Abu Dhabi Department of Economic Development (ADDED) is permitting commercial and industrial licencees in the emirate to renew their investment activities’ licenses for a period of three years.

 

ADDED 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 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.

 

According to him, the provision of this one, two, or three years renewal option reflects ADDED's 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 added.

 

Al Balooshi further highlighted that the total number of renewed economic licenses during the first half amounted to 33,116, which forms 42.3 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.

 

Mohammed Ali Al Marar, Director of Commercial Licensing Department at ADDED, said 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.

 

""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," he explained. 

 

"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," he added.-TradeArabia News Service