More than 300 industrial firms in Abu Dhabi added new commercial and service activities following a recent decision by the Abu Dhabi Department of Economic Development (Added) that allows firms to conduct additional activities to boost their business.
There has been a positive response to the decision of the department's Industrial Development Bureau resolution to allow firms to include 14 new commercial and service activities to industrial licences, showing interest to expand business in Abu Dhabi, Rashed Abdulkarim Al Blooshi, undersecretary of Added said in a statement on Wednesday.
This will, in turn, “boost their contribution to the business sector and increase trade activities in the emirate”, he said.
Mr Al Blooshi noted that 306 industrial firms have included onshore and offshore oil and gas fields and facilities’ services to their licences, while 120 companies added importing activities and 82 exporting activities.
Abu Dhabi, which accounts for about 6 per cent of the world’s proven oil reserves, introduced a number of measures to support its private sector following the outbreak of Covid-19 in March.
Relief measures included rent rebates, discounts on utility bills and loan guarantee packages to support small and medium-sized enterprises in the emirate.
Abu Dhabi's economy will expand 6 per cent to 8 per cent over the next two years, with the oil sector, financial services, government spending and foreign investment driving the growth, Mohammed Al Shorafa, chairman of the Added, told The National earlier this year.