Officials insist Abu Dhabi’s economy is thriving

According to authorities with the Abu Dhabi Department of Economic Development (ADDED), the city-state has made a spectacular economic recovery following the pandemic.

In the midst of the economic crisis, Abu Dhabi implemented a variety of new measures to assist the business sector. It lowered business set-up fees by more than 90% and introduced a professional licence that allows for 100% foreign ownership of enterprises engaged in 604 activities.

Because of a healthy business climate, Rashed Abdulkarim Al Blooshi, Undersecretary, ADDED, believes Abu Dhabi will be able to overcome numerous hurdles throughout the pandemic.

He went on to say that the economic performance in 2021 demonstrates a rapid and robust recovery of Covid-19-affected industries, thanks to our leadership’s vision and actions to limit the detrimental effects of the global pandemic on the local economy.

Non-oil GDP climbed by 4.1 % at constant prices.

Agriculture, forestry, and fishing grew by 23.1 % at constant prices this year, while manufacturing grew by 21.7 %, health and social service activities grew by 19.7 %, arts, entertainment, and recreation grew by 17.3 %, wholesale and retail trade grew by 15.3 %, accommodation and food service activities grew by 14.7 %, and transportation grew by 14.7 %.

Last year, the emirate of Abu Dhabi issued 25,427 new economic licenses, a 21.5 % increase over the 2020 total of 20,925.

Foreign investor licenses in the emirate climbed to 273 in 2021, up from six in 2020, and freelancing licenses increased to 1,749 in 2021, up from 279 in 2020.

Last year, the department also issued 11 virtual licenses to non-resident foreign investors.

The Statistics Centre – Abu Dhabi stated earlier this month that the emirate’s GDP at constant prices increased by 1.9% in 2021 compared to 2020.