|26 June, 2019

Abu Dhabi launches 'Instant License' to accelerate private sector investment

Licensing process for new companies takes only four minutes, DED undersecretary told Zawya

Image for illustrative purposes.

Image for illustrative purposes.

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The government of Abu Dhabi has launched a new licensing scheme that grants business setup approval almost immediately, without the need for a physical location.

‘Abu Dhabi Instant License’ offers access to free zone and investment licenses in the emirate with broader licensing categories, according to a video showcased at a forum held in Abu Dhabi on Tuesday.

All license applications to conduct commercial activity in Abu Dhabi are now streamlined through one digital portal, with approvals processed instantly online.

“The ‘Instant License’ is effective immediately. The entire licensing process takes only four minutes,” Rashed Alblooshi, acting undersecretary at Abu Dhabi Department of Economic Development (DED), told Zawya at the sidelines on the event.

“We made a comparison to four or five other countries known for ease of doing business worldwide, and we had the fastest licensing scheme possible today. It is open across all types of commercial activities. Even an investor who is outside the UAE can be granted a license through this digital portal,” he added in Arabic.

The initiative has been developed by the Department of Economic Development (DED) with the aim of accelerating investments in the private sector. The emirate has set a target of raising the private sector's contribution to Abu Dhabi's GDP from the current 32 percent to 37 percent by 2021.

The initiative is part of ‘Ghadan 21’, a three-year programme announced in June 2018 which commenced in January this year.

Saif Mohamed Al Hajeri, chairman of the Abu Dhabi Department of Economic Development said during a keynote speech at the event that Abu Dhabi Instant Licence and the latest Ghadan 21 initiatives are set to accelerate the private sector’s economic participation as they reduce operating costs, establish innovative licensing frameworks, and introduce new investment opportunities.

(Reporting by Nada Al Rifai; Editing by Michael Fahy)

(nada.rifai@refinitiv.com)

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© ZAWYA 2019

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