Authorities in Abu Dhabi launched a new Unified Economic License to boost the emirate’s competitiveness as a business-friendly destination for investors and entrepreneurs.
The Abu Dhabi Department of Economic Development (ADDED) launched the license in collaboration with the Abu Dhabi Free Zones Council. The initiative is also spearheaded by Khalifa Economic Zones Abu Dhabi, Abu Dhabi Airports Free Zone, Masdar City Free Zone, and Creative Media Authority.
What does the Unified Economic License do?
The new initiative 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. This will introduce a standardised reference number for all licenses and ensure company data remains current within a newly integrated Abu Dhabi registry. Thus, the initiative will simplify data management and foster collaboration between free zones and mainland authorities.
How will investors benefit?
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. Moreover, to ensure a smooth transition, representatives from entities responsible for economic license registration have formed a task force.
“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, thus 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,” said Ahmed Jasim Al Zaabi, Chairman of ADDED and the Abu Dhabi Free Zones Council.
“We are working alongside our strategic partners and all other stakeholders to create the necessary framework and activate an efficient system that unifies all registration activities,” he added.
Capt. Mohamed Juma Al Shamisi, managing director and group CEO, AD Ports Group, said: “By enhancing our legislative and regulatory frameworks and accelerating our digital transformation efforts, we are empowering investors, entrepreneurs, and exceptional talents to fully leverage the extensive opportunities within our thriving economy.”
Elena Sorlini, managing director and CEO at Abu Dhabi Airports, said: “Our collaborative efforts to unify licensing for economic establishments will significantly streamline and enhance Abu Dhabi’s business landscape. Moreover, this alignment with the emirate’s ambition fosters sustainable economic growth through increased diversification, ultimately advancing Abu Dhabi’s economic development aspirations.”
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