Abu Dhabi records 21.5% jump in new economic licences

Abu Dhabi saw the issuance of 25,427 new licences, up 21.5 per cent compared to 2020 figure of 20,925, according to the 2021 Business Activity Report published by the Abu Dhabi Business Center at the Abu Dhabi Department of Economic Development (ADDED).

The report also revealed that renewed economic licences increased to 83,484, growing by 15.8%, from 72,070 in 2020, a clear indication of continued post-pandemic recovery, growth, and development.

As per the report, of the 25,427 economic licences issued, commercial sector licences made up 24,077, up 21.4% from 19,839 in 2020, with professional sector licences making up 711, were up 35.7% from 524 licences in 2020. Agricultural, livestock and fisheries sector licences settled in at 64 in 2021 compared to 70 in 2020.

Tourism sector licences grew to 126 in 2021 from 89 in 2020, an increase of 41.4%, while industrial sector licences grew to 206 from 180 licences, a 14.4% growth on 2020.

Rashed Abdulkarim Al Blooshi, Under-Secretary of ADDED, said: "As a result of the emirate’s pre-emptive approach towards tackling the effects of the pandemic whilst prudently driving the macro-economy forward, Abu Dhabi was able to forge ahead successfully with its growth and diversification roadmap. The economic landscape in Abu Dhabi has been crafted to offer businesses and entrepreneurs a compelling proposition, something made possible by our evolved and digitalised infrastructure."

New licences for foreign Investors grew from only 6 in 2020 to 273 in 2021; freelance licences issued in 2021 increased to 1,749 from 279 in 2020, with Virtual licences that were launched in Q4-2021 for non-resident foreign investors reaching 11 licences.

According to ADDED, the occupational sector licences rose 9% from 223 in 2020 to 243 licences in 2021. ‘Tajer Abu Dhabi’ new licences issued in 2021 reached 7,106 compared to 7,087 in 2020, while the number of instant licences issued came in at 2,653 for 2021, compared to 2,159 in 2020.-

Al Blooshi said: "Initiatives such as the Investor Journey programme which was responsible for driving a 71 percent reduction in business set-up requirements in coordination with 26 local and federal government entities, and the lowering of ADDED setup and renewal fees by 90 percent, have facilitated ease of doing business for investors and entrepreneurs."

"We also pride ourselves with the integrated public-private business partner eco-system which we managed to create to allow businesses to benefit from and thrive," he added.


Source: https://www.zawya.com/en/economy/gcc/abu-dhabi-records-215-jump-in-new-economic-licences-sw08pubg


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