Powering Growth: Abu Dhabi Private Sector Surges 35% to Dh338.9 billion in 2023

In 2023, Abu Dhabi’s private sector marked a significant milestone, witnessing a robust surge of 35% to Dh338.9 billion compared to 2016. This remarkable growth is attributed to the steadfast support of private sector and family-owned businesses, underscoring the emirate’s resilience and economic prowess.

Driving Economic Diversification | Private Sector Surges

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), lauded the collaborative efforts that led to this stellar performance, emphasizing the resilience of Abu Dhabi’s ‘Falcon Economy.’ Despite global challenges, the private sector and family-owned businesses played a pivotal role in driving economic diversification. Notably, Abu Dhabi’s non-oil sector saw a notable growth of 9.1% during 2023, contributing Dh610 billion, equivalent to 53.4% of the total real GDP.

Contribution of Family-Owned Businesses

Family-owned businesses emerged as key drivers of growth across various sectors. In the construction sector, they represent 50% of companies, witnessing a remarkable 13.1% growth to exceed Dh97 billion in 2023. Similarly, they account for 60% in finance, 80% in wholesale trade, and 70% in transportation, showcasing their significant contributions to the economy.

Milestones in Economic Expansion

Abdulla Gharib Alqemzi, acting director-general of the Statistics Centre – Abu Dhabi, highlighted the substantial growth witnessed over the past decade. Non-oil GDP surged by 28.5%, reaching Dh610 billion in 2023, while total real GDP rose by 19% to Dh1.14 trillion. Major sectors such as manufacturing, construction, finance, trade, transportation, real estate, and ICT played pivotal roles in driving economic diversification.

Investment Opportunities and Initiatives

Abu Dhabi Investment Office (ADIO) unveiled various investment opportunities through its Musataha Programme, allowing the private sector to develop government-owned land and venture into sports-related projects. Agreements with entities like Dustour Marine Wooden Boats Trading Est. underscore ADIO’s commitment to supporting coastal development initiatives, aligning with the emirate’s broader expansion plans.

The Industrial Development Bureau (IDB) and SMEs sector under the Abu Dhabi Department of Economic Development (DDED) introduced initiatives aimed at enhancing the business environment and fostering growth opportunities for the private sector.

Amidst evolving economic landscapes, Abu Dhabi’s private sector continues to thrive, propelled by strategic initiatives, collaborative partnerships, and a steadfast commitment to sustainable growth.