Abu Dhabi: Department of Economic Development (DED) in Abu Dhabi on Wednesday said 4813 new economic licences were issued in the first quarter of this year, an increase of 39 per cent compared to the same period last year.

“The report’s (Business activity report by DED) positive results reflect the confidence of businessmen and investors in the economic status of Abu Dhabi that keeps witnessing a continuous growth in both business and financial sectors,” said Mohammad Munif Al Mansouri, Executive Director of Abu Dhabi Business Centre of the DED. He added programmes and initiatives launched by the DED played an important role in boosting business activities in the emirate.

Of the 4813 new economic licences, 4567 were commercial licences, 103 professional licences, 58 new occupational licences, 49 tourist licences, 29 new industrial licences, among others, DED said.

Abu Dhabi government is taking new measures to diversify the economy away from oil and boost non-oil growth with heavy investment in the development of infrastructure, tourism and industries.

In early June 2018, the Abu Dhabi government announced a stimulus package of Dh50 billion for the next three years to encourage foreign investment and improve the business environment.

Abu Dhabi’s overall GDP (gross domestic product) is expected to grow by 3 per cent for 2019 at constant prices with non-oil growth projected at 3.9 per cent.