Wednesday 29 May 2024

Ahmed Jasim Al Zaabi addressing the meeting

Abu Dhabi's private sector grows 35pc to $92.3bn

ABU DHABI, April 4, 2024

Abu Dhabi’s private sector continued its strong growth, reaching AED338.9 billion ($92.3 billion), up 35% compared to 2016 as the emirate’s non-oil sector grew 9.1% in 2023 to AED610 billion to contribute 53.4% of total real GDP.
Building on its efforts to deepen partnership with private sector and family offices, the Abu Dhabi Department of Economic Development (ADDED) organised, in collaboration with Abu Dhabi Investment Office (ADIO), the second edition of Al Multaqa quarterly meetings, presenting business community with recent updates on the Emirate’s economy and achievements in 2023 and highlighting future opportunities. 
Addressing the Al Multaqa meeting, Ahmed Jasim Al Zaabi, Chairman ADDED, said: “The importance of our collaborative efforts is reflected in Abu Dhabi’s growth indicators. Remarkably, we managed to achieve this strong performance despite global challenges, reflecting the strength and resilience of our ‘Falcon Economy’ and its ability to soar to new heights.”
“Backed by decades-long experience, the private sector and family-owned businesses in Abu Dhabi continue to contribute to economic diversification as evidenced by their share in the highest growing non-oil sectors.”
Family-owned businesses
Family-owned businesses in Abu Dhabi represent 50% of companies in the construction sector, which grew by 13.1% in 2023 compared to 2022, reaching more than AED97 billion; 60% in the finance sector, which rose by 25.5% to AED79 billion; 80% in the wholesale trade sector, which achieved a growth of 7.9%, to reach AED63 billion; and 70% in the transportation sector, which rose by 17.1% last year.  
Al Zaabi added: “In our first meeting, we underlined the crucial role that family offices and private sector play in Abu Dhabi and the UAE’s success. Today, I reiterate the importance of discussing promising opportunities, analyse challenges, and work together to overcome them. We are organising these meetings to ensure the exchange of opinions and to benefit from the extensive experiences and knowledge.”
Abdulla Gharib Alqemzi, Acting Director General of the Statistics Centre - Abu Dhabi, delivered a comprehensive presentation about economic performance of the Emirate during the past 10 years, which saw a 28.5% growth of non-oil GDP, from AED474.6 billion in 2014 to AED610 billion in 2023, and a 19% rise of total real GDP, from AED960.1 billion in 2014 to AED1.14 trillion in 2023.
Major sectors
Alqemzi highlighted major sectors contributing to economic diversification efforts, including manufacturing, construction, finance, trade, transportation, real estate and ICT.
Abu Dhabi Investment Office (ADIO)’s Musataha Programme revealed several investment opportunities offered to the private sector, enabling investors to develop government-owned land. ADIO also announced investment opportunities in the sports field in different areas of the Emirate in addition to new sites that will be offered to develop feed-selling markets. 
ADIO has signed an agreement with Dustour Marine Wooden Boats Trading Est to establish a new state-of-the-art project to support the Emirate’s coastal development in line with urban, social, recreational and economic expansion plans.--TradeArabia News Service


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