Abu Dhabi issues 4,813 new economic licences in Q1

A total of 4,813 new economic licences were issued in the first quarter of this year in Abu Dhabi’s business sector, with an increase of 63.9 per cent compared to the same period last year where only 2,935 licenses were issued, according to the Business Activity Report of Q1 2019 issued by Abu Dhabi Business Center, Abu Dhabi Department of Economic Development (Added).

Mohammed Munif Al Mansouri, executive director of Abu Dhabi Business Center of Added, stated that the report shows the various transactional activities such as issuing new economic licenses, renewing them in accordance with type and legal form, modifying them, and approving permits, advertisements, violations, fees, and etc.

He mentioned that the report’s positive results reflect the confidence of businessmen and investors in the economic status of Abu Dhabi that keeps witnessing a continuous growth in both business and financial sectors. They seem very optimistic about the future growth in the Emirate due to the various initiatives and motivations carried out by the DED to facilitate the business sector in Abu Dhabi and to promote its competitiveness regionally and globally.

Al Mansouri focused on the leading role played by Added in enhancing the Emirate’s position for implementing its economic plan driven by the wise leadership that seeks to make Abu Dhabi a global centre of investment and doing business through organising commercial and economic affairs, preparing studies that include all aspects of economic and social development in Abu Dhabi, and analysing the components that affect all these variables.

Al Mansouri added: “All programmes and initiatives launched by Added had an important role in the growth of many new companies and in increasing the activities and business of the existing huge projects, especially in the developed business environment of Abu Dhabi that has a strategic location in the region as well as its developed infrastructure and so many other economic and social strengths.”

Mohammed Munif Al Mansouri emphasised that Added, represented by Abu Dhabi Business Center, is exerting all efforts to create an excellent business environment that can attract investors and businessmen helping them to do their business successfully through launching initiatives and various licenses that can enhance the competitiveness of the emirate.

According to the report, the new economic licenses issued during the first quarter of this year were distributed according to their types as follows: 4567 commercial licenses, with an increase of 40 per cent compared to 2779 licenses issued in the 1st quarter of 2018, 103 professional licenses compared to 49 licenses, with an increase of 52 per cent.

Moreover, 58 new occupational licenses were issued compared to 53 licenses in the same period of last year with an increase of 9 per cent.

A total 49 tourist licenses were issued compared to 43 licenses in the same period of last year, which indicates a 12 per cent increase. Also 29 new industrial licenses were issued compared to 4 licenses, which is an increase of 86 per cent. 7 licenses of agricultural, livestock-wealth, and fish-wealth licenses were issued, the same number of licenses were issued in the 1st quarter of last year.

The report mentioned that the new economic licenses in the 1st quarter of this year were issued according to the legal form as follows: 3338 licenses for individual institutions, 591 new branches for existing companies, 549 limited liability companies, 314 One-Person companies. The total number of the professional companies was three in addition to 16 individual local institutions and two public shareholding companies.

The report showed that the new economic licenses included 1718 Tajer Abu Dhabi licenses reflecting that this category is witnessing a big turnout by entrepreneurs, 197 Mobile Car Licenses, 104 Mubdia'h licenses, and 30 Dual Licenses.

The statistics of the Abu Dhabi’s economic licensing activity, in the first quarter of 2019, showed that 2152 permits and advertisements for license holders were issued, 2062 applications for promotional shows were accepted, and 92 applications for installing billboards for stores and shops were approved.

The report mentioned that 20964 transactions for renewing economic licenses were accomplished and 10351 economic licenses were amended by adding, modifying, and changing the location, commercial name, or the owner and commercial partners, it stated. – TradeArabia News Service