Abu Dhabi relaxes licence restrictions to spur industrial growth

      Published on Tuesday, 23 July , 2019      828 Views     
Abu Dhabi relaxes licence restrictions to spur industrial growth

  • Gulf News

Abu Dhabi has announced an easing of licence restrictions on industrial companies in a bid to expand investment activity and grow the emirate#s services sector.

The Abu Dhabi Department of Economic Development (ADDED) has issued a new resolution that now allows licensed industrial companies in the emirate to add commercial and service activities to their existing permits.

The move is part of ADDED’s strategy to enhance the role of the industrial sector which is viewed as a key driver in  the emirate’s economic diversification process, state news agency WAM reported.

Saif Mohamed Al Hajeri, chairman, ADDED, said: “The resolution demonstrates our keenness to bring further development to the business sector, opening and providing more job opportunities within the industrial sector and increasing the revenue of these industrial enterprises, which in turn, will allow them to expand their business and investments by adding a number of specific commercial and service activities to their licence.”

Administrative resolution Number 70 of 2019 allows industrial establishments in Abu Dhabi to add commercial or service activities that support the licensed industrial activities, including sales, installation, design, distribution, transportation, maintenance, import, export, management and operations, warehousing, consultancy, studies and research.

The resolution aims to expand the services sector in Abu Dhabi, which encourages industrial enterprises to expand their activities to achieve more profits, WAM said.

It added that the issuance of the new resolution is expected to bring down the prices of industrial products by enhancing competition.

The resolution stipulates that industrial companies wishing to add activities must comply with regulations related to the readiness of the factory site to accommodate extra equipment and staff.

Category Gulf News, UAE | 2019/07/23 latest update at 8:00 AM
Source : Arabian Business | Photocredit : Google
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