Q2 2019 saw 3,854 new business licences issued in Abu Dhabi
The Abu Dhabi Department of Economic Development (ADDED), has reportedly issued 3,854 new business licences in the second quarter of 2019. Compared to the same period last year, it issued 2,671 commercial licences issued; thereby marking an increase of more than 44 percent.
As per Abu Dhabi Business Centre’s commercial activity report of Q2 of 2019, of the 3,854 licences, 1,947 were issued in the city of Abu Dhabi, 567 in Al Ain, 87 in the Al Dhafra region, and 82 Instant licences. In addition 1,171 Golden Package licences were issued in Tajer Abu Dhabi.
The Tajer Abu Dhabi 'golden package' is a special licence that allows businesses to establish themselves without requiring a physical office; thereby allowing entrepreneurs to to reduce costs.
As per the statement Undersecretary of ADDED, Rashed Abdul Karim Al Balooshi, this increase in demand for commercial licences is a positive sign of the growing interest among entrepreneurs and investors to pursue opportunities in Abu Dhabi.
“The initiatives and programmes of the Department are aimed at stimulating economic growth, primarily by attracting direct investments, raising economic efficiency and enhancing the investment climate."Rashed Abdul Karim Al Baloosh, Undersecretary of Abu Dhabi Department of Economic Development
Abu Dhabi is ramping up its efforts to strengthen the economy and attract entrepreneurs and investors from across the world. They have introduced a number of initiatives through which it has eased the regulations and provided incentives for businessmen and investors to set up in the capital. Some of them include the Dh50 billion Ghadan 21, the AED 535 million fund pledged to startups and VCs, and the subsidies on licences, office spaces, personal accommodation, insurance, and more.
As per the report, there were 86 ‘Craftsmanship licences’ issued in Q2 2019, while Q2 2018 saw 49 such licences, marking a 76 percent growth. In addition, 67 new professional licences were registered compared to 51 in Q2 2018, recording a 31 percent jump. Moreover, Q2 2019 also saw the issuance of 6 agricultural, fisheries and animal species licences, along with 37 tourist licences. Licence renewals stood at 20,173, while amendments witnessed 7,299 licences.
According to statistics released last month, Abu Dhabi's Gross Domestic Product (GDP) grew by 5.7 percent to AED 207 billion in Q1 2019. Part of this is owing to the growth seen in the oil sector as well as the easing regulations for licence issuance.
