Abu Dhabi issued 363 new industrial licences last year, a rise of 51.25 per cent annually, as it ramped up efforts to develop local manufacturing, according to the latest Business Activity Report issued by the Abu Dhabi Department of Economic Development.
The emirate issued 25,647 new economic licences in 2023, an annual increase of 3.5 per cent, with the newly licensed companies’ total capital exceeding Dh210.7 billion ($57.3 billion), amid robust non-oil sector growth.
“The findings show that we are delivering the objectives of economic diversification strategy through infrastructure and digital transformation and the continuous development of legislative and regulatory frameworks,” said Rashed Al Blooshi, undersecretary in the department.
“Compliance with local and global legislation, regulations and standards is a top priority for us as it guarantees a vibrant and competitive business sector.”
The sharp increase in business activity comes as the emirate seeks to become the…
