Abu Dhabi sees 63% growth in new economic licences in 2019
The total number of economic licences registered in the emirate reached 172,577 last year
Abu Dhabi issued 18,628 new economic licences last year, up 63.9 per cent from the 11,366 registered in 2018, according to government figures, indicating an increase in business confidence in the emirate.
The number of renewed economic licences in 2019 reached 80,477, data from the Abu Dhabi Business Centre found, with the total number of economic licences registered in the emirate hitting 172,577 last year.
“The growth in economic licensing is attributed to the Abu Dhabi Department of Economic Development's successful initiatives and concerted efforts towards fostering economic growth in the emirate, which falls in line with Abu Dhabi Government’s vision to develop and stimulate a business incubating environment and facilitate economic transactions …,” said Rashed Abdul Karim Al Balooshi, Undersecretary, ADDED.
Commercial licences accounted for the overwhelming majority of the new licences issued by ADBC, with about 17,642 issued in 2019, up 66.3 per cent from the 10,608 in 2018.
The number of professional licences released in Abu Dhabi almost doubled, with 403 permits issued last year compared to 224 in 2018.
ADBC also issued 229 occupational licences last year, compared to the 199 released in 2018. This was in addition to the 176 tourism licences, 144 industrial licences, and 34 agricultural, livestock and fishery licences also issued last year.
The number of instant licences issued reached 2,005 by the end of 2019 and Tajer Abu Dhabi licences – a permit that allows companies to reduce costs by setting up without a physical office– numbered 5,310, up from the 2,696 released in 2018.
The report also showed an sharp rise in the number of trade names issued for new commercial licences during 2019, which jumped 28.5 per cent to 32,662 new trade names from the 25,416 issued in 2018.
ADBC issued 118 dual licences for Abu Dhabi’s free zone companies in 2019, allowing them to carry out business activities outside these zones. Meanwhile, e-commerce licences have also grown with 1,404 licenses issued last year, representing a 366 per cent increase on the 301 issued in 2018.
Published: March 7, 2020 06:16 PM