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Abu Dhabi, May 10/ His Excellency Rashid Abdul Karim Al Balushi, Undersecretary of the Department of Economic Development in Abu Dhabi, confirmed that Abu Dhabi has succeeded in creating a competitive and flexible investment environment by launching a package of incentive initiatives, in order to enhance the emirate’s position on the global and regional investment map.
The Undersecretary of the Abu Dhabi Department of Economic Development said – in statements to the Emirates News Agency, WAM, on the sidelines of the activities of the Annual Investment Forum 2023 – that the amendments witnessed in the Companies Law in terms of allowing investors and entrepreneurs to establish companies and own them fully 100% in economic activities constitutes a major breakthrough in legislation. The organization for the movement of foreign investments, and opens the way for foreign investors to seize many promising economic opportunities within the economic activity.
He added that the Abu Dhabi Investment Office helps all companies to establish and grow in the Emirate of Abu Dhabi. Our initiatives are available and accessible to companies from all countries, and these initiatives have succeeded in helping companies launch and expand in the emirate. This contributed to the UAE ranking first in the Arab world and 19th in the world for its ability to attract foreign direct investment inflows, as mentioned in the World Investment Report 2022 issued by UNCTAD.
He pointed to the department’s support for companies through the investor care services it provides and providing investors with information about data, networks, licensing, real estate, visas, banking services and much more. We also extend bridges of communication between investors and stakeholders in the innovation system in Abu Dhabi, and bring together the appropriate partnerships at one table to help them grow and expand in the emirate.
He said that since the launch of the innovation program of the Abu Dhabi Investment Office in 2020, we are proud to support more than 40 innovative companies, and we have allocated 1.3 billion dirhams in the form of incentives to help these companies expand in Abu Dhabi.
On the investment incentives and capabilities provided by the Emirate of Abu Dhabi for establishing businesses, the Undersecretary of the Department of Economic Development said that Abu Dhabi continued its strides towards enhancing its attractiveness by modernizing and expanding residency options and entry visas in line with enhancing its global competitiveness and increasing the chances of attracting investors and entrepreneurs. On the other hand, and in a step aimed at enhancing the transparency of the investment climate and easing the administrative burdens on investors, the emirate reduced the fees for establishing a business in Abu Dhabi by 94% to 1,000 dirhams, and the fees for renewing commercial licenses were reduced to 1,000 dirhams.
He pointed out that the Department of Health – Abu Dhabi, in cooperation with the Department of Economic Development – Abu Dhabi, launched a flexible insurance option for health insurance in the emirate, as part of the continuous efforts to enhance the competitiveness of Abu Dhabi, as it is an attractive and preferred destination for investments and competencies wishing to live and work on its land, and to facilitate the access of all members of society to health care services at the highest level. Quality and efficiency standards.
Rashid Al Balushi said that the annual investment forum enhances Abu Dhabi’s position on the global economy map and the great weight it enjoys on the international arena, especially in the field of investment.
He added that Abu Dhabi adopts an approach aimed at diversifying its economy, so the Department of Economic Development – Abu Dhabi is working greatly to highlight Abu Dhabi’s potential in attracting more foreign direct investment, due to its advanced infrastructure, attractive investment climate, and business community that enjoys tremendous opportunities for growth and prosperity. .
He said that the annual investment forum provides a pioneering platform that allows all sectors the opportunity to present open discussions on the latest investment trends and business opportunities, as well as exchange ideas and conclude potential partnerships. sustainable and others.
He continued: “The forum anticipates promising future features of the investment scene in the region and the world, as we in Abu Dhabi realize the importance of keeping pace with the latest smart investment trends to consolidate innovation and promote economic growth, especially in light of the rapid transformations and changes of the current investment reality.”
He stressed the commitment of the Department of Economic Development, through its role, to strengthening fruitful investment and trade relations, and opening horizons for investment opportunities that would enhance the process of economic growth in the long term, and contribute to consolidating the position of the Emirate of Abu Dhabi as a center for investment and innovation.
He said that based on our keenness to contribute to enabling the knowledge-based economy in order to achieve the vision of the wise leadership, we continue to enhance investment opportunities and facilitate the establishment of businesses in various sectors that are witnessing an accelerated growth rate, in order to ensure increased levels of economic growth at the local, regional and global levels.
