UAE Family Enterprises Lead 60 Percent of GDP
(MENAFN) Family enterprises in the United Arab Emirates (UAE) generate 60 percent of the nation’s gross domestic product (GDP) and provide jobs for 80 percent of its labor force, according to a Sunday statement released by the UAE Ministry of Economy and Tourism.
These family-run firms constitute nearly 90 percent of all private sector companies in the UAE, the ministry’s announcement highlighted, noting their widespread presence across multiple industries such as the new economy, retail, real estate, and construction.
Data from the ministry reveals that within Abu Dhabi, family businesses dominate 50 percent of the construction industry, 60 percent of financial services, 80 percent of wholesale and trade, and 70 percent of the transportation sector.
Abdullah bin Touq Al Marri, the Minister of Economy and Tourism, emphasized the nation’s strategic initiatives to strengthen family enterprises, with a goal to boost the UAE’s GDP to 3 trillion dirhams (approximately 817 billion U.S. dollars) by the close of 2030.
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