in Abu Dhabi attracted over $57.3 billion in capital investments in 2023
24,143 commercial sector licenses issued in 2023 (Photo Credit: WAM)

The Abu Dhabi Department of Economic Development (ADDED) has released its “Business Activity Report” for 2023, revealing positive growth across key indicators. The report underscores the appeal of Abu Dhabi’s business ecosystem and its capacity to attract high-quality investments, supported by robust economic growth, particularly in non-oil sectors, which contribute 52.8 percent to the Emirate’s GDP.

Read more: Abu Dhabi’s non-oil economy surges 12.3 percent in Q2, highest level since 2014

Commercial sector licenses

According to the report published by the Emirates News Agency (WAM), a total of 24,143 commercial sector licenses were issued in 2023, accounting for 94.1 percent of the total licenses issued. Additionally, there were 411 new occupational licenses and 410 new professional licenses. The combined capital invested in new economic licenses announced during the year exceeded AED210.7 billion.

In 2023, a total of 25,647 new economic licenses were issued, and 75,778 licenses were renewed, representing a growth of 3.5 percent. The number of active licenses in the Emirate rose to 143,617, reflecting a 10.9 percent increase compared to 2022.

Growth across various sectors

Significant growth was observed in the professional, tourism, industrial, agricultural, fishery, and livestock sectors. The number of new industrial licenses reached 363, indicating a noteworthy increase of 51.25 percent compared to the previous year. Meanwhile, new tourism licenses rose by 22.35 percent, totaling 219 licenses, and licenses in the agriculture, fishery, and livestock sectors experienced a remarkable growth rate of 288.46 percent compared to 2022.

The report also highlighted a substantial surge in requests for “Real beneficiary” status, which grew from 16,282 to 49,163, representing a staggering increase of 201.9 percent over the past year.

For more news on the economy, click here.

The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.