ABU DHABI, (Pakistan Point News - 04th Aug, 2020) The Abu Dhabi Department of Economic Development, ADDED, has permitted commercial and industrial licensees in the Emirate of Abu Dhabi to renew their investment activities’ licenses for a period of 3 years.
The Department has also allowed investors the option to renew their licences for one or two years depending upon their requirements, with an aim to enhance the ease of doing business and contribute to business continuity in the emirate by minimising the number of procedures involved, which will enable the beneficiaries to save both time and effort.
Rashed Abdul Karim Al Balooshi, Under-Secretary of ADDED, affirmed the Department’s keenness to continue launching initiatives and programmes that can support sustainable economic development and enhance the competitiveness of business environment in the Emirate of Abu Dhabi. Simplifying such procedures for customers, businessmen and investors will further strengthen Abu Dhabi's position as a leading global destination for investment and business growth, he said.
He added, "The provision of this one, two, or three years renewal option reflects our aspirations to simplify the annual license renewal process, which will benefit both customers and Abu Dhabi government alike. This will also lead to a reduction in the number of processes involved in the renewal of economic licenses registered at ADDED, which amount to around 70 per cent of the total transactions. We believe that this, in turn, will significantly reduce the volume of transactions conducted for customers."
He further highlighted that the total number of renewed economic licenses during the first half of 2020 amounted to 33,116, which forms 42.30 per cent of the total number of expired licenses that have been renewed.
He further pointed out that offering this renewal option will reduce the number of procedures for both the customer and the Department.
Al Balooshi pointed out that the initiatives launched by the Department fall in line with the economic initiative packages launched by Abu Dhabi government to support the private sector, considering its pivotal role in driving the emirate’s economic growth and further enhance its competitiveness at the regional and global levels.
Mohammed Ali Al Marar, Director of Commercial Licensing Department at ADDED, clarified that the renewal of economic licences for commercial and industrial activities can easily be done by logging in to TAMM portal and clicking on the renewal button, followed by entering the license number, and choosing the renewal period.
Al Marar pointed out that since the launch of the initiative, a total of eight economic licenses for commercial and industrial activities have been renewed for more than a year, four of which were renewed for two years and another four for three years. Owners of these licenses will be able to obtain all approvals and accreditations at once covering the whole renewal period, thus saving themselves both time and effort.
Al Marar further stated that in order to benefit from this initiative, customers must submit the documented and registered lease contract that covers the period renewal, along with a valid certificate that meets safety requirements, issued by the General Directorate of Civil Defense, a valid environmental permit, and a valid membership certificate from Abu Dhabi Chamber of Commerce Industry.
