Abu 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 Emirate 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 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.

Meanwhile, Capt Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said, “This unified system will facilitate the easier business establishment and significantly boost Abu Dhabi’s global competitiveness.”

Investors will benefit from a seamless and faster digital setup process. To ensure a smooth transition, representatives from entities responsible for economic license registration have formed a task force.

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.”

Ahmed Baghoum, Masdar City’s Chief Executive Officer, has also praised the initiative to consolidate the registration and licensing of economic establishments in the Emirate of Abu Dhabi. He said the initiative perfectly aligns with Masdar City’s strategic objective to bolster and advance Abu Dhabi’s sustainable economic framework.

He said the strategy centralises all services, simplifying new enterprises’ licensing and investment processes.

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”.

Source: https://gulfnews.com/business/economy/abu-dhabi-launches-the-unified-economic-licence-to-streamline-business-setup-across-free-zones-1.1717690763090