DUBAI, July 27 (Xinhua) -- Family businesses contribute 60 percent of the United Arab Emirates (UAE)'s gross domestic product (GDP) and employ 80 percent of the country's workforce, according to a statement issued Sunday by the UAE Ministry of Economy and Tourism.
Family-owned companies account for nearly 90 percent of all private sector businesses in the country, the statement said, adding that the family businesses operate across diverse sectors, including the new economy, retail, real estate, and construction.
Official figures from the ministry show that in Abu Dhabi alone, family businesses represent 50 percent of the construction sector, 60 percent of financial services, 80 percent of wholesale and trade, and 70 percent of the transportation sector.
Minister of Economy and Tourism Abdullah bin Touq Al Marri stated that the country is making national efforts to empower family businesses, aiming to raise the country's GDP to 3 trillion UAE dirhams (about 817 billion U.S. dollars) by the end of 2030. ■
