Abu Dhabi Introduces ‘Unified Economic License’ to Enhance Business Operations
Abu Dhabi has introduced the ‘Unified Economic License’ to streamline the process of setting up businesses in the Emirate.
4 min
The Abu Dhabi Department of Economic Development (ADDED), in collaboration with the Abu Dhabi Free Zones Council, has introduced the Unified Economic License in Abu Dhabi.
This initiative, led by Khalifa Economic Zones Abu Dhabi (KEZAD Group), Abu Dhabi Airports Free Zone (ADAFZ), Masdar City Free Zone, and Creative Media Authority (CMA), aims to enhance the Emirate’s appeal as a business-friendly destination for investors and entrepreneurs.
The new initiative unifies procedures for registering economic licenses across the Emirate and its free zones, in a move to streamline business setup and reinforce governance and transparency. This will introduce a standardized reference number for all licenses 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 license 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 capitalize 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.”
“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. We will continue to develop this partnership to meet investors’ needs and to ensure that Abu Dhabi has the best conditions for ease of establishing and doing business, while increasing its global competitiveness and achieving our strategic goals,” H.E. Al Zaabi added.
Capt. 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. 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.
“This unified system will facilitate easier business establishment and significantly boost Abu Dhabi’s global competitiveness. We look forward to continuing our partnership with ADDED, ADAFZ, Masdar City Free Zone, and Creative Media Authority to achieve our shared strategic goals and ensure Abu Dhabi remains a premier destination for business and investment,” he added.
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. Our collaborative efforts to unify licensing for economic establishments will significantly streamline and enhance Abu Dhabi’s business landscape. This alignment with the emirate’s ambition fosters sustainable economic growth through increased diversification, ultimately advancing Abu Dhabi’s economic development aspirations.”
Ahmed Baghoum, Chief Executive Officer of Masdar City, praised the initiative to consolidate the registration and licensing of economic establishments in the Emirate of Abu Dhabi. He remarked, “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.”
Baghoum further elaborated that this initiative is integral to the continuous evolution of the capital’s economic landscape and exemplifies the strategic approach of the Masdar City Free Zone. This strategy centralizes all services, simplifying the licensing and investment processes for new enterprises. It actively fosters an inviting environment for entrepreneurs and investors, enhancing the legal and regulatory framework to support business endeavors and expand opportunities for sustainable economic development in the emirate. “Masdar City remains steadfast in this mission, underscoring our unwavering commitment to realizing Abu Dhabi’s economic vision”, he added.
Mohamed Dobay, Acting Director-General of the Creative Media Authority, said, “We are proud of the strategic partnership with the Department of Economic Development and all economic sectors in Abu Dhabi, as the MoU and the initiative to unify and facilitate the registration procedures is a remarkable step aligns with our goal, maintaining Abu Dhabi’s position as a leading global destination for creative and media companies”.
The mandate of Abu Dhabi Free Zones Council, which was established in 2021, is raising the standards for collaboration between free zones and other entities in the Emirate, developing policies and legislations as well as key performance indicators to ensure alignment with socio-economic strategies.
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Highlighting a significant recovery and robust growth across all key performance metrics.
3 min
Bank of Sharjah has released its results for the period ending 30 June 2024, showcasing robust performance and strong momentum since the beginning of the year. The Bank reported a net profit of AED 171 million, a significant turnaround from the AED 144 million loss in the same period last year.
This remarkable improvement is attributed to a substantial increase in net interest income, stringent credit underwriting, and reduced operating costs, marking a 233% increase over the previous year when excluding the one-time impairment charge from de-linking its Lebanese subsidiary.
The Bank’s exceptional financial results highlight the effectiveness of its strategic focus on sustainable growth, with notable improvements across all major performance metrics. Funded and unfunded income both saw increases, with net interest income rising by 108% and operating income growing by 34%.
Additionally, the cost-to-income ratio improved significantly to 40.1% due to cost discipline measures. The balance sheet remains strong with a loans-to-deposits ratio of 86.63%, indicating comfortable liquidity. The Bank also maintains strong capitalization, with a regulatory capital adequacy ratio exceeding 15% and Tier 1 and CET1 capital ratios around 14%. These positive results underscore the Bank’s underlying strength, operational efficiency, prudent risk management, and ongoing enhancement of shareholder value.
Commenting on the Bank’s results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “We are pleased with our outstanding performance in the first half of 2024, which reflects our commitment to adding value to our customers, supporting our communities, and rewarding our shareholders. Despite the challenging geopolitical situation in the region, the UAE economy has remained resilient and continues to register healthy growth following various economic diversification initiatives that provide consistent impetus for trade, investment, and wealth creation. Bank of Sharjah has entered a new chapter with a new leadership team, focused on building new business streams, expanding our reach across the UAE and the region, and delivering exceptional service to our customers.”
He added: “Our performance in the first half of the year demonstrates the effectiveness of our new strategy, and we look forward to delivering continued growth in the years to come.”
The CEO, Mr. Mohamed Khadiri, commented “2024 has begun exceptionally well for Bank of Sharjah, with the bank achieving a record year-on-year profit. I am delighted with our stellar performance as we continue to strengthen the bank’s fundamentals. Our outstanding results reaffirm that our new business strategy is on track to deliver sustainable revenue growth, driven by business expansion, operational efficiency, prudent risk management, and talent development. This achievement is also a testament to the Bank’s success in providing high-quality financial services that meet the aspirations and growing needs of our customers.”
He further added: “Bank of Sharjah is a strong and respected brand within the local community. We are leveraging our core strengths to build a platform that will operate at its full potential across the UAE and the region. The Bank remains focused on executing our strategy and is well-positioned to maintain strong performance throughout 2024 and beyond.”
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