ABU DHABI (Reuters) – Abu Dhabi, the capital of the United Arab Emirates (UAE), set out measures on Wednesday to simplify processes for businesses as it strives to diversify its economy away from oil.
The oil-rich city emirate, which holds more than 90% of the UAE’s oil reserves, announced a centralised business registry authority – the Abu Dhabi Registration Authority (ADRA) – that will be the single point for business registration, a statement said.
In common with other oil exporters in the region, Abu Dhabi has accelerated efforts to diversify into sectors including tourism, logistics, manufacturing and industry, to seek future economic growth as the world pursues efforts to wean itself off fossil fuels.
The ADRA will form part of Abu Dhabi’s Department of Economic Development (ADDED) that has a central role in streamlining government strategy to diversify the economy, attract foreign investment and spur local businesses.
“We want to make business easier and simpler,” Ahmed Jasim Al Zaabi, chairman of ADDED, said at the opening session of Abu Dhabi Business Week.
He said centralising Abu Dhabi’s business registration processes would also ensure compliance with UAE and international regulations.
Abu Dhabi’s economy grew 4.1% in the second quarter of 2024, according to preliminary government estimates, but non-oil GDP surged 6.6% in the same period, led by increases in construction, manufacturing, and finance and insurance activities.
Competition, however, especially with bigger neighbour Saudi Arabia that is opening up economically and socially, is growing.
Other initiatives announced include a strategic roadmap for the Abu Dhabi Chamber of Commerce and Industry to help grow the private sector, and the creation of a Family Business Council to support family-owned businesses.