The oil-rich U.A.E., famous for its glistening skyscrapers and comfortable tax-free living, has become much more than a haven for expats, tourists, and the mega-wealthy over the last decade. Today, the country is a regional and global hub for business—and that reaches way beyond oil.
From 2019 to 2023, an estimated $111.9 billion flowed into the U.A.E., making it MENA’s top country for inbound investment, followed by Saudi Arabia with $68.2 billion, and Egypt with $41.2 billion, according to UNCTAD’s World Investment Report 2024.
Driven by the performance of the private sector, Abu Dhabi’s non-oil sector thrived in 2023, witnessing a 9.1% annual growth to hit $166.1 billion and contributing 53.4% to real GDP, according to the Abu Dhabi Department of Economic Development (ADDED). Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber of Commerce and Industry (ADC), says this would not have been possible without the collaborative efforts of the government and the private sector. “The chamber has become a powerful advocate for Abu Dhabi’s private sector thanks to the government and the leadership’s strong support for businesses,” he adds.
In the last four years alone, the U.A.E. government has made some big moves to attract business to the country. In 2020, the government began allowing foreigners to fully own commercial companies. In 2023, it introduced a 9% corporate tax but maintained exemptions for the crucial free zones that are vital to supporting non-hydrocarbon income. In February 2024, ADC launched the Advocacy Hub initiative, a digital platform designed to expand the chamber’s outreach and enhance engagement with the private sector. Most recently, in June 2024, ADDED launched a Unified Economic License in collaboration with the Abu Dhabi Free Zones Council in a move to streamline business setup and further enhance the investment climate.
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