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Four new initiatives launched on the first day of Abu Dhabi Business Week (ADBV), include the launch of the Abu Dhabi Registration Authority (ADRA), a new strategy from the Abu Dhabi Chamber of Commerce and Industry (ADCCI), a new strategy from the Khalifa Fund for Enterprise Development (KFED) and Mizen Venture Studios, in addition to launching the Family Council companies.
The new body that has been announced aims to “Abu Dhabi Registration Authority“, to serve as a single point for business registration, which contributes to facilitating and speeding up the start of business in Abu Dhabi.
Accelerate Abu Dhabi Its efforts to diversify its economy into sectors including tourism, logistics, manufacturing and industry aim to achieve future economic growth as the world strives to wean itself off fossil fuel dependence.
The Abu Dhabi Registration Authority will be part of the Abu Dhabi Economic Development Department, which plays a key role in coordinating the government’s strategy to diversify the economy, attract foreign investment and stimulate local companies.
“We want to make doing business easier and simpler,” said Ahmed Jassim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development at the opening of Abu Dhabi Business Week.
He added that the unification of business registration procedures in Abu Dhabi would also ensure compliance with UAE and international regulatory rules.
Preliminary government estimates show Abu Dhabi’s economy will grow by 4.1 percent in the second quarter of 2024, but gross domestic product excluding oil grew by 6.6 percent over the same period, led by increases in construction activity, manufacturing industries, financial services and insurance activities.
Other initiatives include the Khalifa Enterprise Development Fund and Mizen Venture Studios announcing a new strategy, as Mizen Venture Studios is a new industrial zone that focuses on new technological solutions and local manufacturing. It will attract foreign direct investment through incentive packages and provide infrastructure and shared services that support the growth of major industries.
The Khalifa Fund, a non-profit government fund aimed at supporting SMEs, has launched a new strategy to ensure it continues to provide appropriate support and develop appropriate business promotion measures and environmental systems to enable SMEs to thrive across the emirate .
The Abu Dhabi Family Business Council has also been launched to support these companies and the new generation of their leaders. The Council aims to help family businesses identify their priorities and challenges and to provide them with the necessary support to deal with them through innovative solutions and investments.
“As an emerging economic power and the richest sovereign wealth city in the world, we cannot help but reflect on the incredible journey that has brought us to this moment,” Al Zaabi said.
The Abu Dhabi Chamber of Commerce and Industry has also launched its new strategy, which aims to strengthen its position as a pioneer in accelerating business growth in the private sector in Abu Dhabi. The new strategy works to strengthen the business system in the emirate by connecting companies to domestic and international markets.
Al Zaabi added that the Abu Dhabi Chamber’s new strategic roadmap is a transformational initiative “designed for the private sector, by the private sector, to grow further and further”.
He said: “This strategic map is the result of intensive discussions that have taken place over the past months between key actors from the public and private sectors, with the aim of focusing on facilitating business, accelerating growth in key sectors and enabling SMEs and family businesses to businesses to flourish on regional and international markets.”