The economy of Abu Dhabi’s private sector has expanded by 35 per cent to over $92B since 2016, reflecting the increasing significance of the emirate’s non-oil economy.
In collaboration with the Abu Dhabi Investment Office (ADIO), the Abu Dhabi Department of Economic Development (ADDED) organised the second edition of the Al Multaqa quarterly meetings, aimed at strengthening partnerships with the private sector and family offices and providing updates on the emirate’s economy and achievements in 2023, as well as highlighting future opportunities.
Launched in Q4 2023, the Al Multaqa Meetings empower Abu Dhabi businesses to accelerate economic growth by facilitating ongoing dialogues to support investment and the development of new policies that enhance the emirate’s business environment.
In 2023, the private sector continued its robust growth, reaching AED 338.9B ($92.3B), a 35 per cent increase compared to 2016.
Supported by private sector and family-owned businesses, Abu Dhabi’s non-oil sectors are thriving, recording a 9.1 per cent growth in 2023 to AED 610B ($166.1B), contributing 53.4 per cent of the total real GDP.
Speaking at the Al Multaqa meeting, Ahmed Jasim Al Zaabi, Chairman of ADDED, emphasised the importance of collaborative efforts, noting Abu Dhabi’s strong performance despite global challenges, and the significant contribution of the private sector and family-owned businesses to economic diversification.
Family-owned businesses in Abu Dhabi represent a substantial portion of companies in key sectors such as construction, finance, wholesale trade, and transportation, contributing significantly to their growth.
Al Zaabi reiterated the importance of discussing opportunities and challenges and working together to overcome them during these meetings to benefit from shared experiences and knowledge.
Abdulla Gharib Alqemzi, Acting Director General of the Statistics Centre – Abu Dhabi, provided a comprehensive overview of the emirate’s economic performance over the past decade, highlighting the growth of non-oil GDP by 28.5 per cent and total real GDP by 19 per cent.
Major sectors contributing to economic diversification efforts include manufacturing, construction, finance, trade, transportation, real estate, and ICT.
ADIO’s Musataha Programme unveiled several investment opportunities for the private sector, including the development of government-owned land and investment in the sports field and feed-selling markets, according to Arabian Business.
Agreements were signed to establish new projects supporting the emirate’s coastal development and economic expansion plans.
ADDED’s Industrial Development Bureau (IDB) and SMEs sector shared updates to enhance ease of doing business and enable the private sector to benefit from development plans.