Abu Dhabi, UAEFriday 30 October 2020

Abu Dhabi government to make licensing easier for industrial firms

Department for Economic Development also signs agreement with Etihad Credit Insurance

ADDED joined forces with the Etihad Credit Insurance, on Sunday, to boost the private sector's contribution to the emirate's GDP. Courtesy ADDED
ADDED joined forces with the Etihad Credit Insurance, on Sunday, to boost the private sector's contribution to the emirate's GDP. Courtesy ADDED

The Abu Dhabi Department of Economic Development’s Industrial Development Bureau (IDB) implemented the first phase of a cross-government initiative aimed at automating the issuance of industrial licences.

The initial step in the 'e-connection' project is a partnership with the Ministry of Economy that strengthens the integration between local and federal entities, the DED said in a statement.

“The ‘e-connection’ initiative between IDB and the federal and local government entities is designed to facilitate the system of issuing industrial licenses, which then reduces investors’ time and effort [and] contributes to enhancing the environment of doing business in Abu Dhabi,” said Mohammed Munif Al Mansouri, IDB’s executive director.

Following its agreement with the Ministry of Economy, IDB is looking to integrate registration processes with the Abu Dhabi Chamber of Commerce and Industry.

The e-connection project's development follows a similar scheme for commercial licences launched by the DED's Abu Dhabi Business Centre, which linked the services of 44 federal and local government agencies.

“The initiative offers a one-stop shop system which unifies the process of paying government fees,” said Mr Mansouri, adding that it will also strengthen the exchange of data between the DED and its strategic partners.

On Sunday, the DED also inked a partnership with Etihad Credit Insurance (ECI), the UAE's federal export credit company.

This agreement is aimed at raising awareness among industrial firms of the benefits of trade credit insurance to exporters, with a view to supporting the emirate's non-oil economy. The organisations will hold joint workshops, seminars and other training on export credit policies, bonds and other trade finance products.

According to data from the Statistics Centre Abu Dhabi, the emirate's non-oil trade from January to November last year stood at Dh194.4 billion - 29.7 per cent of which was made up of exports and 27.7 per cent re-exports.

Abu Dhabi has more than 284 factories exporting to overseas markets. Saudi Arabia was the emirate's most prominent non-oil trade partner, followed by the US, China, Kuwait and Japan.

Updated: March 1, 2020 03:24 PM

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