Abu Dhabi offers one-year lease waiver for 1,200 economic activities

The Abu Dhabi Department of Economic Development (added) will waive one-year workplace leases for investors in 1,200 economic sectors as part of efforts to further promote business in the emirate.

The portion contained in the decision represents approximately one-third of all economic activity licensed and regulated by the sector, 4062 events at the end of 2021added on Tuesday.

Industries on the list include wholesale and retail trade, cafeterias, rental and installation activities, contracting and maintenance, consulting and services, sewing, transportation, salons and beauty centers, management offices, and investments.

“This new initiative is a testament to Additional’s commitment to enhancing the ecosystem with a proactive approach that will enable businesses to benefit from Abu Dhabi’s growth opportunities,” said Mohammed Al Mansouri, Executive Director, Abu Dhabi Business Centre, a division of Added.

“We have selected the activities included in this initiative based on research on their nature and requirements and will continue to work to ensure [the] Ease of setting up and launching a business and supporting entrepreneurs to start their business will positively contribute to business activities in Abu Dhabi. “

Abu Dhabi’s economy has recovered strongly from the Covid-19 pandemic and its non-oil economy 4.1% annual growth in 2021, driven by strong government policies.

Data from the Abu Dhabi Statistics Centre shows that the growth of the agriculture, forestry and fisheries sectors is growing at an annual rate of more than 23%.

In April, Added said 80 economic activities Commercial, professional, industrial, agricultural, craft and tourism sectors were added in 2021.

quantity Economic license Circulations in the emirate also increased by 22% to 25,427 last year due to government initiatives It said this boosted investor confidence.

Abu Dhabi in January Removed over 20,000 requirements Operating in the emirate as part of the reforms led by Added are aimed at attracting more investment.

According to Added’s latest decision, some investors have been exempted from offering lease agreements as a prerequisite for obtaining economic licenses.

However, once the exemption expires, a lease agreement will need to be submitted on or before the license renewal one year later.

Apart from simplifying procedures and reducing fees, the move is aimed at boosting entrepreneurship in the emirate by giving investors more time to choose the best location to start their business, it added.

“We are constantly in touch with entrepreneurs and business owners to better understand their respective industries so that we can meet their needs and requirements,” said Mr Al Mansouri.

“Giving investors the option to obtain economic clearance without a lease agreement reflects our aggressive, pre-emptive response to the current demand in the market.”

The full list of activities exempt from one-year leases is Available on the website of Abu Dhabi Business Centre.

Updated: July 5, 2022 at 10:40 am