The issuance of dual licences for companies in Abu Dhabi free zones to allow them to work outside the free zones and participate in government tenders will help the economy to grow, according to an economic expert.
Abu Dhabi Global Market (ADGM), the capital’s international financial centre, follows a similar system allowing ADGM registered entities to apply for a licence issued by the Abu Dhabi DED (Department of Economic Development), which authorises them to conduct business activities outside the borders of ADGM without the need to maintain additional office space in mainland Abu Dhabi.
“It’s a very good move that will benefit the economy. Companies operating in free zones can bid for businesses in the mainland. This will encourage more companies to set up businesses in the UAE,” said Mohammad Ali Yasin, chief executive officer at First Abu Dhabi Bank Securities.
He also said that a lot of new measures which were announced in the last one month or so are very positive for the UAE’s economy, be it 100 per cent foreign ownership or granting of 10-year visa or increasing the loan for locals.
“All of this shows that there is a master plan that is being put into action to boost the growth of local economy and make UAE a very attractive place to do business and live,” Yasin added.
Abu Dhabi Global Market and Khalifa Industrial Zone Abu Dhabi (Kizad) did not get back to Gulf News when requested for a comment.
Adding 10,000 more jobs will empower citizens
Plan to create 10,000 additional jobs for Emiratis in private and public sectors expected to help raise their competitiveness
By Samir Salama, Associate Editor
Abu Dhabi: At least 10,000 jobs will be created for Emiratis in the private and public sectors in Abu Dhabi over the next five years. This was ordered by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.
The move comes as part of a Dh50 billion stimulus package to accelerate the capital’s development and economic growth.
It will boost job opportunities for citizens, empower them and raise their competitiveness in the labour market in keeping with the UAE National Agenda 2021.
Shaikh Mohammad launched on Tuesday a slew of initiatives and incentives to facilitate business and to support and encourage new sectors and small and medium enterprises (SMEs) and industrial projects.
The initiatives also aim to stimulate tourism and local economic development, create new job opportunities and provide unique and complementary investment environment to strengthen Abu Dhabi’s competitiveness.
In February, the minister in charge of human resources development announced several initiatives and policies aimed at accelerating Emiratisation, empowering citizens and raising their competitiveness by 2021.
Nasser Bin Thani Al Hameli, Minister of Human Resources and Emiratisation, said these initiatives will contribute to the creation of 15,000 jobs suitable for citizens in 2018 in strategic economic sectors, in addition to enabling the participation of national human resources in the labour market and raising their competitiveness.
Percentage of workforce
Members of the Federal National Council have overwhelmingly passed a motion to empower the Ministry of Human Resources and Emiratisation to control Emiratisation in both the private and public sectors.
The suggestion was made after a member of the House demanded the UAE Labour Law be firmly enforced to ensure that eligible Emirati jobseekers are given top priority in employment, before applying for a work permit for non-Emiratis.
Al Hameli told the House as per the UAE’s Emiratisation targets, 50 per cent of all Emirati workers must be employed in the private sector by 2021 and six per cent of the total UAE workforce must be Emiratis.
Al Hameli said these initiatives will contribute to the creation of 15,000 jobs suitable for citizens in 2018 in strategic economic sectors, in addition to enabling the participation of national human resources in the labour market and raising their competitiveness.
Al Hameli said 400 selected professions in 2,000 private companies will now have to give priority to Emiratis when recruiting.
The ministry has been able to employ 6,862 citizens in the private sector in 2017, an increase of 22 per cent over 2016, during which 5,608 citizens were employed.
Move to bolster tourism to Abu Dhabi: official
Abu Dhabi’s tourism authority chairman says initiative will attract investment and visitors
By Ed Clowes, Staff Reporter
Dubai: A part of Abu Dhabi’s new economic platform will focus on tourism, with a specific view to developing Abu Dhabi’s ecotourism and its recreational sports tourism.
According to the UAE’s state news agency WAM, His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, has ordered the development of ecotourism facilities and programmes “of all kind, both nautical and mainland, in the emirate, including the establishment of camping villages and various recreational sports areas.”
In a statement, commenting on the announcement, Mohammad Khalifa Al Mubarak, chairman of the Department of Culture and Tourism — Abu Dhabi, said: “This recent directive reiterates the pivotal role that the tourism sector continues to play, especially in introducing Abu Dhabi to the world as a global destination for not only short-term visits, but also for investment and long-term stays.”
