ABU DHABI, UNITED ARAB EMIRATES. 01 November 2018. The Al Bateen marina in Abu Dhabi with part of the cities skyline. FOR BIG PICTURE OPTION. (Photo: Antonie Robertson/The National) Journalist: None. Section: BIG PICTURE.
Abu Dhabi is lowering the cost of doing business as part of economic diversification efforts. Antonie Robertson/The National

Abu Dhabi lowers fees for country-of-origin certificates



Abu Dhabi reduced the fees for issuing country-of-origin certificates as part of incentives aimed at attracting foreign direct investments and lowering the cost of doing business.

The Abu Dhabi Chamber of Commerce and Industry made the announcement on Monday at the Abu Dhabi Business Forum, organised by the chamber in partnership with the Department for Economic Development (DED). A country-of-origin certificate is used in international trade to attest where goods are produced, manufactured or processed.

Abu Dhabi’s economy, which saw foreign direct investment flows grow 8 per cent in 2017 from a year earlier, also benefited from a 21.7 per cent increase in the number of new licences in the first seven months of this year from a year earlier, Saif Al Hajiri, chairman of Abu Dhabi’s DED, told the forum.

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The department is currently undertaking seven initiatives out of 10 announced in June as part of a three-year Dh50 billion stimulus package, the chairman added. It has also worked on improving employment opportunities for Emiratis and aims to help in the creation of no less than 10,000 jobs in the private and public sector for citizens over the next five years.

Abu Dhabi announced the stimulus package as part of plans to reduce the emirate's reliance on oil by diversifying the economy and making it easier for companies to do business, in turn bolstering growth.

Among the seven initiatives the department is working on is its expanded Tajer Abu Dhabi licence package, which is now open to applications from all GCC nationals and UAE residents with an Emirati partner.

The service allows new companies to obtain commercial licences without an office or physical presence, with the scope of the latest initiative increased to include 1,057 eligible commercial activities. It will now also accept three legal formats: one-person companies for Emiratis; one-person companies for GGC nationals and limited liability companies for residents in partnership with Emiratis.

This aims to ease business conditions for entrepreneurs and small-to-medium enterprises looking to set up in the emirate.

The DED is also rolling out dual licences allowing companies in free zones to establish an onshore branch.

The first phase of the initiative is open to companies based in Abu Dhabi and in one of its free zones. It is also working on the second phase that will allow more companies to qualify for a dual licence.

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

Match info

Newcastle United 1
Joselu (11')

Tottenham Hotspur 2
Vertonghen (8'), Alli (18')

Sly Cooper and the Thievius Raccoonus

Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5

UAE athletes heading to Paris 2024

Equestrian

Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).

Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming

Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics

Maryam Mohammed Al Farsi (women's 100 metres).


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