Abu Dhabi launches instant licence

 

Abu Dhabi launches instant licence
Top executives attending an event to announce the Ghadan 21 programme aimed at boosting the private sector's contribution to Abu Dhabi's economic growth. - Supplied photo

Published: Tue 25 Jun 2019, 9:35 PM

Last updated: Tue 25 Jun 2019, 11:46 PM

Abu Dhabi on Tuesday announced a host of new initiatives under its Ghadan 21 prgramme which includes Dh4-billion fund for R&D, new industrial tariffs, new licences for technology businesses, and easier accessibility of funds for the SMEs and instant licence scheme to increase the contribution of private sector in the emirate's economic growth.
It is estimated that all the new initiatives will increase the private sector's contribution to Abu Dhabi's GDP from the current 32 per cent to 37 per cent by 2021.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, had launched Dh50-billion three-year Abu Dhabi Development Accelerator Programme (also known as Ghadan 21) six months ago to invest across four strategic pillars - economic, knowledge, liveability and social.
Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Deputy National Security Adviser, who oversaw the development of the new programmes in his capacity as Member of the Executive Council and Chairman of the Executive Committee, nine initiatives for businesses, investors, entrepreneurs and SMEs, were revealed to make UAE capital one of the best places in the world to do business, invest, live, work and visit.
Under the "Abu Dhabi Instant Licence" initiative, all licence applications are now streamlined through a digital portal and approvals are processed instantly online and licence holders in most sectors may begin conducting their business activities immediately.
"The latest Ghadan 21 initiatives and Abu Dhabi Instant Licence are vital private sector accelerators as they are focused on speed, flexibility, and simplicity - reducing operating costs, introducing new investment opportunities and establishing innovative licensing frameworks. They are initiatives that will help drive forward our goal to increase the private sector's contribution to Abu Dhabi's GDP from the current 32 per cent to 37 per cent by 2021," said Saif Mohamed Al Hajeri, chairman of the Abu Dhabi Department of Economic Development.
The Department of Economic Development in Abu Dhabi also introduced new schemes. The first is the new industrial tariffs which will be determined by an established scoring mechanism based on three criteria - economic impact, productivity and electric load. The second initiative is the introduction of new licences for technology businesses. The technology licences package provides 13 new business activities in the technology sector, positioning Abu Dhabi as a global technology beacon.
Abu Dhabi Investment Office (Adio), the Department of Finance and First Abu Dhabi Bank launched the "SME Credit Guarantee" scheme to provide more accessible financing opportunities for small and medium enterprises based in Abu Dhabi through a guarantee provided by the Abu Dhabi government to Abu Dhabi banks. The scheme guarantees up to 75 per cent of loan value, which will be provided to the bank in case of default, enabling banks to secure a certain level of lending to the market.
In addition, Adio also launched Dh4 billion fund to support companies' research and development activities in Abu Dhabi under its "Corporate Research and Development Programme".
Another initiative - called Open Data Programme - was launched by Abu Dhabi Digital Authority (Adda), to offer an advanced safe integrated technical system that facilitates sharing data and enables user access to reliable data sources quickly, safely and seamlessly.
The Open Data Programme aims to empower research institutions and other bodies by providing access to public data to support the scientific research and development sector, as well as encourage private sector organisations, investors and individuals to create innovative solutions to solve different challenges.
Managed by the Abu Dhabi Council for Economic Development (ADCED), the 'Sharaka' platform (which means 'partnership' in Arabic) is built on a trusted communication mechanism based on the concepts of transparency, responsiveness, and constructive dialogue. Cases are dealt with through a set of criteria that ensure payments are appropriately billed and settled on time. In addition to dues, Sharaka has introduced a 30-day payment policy under which government entities and state-owned-entities will provide 30-day payment terms to their contractors.
Moreover, Adio with the Department of Culture and Tourism launched "Ecotourism Incentive Packages" to promote three under-explored tourism archetypes - Mirfa, desert locations and private islands - to attract additional visitors with new activities.
The ecotourism packages provide benefits to hospitality investment and eco-tourism operators including land lease exemptions, tax waivers, accelerated licencing, marketing and government infrastructure investment.
- waheedabbas@khaleejtimes.com

By Staff Report

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