Abu Dhabi private sector grows 35% in eight years to Dh338.9 billion in 2023

Dh610 billion value of non-oil sectors GDP in 2023, up 9.1% compared to 2022


A Staff Reporter

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Ahmed Jasim Al Zaabi, Chairman of ADDED at the second edition of Al Multaqa. — Supplied photo
Ahmed Jasim Al Zaabi, Chairman of ADDED at the second edition of Al Multaqa. — Supplied photo

Published: Thu 4 Apr 2024, 9:27 PM

In 2023, the private sector in Abu Dhabi continued its strong growth, reaching Dh338.9 billion, up 35 per cent compared to 2016. Supported by private sector and family-owned businesses, Abu Dhabi’s non-oil sector recorded a growth of 9.1 per cent during 2023 to Dh610 billion to contribute 53.4 per cent of total real GDP.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (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 in Abu Dhabi represent 50 per cent of companies in the construction sector, which grew by 13.1 per cent in 2023 compared to 2022, reaching more than Dh97 billion; 60 per cent in the finance sector, which rose by 25.5 per cent to Dh79 billion; 80 per cent in the wholesale trade sector, which achieved a growth of 7.9 per cent, to reach Dh63 billion; and 70 per cent in the transportation sector, which rose by 17.1 per cent during past year.

Abdulla Gharib Alqemzi, acting director-general of the Statistics Centre - Abu Dhabi, said the emirate witnessed a 28.5 per cent growth of non-oil GDP in the past ten years, from Dh474.6 billion in 2014 to Dh610 billion in 2023, and a 19 per cent rise of total real GDP, from Dh960.1 billion in 2014 to Dh1.14 trillion in 2023.

He 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 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.

DDED’s Industrial Development Bureau (IDB) and SMEs sector shared significant updates to further improve ease of doing business and enable the private sector to benefit from ample opportunities provided by development plans.

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