RIYADH: Abu Dhabi saw a 21.5 percent increase in new businesses being set up last year, according to a new report.
The emirate’s Department of Economic Development revealed it issued 25,427 new business licenses last year, an increase of 21.5 percent over the year 2020, which amounted to 20,925 licenses.
Renewed economic licenses also increased, to 83,484, an increase of 15.8 percent from 72,070 in 2020 - indicating continued economic recovery, growth and development after the pandemic.
“As a result of the emirate’s pre-emptive approach towards tackling the effects of the pandemic whilst prudently driving the macro-economy forward, Abu Dhabi was able to forge ahead successfully with its growth and diversification roadmap," Rashed Al-Blooshi, undersecretary of the department, said.
According to the Business Activity Report, among the 25,427 economic licenses issued, commercial sector licenses amounted to 24,077, an increase of 21.4 percent from 19,339 in 2020.
711 licenses were issued for the professional sector, an increase of 35.7 percent from 524 in 2020.
Agricultural, livestock and fishery sector licenses settled at 64 in 2021, compared to 70 in 2020.
Meanwhile, tourism sector licenses were up, to 126 in 2021, from 89 in 2020 - an increase of 41.4 percent.
Industrial sector licenses increased, to 206 from 180 licenses, 14.4 percent growth on 2020.
New licenses for foreign investors grew, from only 6 in 2020, to 273 in 2021.
“We are witnessing the gradual and calculated growth of businesses across all sectors and industries, and this is testament to the efforts made towards taking Abu Dhabi’s economy through to the next level of its evolution,” Mohammed Al-Mansouri, executive director of the Abu Dhabi Business Centre, added.