Over 338,000 Private Companies Operating In UAE

Mohammad Ali (@ChaudhryMAli88) Published January 23, 2019 | 11:45 PM

More than 338,000 private sector companies have been operating in UAE until the end of Q3 2018, with a combined workforce of 5.26 million, according to a top official at the Ministry of Economy

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 23rd Jan, 2019) More than 338,000 private sector companies have been operating in UAE until the end of Q3 2018, with a combined workforce of 5.26 million, according to a top official at the Ministry of Economy.

"The private sector's contribution to the UAE GDP grew 5 percent to 70.5 percent in 2018 in translation of the government's growing interest in the sector, being a key driver of economic growth," Abdullah Al Saleh, Under-Secretary of Ministry of Economy for Foreign Trade, said in his speech at the First Arab Corporate Citizenship Forum, which was held in Abu Dhabi today in the presence of the Minister of Immigration and Egyptian Expatriates Affairs, Ambassador Nabila Makram, and the Egyptian Ambassador Sherif Mohamed Al Badawi, along with a number of officials and Emirati business women.

"The UAE is laying a particular focus on the private sector's contribution to the National Innovation Strategy announced in 2015, which is based on accelerating R&D efforts to address key challenges like water scarcity, climate change, waste recycling, renewables, food security, and others, in addition to empowering the sector to play a significant role in AI applications," he added.