Al Mubarak added that given its mandate to establish Abu Dhabi’s position as a popular tourist destination, the Department of Culture and Tourism — Abu Dhabi “acknowledges the responsibility bestowed upon it to fulfil this directive and work towards bolstering the emirate’s cultural and ecotourism offerings.”
“Along with our partners,” the statement continues, “we have devised effective initiatives and programmes to build an industry that can provide impetus for economic growth and social development. As we move forward, we will continue our efforts to attract an increasing number of tourists to the emirate for extended periods of time.”
Through this stimulus package, Abu Dhabi says it is seeking to grow its non-oil sectors, while attracting investors and visitors from around the region, and the world.
Saif Saeed Ghobash, Undersecretary of the Department of Culture and Tourism — Abu Dhabi, said he was confident that the stimulus package would create a much more competitive environment in the emirate.
“This will effectively encourage private sector stakeholders and investors to seek out opportunities in booming sectors such as tourism. The sector presents promising diversification opportunities, as the need for culturally-enriching, authentic and unique experiences continue to grow exponentially across the globe,” Ghobash said.
The official’s statement concluded by asserting that “ecotourism sits at the heart of the future of the tourism industry and it’s an area where Abu Dhabi has displayed and continues to display a pioneering role.”
“We look forward to joining forces with our partners in the private and public sectors to leverage the emirate’s unique offerings and grow our ecotourism sector, with the aim of creating a sustainable and culturally-enriching environment for both residents and visitors,” Ghobash said.
Stimulus plan to boost confidence of investors, businessmen: AD Chamber
Abu Dhabi Chamber chief says initiative to settle due payments for private sector contracts comes at an appropriate time
By Fareed Rahman, Senior Reporter
ABU DHABI CHAMBER
Abu Dhabi: The economic stimulus package of Dh50 billion announced by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces on Tuesday will accelerate the pace of emirate’s development and boost the confidence of investors and businessmen, a top government official said.
Praising the new initiative by Abu Dhabi, Mohammad Hilal Al Muhairi, Director-General of Abu Dhabi’s Chamber of Commerce and Industry, said the orders of Shaikh Mohammad Bin Zayed, to settle due payments for private sector contracts came at an appropriate time, particularly in light of the private companies and institutions’ need for the necessary liquidity to carry out their operations within a planned schedule.
He added that the economy will witness a surge due to the stimulus package and accompanying resolutions that will serve the national economy’s interests.
“The UAE’s wise leadership is keen on launching initiatives and incentives that facilitate business practices, reduce costs for businessmen and harness all available capabilities to expedite commercial and investment activities in the emirate,” Al Muhairi said in a statement.
“This will result in great benefits and will achieve Abu Dhabi’s ambitions for economic leadership, which will be accomplished within an economic development strategy and achieving a sustainable economy.”
Shaikh Mohammad gave directives to accelerate the settlement of due payments on contracts for suppliers from the private sector and to review all fines for the health care and education sectors as well as all municipalities affairs in an announcement on Tuesday.
Permanent home licences will help small businesses
The new move is positive for the economy
By Fareed Rahman, Senior Reporter
Abu Dhabi: The announcement by Abu Dhabi to permit permanent home licences without the requirement of having an office or workspace for two years will offer a strong boost to small businesses, an economic expert told Gulf News.
Elaborating on the concept, Mohammad Ali Yasin, chief executive officer at First Abu Dhabi Bank Securities, said that the new measures will give small businesses time to establish a business address within two years, ensuring they continue to operate until then.
“You can register a business and pay a licence fee without incurring other costs like having an office or workspace for two years. It will energise the business and boost small businesses operating from home,” he explained.
He added that new measure comes in the wake of complaints from restaurants and other establishments targeted at people who started doing business from home, like making special food or translating documents without having an office or registering with the municipality.
“It will be positive for the economy,” Ali Yasin said.
In an announcement on Tuesday, His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, launched a number of new initiatives aimed at promoting the ease of doing business in Abu Dhabi, reducing associated costs and implementing the necessary procedures to facilitate commercial and investment activities in all fields.
The new directives include exempting all new licences from the requirement of having an office or a work space in the emirate for two years, permitting permanent home licences, and implementing instant licensing systems in most commercial licence types and all services provided by the government.
Source: Gulf News