Tuesday 16 July 2024

Abu Dhabi aims to grow into a business-friendly destination

Abu Dhabi launches 'Unified Economic Licence'

ABU DHABI, June 7, 2024

The Abu Dhabi Department of Economic Development (Added) in collaboration with the Abu Dhabi Free Zones Council launched the Unified Economic Licence in Abu Dhabi, to bolster the emirate’s competitiveness as a business-friendly destination for investors and entrepreneurs, a report said.

The new initiative that is being spearheaded by Khalifa Economic Zones Abu Dhabi (Kezad Group), Abu Dhabi Airports Free Zone (Adafz), Masdar City Free Zone, and Creative Media Authority (CMA), unifies procedures for registering economic licences across the Emirate and its free zones, in a move to streamline business setup and reinforce governance and transparency, Emirates News Agency, WAM, said.

This will introduce a standardised reference number for all licences and ensure company data remains current within a newly integrated Abu Dhabi registry, simplifying data management and fostering collaboration between free zones and mainland authorities.

Investors will benefit from a seamless and faster digital setup process, reflecting Abu Dhabi's commitment to continuously improve the business ecosystem and solidify Abu Dhabi's position as a global business hub.

To ensure a smooth transition, representatives from entities responsible for economic licence registration have formed a task force.

Ahmed Jasim Al Zaabi, Chairman of Added and the Abu Dhabi Free Zones Council, said: “Free zones play a significant role in our economic diversification and attraction of foreign direct investments (FDIs) in key targeted sectors.

“Unifying the licensing process of economic establishments in the Emirate is a pivotal step, underscoring Abu Dhabi's commitment to enhancing a business ecosystem that aligns with global standards, empowers investors, entrepreneurs, and exceptional talents to capitalise on the extensive and promising opportunities offered by the Emirate's dynamic and thriving economy.

“This is achieved through the revision and enhancement of legislative and regulatory frameworks, and accelerated efforts in digital transformation.”

Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “AD Ports Group and its subsidiary Kezad Group welcome the Abu Dhabi Free Zones Council’s initiative to unify the licensing process of economic establishments in Abu Dhabi.

“This collaboration exemplifies our commitment to creating a streamlined and efficient business environment that aligns with global standards.

“This unified system will facilitate easier business establishment and significantly boost Abu Dhabi's global competitiveness.”

Elena Sorlini, Managing Director and Chief Executive Officer at Abu Dhabi Airports, said: “At Abu Dhabi Airports Free Zone, our strategic vision is to establish Abu Dhabi as a premier global business hub catering to a diverse investor base.

“Central to our mission is facilitating seamless business operations, and we wholeheartedly support initiatives that aim to create a conducive business environment that attracts investors across target sectors.”

Ahmed Baghoum, Chief Executive Officer of Masdar City, said: “This pivotal measure fortifies the business ecosystem within the emirate and elevates its standing on the global competitiveness stage.

“It is in perfect alignment with Masdar City's strategic objective to bolster and advance Abu Dhabi’s sustainable economic framework.” – TradeArabia News Service



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