UAE’s Abu Dhabi units out measures to assist enterprise get away from oil

ABU DHABI (Reuters) – Abu Dhabi, the capital of the United Arab Emirates (UAE), set out measures on Wednesday to simplify processes for companies because it strives to diversify its economic system away from oil.

The oil-rich metropolis emirate, which holds greater than 90% of the UAE’s oil reserves, introduced a centralised enterprise registry authority – the Abu Dhabi Registration Authority (ADRA) – that would be the single level for enterprise registration, an announcement stated.

In frequent with different oil exporters within the area, Abu Dhabi has accelerated efforts to diversify into sectors together with tourism, logistics, manufacturing and business, to hunt future financial progress because the world pursues efforts to wean itself off fossil fuels.

The ADRA will kind a part of Abu Dhabi’s Division of Financial Growth (ADDED) that has a central function in streamlining authorities technique to diversify the economic system, entice overseas funding and spur native companies.

“We need to make enterprise simpler and less complicated,” Ahmed Jasim Al Zaabi, chairman of ADDED, stated on the opening session of Abu Dhabi Enterprise Week.

He stated centralising Abu Dhabi’s enterprise registration processes would additionally guarantee compliance with UAE and worldwide laws.

Abu Dhabi’s economic system grew 4.1% within the second quarter of 2024, in response to preliminary authorities estimates, however non-oil GDP surged 6.6% in the identical interval, led by will increase in development, manufacturing, and finance and insurance coverage actions.

Competitors, nonetheless, particularly with larger neighbour Saudi Arabia that’s opening up economically and socially, is rising.

Different initiatives introduced embrace a strategic roadmap for the Abu Dhabi Chamber of Commerce and Trade to assist develop the non-public sector, and the creation of a Household Enterprise Council to assist family-owned companies.