Business & Money | Sunday 1 September, 2019 1:52 pm |

The Abu Dhabi Department of Economic Development (ADDED) issued 3,854 new economic licences in second quarter (Q2) of2019, recording an increase of more than 44 per cent compared to the 2,671 commercial licences issued in the same period last year, as per the commercialactivity report of theQ2 2019 issued by the Department’s Abu Dhabi Business Center.

According to the report, 1,947 new licences were issued in Abu Dhabi city, 567 in Al Aincity, and 87 in Al Dhafra region, inadditionto1,171 Tajer Abu Dhabi – Golden Package Licences,and 82 Instant licences. The results of the uptake in these latest set oflicencesareindicative of the remarkable demand for these categories that include many features and facilities, among investors and entrepreneurs.

 H.E. RashedAbdul Karim Al Balooshi, Undersecretary of ADDED, said that the positive results shown in the report, which monitors the issuance of new economic licences, further strengthensAbu Dhabi's position as an attractive investment hub and encourage the establishment of new business in the emirate in line with international best practices.

He further added that Abu Dhabi has a dynamic, flexible and competitive economy that offers many facilities and incentives and thus provides an encouraging and promising environment for investors and entrepreneurs. The initiatives and programs of the Department are aimed at stimulating economic growth, primarily by attracting direct investments, raising economic efficiency, enhancing the investment climate, encouraginglocal production, and enhancing the competitiveness of the business environment by making it more efficient and encouraging innovation.

The report categorizes economic licences according to their type. A total of 3,654 commercial licences were issued, recording a 44.7 per cent growth compared to Q2 2018, which saw the issuance of 2,524 licences in this category. 

H.E. Al Balooshiexplained that the increasing demand for commerciallicences reflects growing interest of investors and businessmen in pursuing opportunities in Abu Dhabi’s services sector. This in turn indicates the competitiveness of the national economy and the continuous growth of the local business sector.

ADDED has always remained keen to launch initiatives and programs that are designed to create a stimulating work environment and attract investments and boost the emirate’s competitiveness, he added. Apart from providing facilities to investors and entrepreneurs alike, ADDED focuses on the creation of a motivating business environment andonensuring support for commercial, professional, industrial, tourism projects and other activities, in order to achieve economic diversification and accelerate its development, both at the regional and global levels.

According to the report, 1,838 commercial licences were issued in Abu Dhabi city, 524 in Al Ain city and 81 in Al Dhafra region. Meanwhile, 1,135[AES1] Tajer Abu Dhabi – Golden Packagelicenceswere issued in Abu Dhabi compared to 593 licencesissued during the same period last year. 82 Instantlicences were also issued by ADDED. Moreover, the report mentions the issuance of 86 Craftsmanship licences in Q2 2019 compared to 49 similar licences in the same period last year, recording a 76 per cent growth. Apart from that, 67 new professional licences were also registered compared to 51 professional licences in the same period in 2018, recording a 31 per cent growth. 

The report further states that six agricultural, fisheries and animal species licences were issued during Q2 2019, compared to four and three licences issued respectively during the same period last year. In addition, 37 tourist licences were also issued during the second quarter of this year.

In addition, the Abu Dhabi Business Center reported that 20,173 licence renewals and 7,299 licence amendments for various economic activities were conducted in Q2 2019. Furthermore, 1,234 licences were revoked, in line with ADDED’s efforts and endeavoursto implement best practices. This enhances the attractiveness and competitiveness of Abu Dhabi's investment and business environment. The report also mentions the issuance of 4,894 permits for employers in the Emirate of Abu Dhabi.