Industry and tourism project permits in Abu Dhabi emirate in the UAE surged by at least 20 percent in 2023 as investors took advantage of a business and economic upswing due to high oil prices, according to an official report.

The total number of licenses for projects, trade and economy soared to one of its highest levels of around 25,647 last year, showed the report by the Abu Dhabi Economic Development Department.

Industry permits jumped by nearly 51 percent to 363 while tourism project licenses soared by about 22 percent in 2023, the report said.

The value of all permits issued by the Department in 2023 stood at nearly 210 billion dirhams ($57 billion), it added.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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