Abu Dhabi Introduces 'Unified Economic License' to Enhance Business Operations | Kanebridge News
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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.

Fri, Jun 7, 2024 5:44pmGrey Clock 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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Innovative Future-Driven Initiatives unveiled by UAE Ministry of Finance Unveils

New initiatives to drive the country’s future growth and boost its global competitiveness.

Fri, Jun 21, 2024 3 min

The UAE Ministry of Finance has introduced a series of innovative initiatives aimed at propelling the country towards future growth and boosting its global competitiveness. These initiatives align with the ‘We the UAE 2031’ vision and support the UAE’s ambition to establish itself as a global hub for the new economy over the next decade.

These initiatives are designed to create significant positive impacts across all sectors in a short timeframe. They play a crucial role in accelerating the UAE Government’s strategic foresight objectives, with a strong emphasis on financial outcomes that align with the ‘We the UAE 2031’ vision. This vision requires intensified efforts to meet key national indicators, which will positively influence society and the country’s diverse industries and sectors.

The UAE Ministry of Finance today announced the implementation of transformational projects that support the country’s efforts to transition towards the future and enhance its competitiveness, in line with the ‘We the UAE 2031’ vision and the UAE’s efforts to become the global hub for the new economy over the next ten years.

These projects are unique in achieving a significant positive impact in all sectors within short periods of time. These projects support the UAE Government’s efforts to accelerate the achievement of the government’s foresight objectives, with a focus on achieving financial results in line with the ‘We the UAE 2031’ vision, which requires doubling efforts to achieve key national indicators of the vision positively reflecting on society and the country’s various industries and sectors.

His Excellency Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted that the UAE, in its second 50-year journey, prioritizes developing governmental work to be able to meet the future requirements of the nation by adopting new methodologies and ways of working through the digital transformation. He noted that these are pursued by the UAE to achieve a quantum leap in project implementation, budget preparation, and resource management.

His Excellency emphasized the Ministry’s efforts to develop government services by focusing on areas that enhance the competitiveness of the economic environment and its ability to attract foreign investments. Among these efforts are empowering Emiratis to represent the UAE internationally.

Transformational Projects

The first project, ‘Developing the Local Debt Capital Market in the Country’, is a joint project with the Central Bank of the UAE by establishing programs for issuing local public debt instruments, represented by bonds and Islamic treasury sukuk in dirhams, and primarily trading them in the primary and secondary local markets, aiming to build and enhance the yield curve in UAE dirhams and provide reference pricing points for local financing operations carried out by financial institutions within the state, thereby enhancing market activity, expanding the investor base, and developing a highly efficient financial market in the UAE.

The Ministry of Finance is also working on implementing the project ‘Enhancing the Presence of Specialized Emirati Leadership in the Financial Field at International Forums’ which serves as the main supporter in making the UAE the most prominent in international cooperation over the next ten years. This is a joint project with the Ministry of Foreign Affairs, aimed at investing in empowering national talents to occupy Emirati memberships in leadership positions within international organizations, their committees, or federations linked to the country’s agenda. This will enhance the UAE’s presence in international forums and support its participation in shaping international strategic decisions and building economic partnerships with countries worldwide, through the leadership and membership of national talents from the Ministry of Finance in various international organizations, forums, and boards of directors.

 

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