Abu Dhabi launches the unified economic licence to streamline business setup across free zones
Abu DhabiAbu Dhabi: The Abu Dhabi Department of Economic Development (ADDED), in collaboration with the Abu Dhabi Free Zones Council, launched a Unified Economic License in Abu Dhabi, ADDED announced on Thursday.
The new initiative unifies procedures for registering economic licenses across the EmirateEmirate and its free zones, said ADDED. It said the move will streamline business setup and reinforce governance and transparency. This will also introduce a standardised 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, ADDED explained.
Spearheaded by Khalifa Economic ZonesKhalifa Economic Zones Abu Dhabi (KEZAD Group), Abu Dhabi Airports Free Zone (ADAFZ), Masdar City Free Zone, and Creative Media Authority (CMA), the new initiative aims to bolster the Emirate’s competitiveness as a business-friendly destination for investors and entrepreneurs.
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 economy.”
He added, “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,” Al Zaabi said.
“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,” he stated.
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