Abu Dhabi has removed more than 20,000 requirements to set up businesses in the emirate as part of an ongoing overhaul of procedures led by the Abu Dhabi Department of Economic Development (ADDED).
Twenty-six local and federal partner entities participated in the reductions programme, which amounted to 71 per cent of the total 28,788 requirements previously in place, Added said on Wednesday. The programme was first introduced in August.
"We are telling the world that Abu Dhabi will continuously seek to enhance its regulations, systems and services making up the ecosystem necessary for any businesses and investors to thrive," said Rashed Al Blooshi, undersecretary of Added.
Abu Dhabi has taken various measures – such as providing rent rebates, discounts on utility bills and loan guarantee packages – to support businesses and stimulate economic growth throughout the coronavirus pandemic. Last year, Abu Dhabi slashed business set-up fees by 94 per cent in a move to strengthen its position as a destination for new ventures and boost foreign direct investment into the emirate.
The department reduced its own business licensing requirements for the 118 business activities that it regulates, cutting them by 77 per cent to 162. The Securities and Commodities Authority made 40 cuts to 700 requirements.
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