Wednesday 5 August 2020

Abu Dhabi launches nine new initiatives for private sector

ABU DHABI, June 26, 2019

The Abu Dhabi Government, under the directives of HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has reinforced its commitment to the private sector's development, launching nine new initiatives on Monday.

The move comes as the government celebrates six months of the three-year Abu Dhabi Development Accelerator Programme, Ghadan 21.

Ghadan 21 is a first-of-its-kind accelerator programme in the region, driving economic development, innovation, and ease of doing business in order to make Abu Dhabi’s economy one that is even more dynamic and globally integrated.

The three-year programme from 2019 to 2021 includes an AED50 billion fund that is being invested across four strategic pillars - economic, knowledge, liveability and social.

In action, since officially commencing at the start of 2019, the Abu Dhabi Government Private Sector forum, hosted more than 200 leaders from the public and private sectors.

The announcements culminated in the launch of a major step forward in opening doors to doing business and investing in the Emirate via the 'Abu Dhabi Instant Licence'. The Instant Licence makes applying to conduct commercial activity in Abu Dhabi simpler than ever before.

The Abu Dhabi Government Private Sector forum was attended by Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Deputy National Security Adviser, who oversaw the development of the new programmes in his capacity as Member of the Executive Council and Chairman of the Executive Committee.

These initiatives for businesses, investors, entrepreneurs and SMEs, were revealed in line with Abu Dhabi’s vision to become one of the best places in the world to do business, invest, live, work and visit.

All licence applications are now streamlined through a digital portal and consolidated into broader licencing categories offering businesses greater flexibility. The easy-to-use system is fast, efficient, and accessible to all.

Approvals are processed instantly online and licence holders in most sectors may begin conducting their business activities immediately.

"Building a sustainable, globally-competitive knowledge-based economy requires a solid partnership between the private and public sector," said Saif Mohamed Al Hajeri, Chairman of the Abu Dhabi Department of Economic Development.

The Government of Abu Dhabi is fully committed to enabling the private sector by providing a supportive business environment, creating new public-private partnership opportunities and enhancing the ease of doing business, he stated.

"The latest Ghadan 21 initiatives and Abu Dhabi Instant Licence are vital private sector accelerators as they are focused on speed, flexibility, and simplicity - reducing operating costs, introducing new investment opportunities and establishing innovative licensing frameworks. They are initiatives that will help drive forward our goal to increase the private sector's contribution to Abu Dhabi's GDP from the current 32 percent to 37 percent by 2021," he explained.

To help accelerate the private sector’s participation in the economy, the Department of Economic Development launched two initiatives.

The first is the industrial tariffs initiative to enhance the competitiveness of Abu Dhabi and support the development of the industrial sector. The new industrial tariffs will be determined by an established scoring mechanism based on three criteria - economic impact, productivity and electric load.

The second initiative by DED is the introduction of new licences for technology businesses. The Tech licences package provides 13 new business activities in the Tech sector, positioning Abu Dhabi as a global tech beacon.

Abu Dhabi Investment Office (ADIO), the Department of Finance and First Abu Dhabi Bank launched the 'SME Credit Guarantee' scheme with a signing ceremony at the opening of the Forum. The SME Growth Loan will provide more accessible financing opportunities for SMEs based in the UAE capiotal through a guarantee provided by the government to Abu Dhabi banks.

The scheme guarantees up to 75 per cent of loan value, which will be provided to the bank in case of default, enabling banks to secure a certain level of lending to the market.-TradeArabia News Service


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