Measures to Simplify Business Processes in Abu Dhabi

ABU DHABI (Reuters) – Abu Dhabi, the capital of the United Arab Emirates (UAE), has introduced measures to simplify business processes as part of efforts to diversify its economy away from oil.

The oil-rich city, which holds more than 90% of the UAE's oil reserves, has announced the establishment of a centralized business registry authority, the Abu Dhabi Registration Authority (ADRA). This body will serve as the single point for business registration, according to a recent statement.

Like other oil exporters in the region, Abu Dhabi is accelerating efforts to transition into sectors such as tourism, logistics, manufacturing, and industry to secure future economic growth as global momentum shifts away from fossil fuels.

The ADRA will be integrated into Abu Dhabi's Department of Economic Development (ADDED), which plays a significant role in executing the government’s strategy to diversify the economy, attract foreign investment, and stimulate local businesses.

"We want to make business easier and simpler," stated Ahmed Jasim Al Zaabi, chairman of ADDED, during the opening session of Abu Dhabi Business Week. He emphasized that centralizing business registration would help ensure compliance with UAE and international regulations.

According to preliminary government estimates, Abu Dhabi's economy grew by 4.1% in the second quarter of 2024, with the non-oil GDP seeing a remarkable surge of 6.6% during the same period, driven by growth in construction, manufacturing, and finance and insurance sectors.

However, competition is intensifying, particularly from the larger neighbor Saudi Arabia, which is undergoing economic and social openings.

Additional initiatives announced include a strategic roadmap for the Abu Dhabi Chamber of Commerce and Industry to foster private sector growth and the establishment of a Family Business Council aimed at supporting family-owned businesses.