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Abu Dhabi launches unified economic license to enhance business environment

The initiative aims to simplify the process of obtaining business permits throughout the emirate, including its free zones.

Abu Dhabi launches unified economic license to enhance business environment
[Source photo: Krishna Prasad/Fast Company Middle East]

In a significant development aimed at enhancing its position as a leading international commerce center, Abu Dhabi has launched a unified economic license through a collaboration between the Department of Economic Development (ADDED) and the Abu Dhabi Free Zones Council.

This innovative effort, led by key entities including Khalifa Economic Zones Abu Dhabi (KEZAD Group), Abu Dhabi Airports Free Zone (ADAFZ), Masdar City Free Zone, and the Creative Media Authority, is designed to simplify business establishment and elevate the emirate’s appeal to investors and businesspeople.

The initiative promises to streamline the application process for economic licenses across the emirate and its free zones, promoting better governance, transparency, and a uniform license reference number. The goal is to maintain accurate and current company information within an integrated system, enhancing data management and cooperation between the free zones and mainland regulatory bodies. This move is anticipated to facilitate a smoother and quicker digital setup experience for investors, underscoring Abu Dhabi’s dedication to refining its business infrastructure and affirming its status as a prime location for global commerce.

To ensure a seamless implementation of this initiative, a dedicated task force comprising members from the respective economic license registration bodies has been established. Their objective is to develop a cohesive framework and launch an effective system aimed at addressing investors’ requirements.

“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,” His Excellency Ahmed Jasim Al Zaabi, Chairman of ADDED and Abu Dhabi Free Zones Council, said.

Since its formation in 2021, the Abu Dhabi Free Zones Council has been instrumental in promoting cooperation between the free zones and other agencies, developing policies, legislation, and indicators to ensure consistency with Abu Dhabi’s broader socio-economic objectives.

This unified economic license initiative represents a milestone in Abu Dhabi’s ambition to upgrade its business environment, attract increased investment, and reinforce its reputation as a premier global business hub.

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