New authority announced in the Emirates, making business easier for foreigners
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Abu Dhabi's new industrial zone to attract foreign direct investment with incentive packages
Wednesday, December 4, 2024
Abu Dhabi (News International / Pakistan News - 04th December, 2024) The establishment of a new authority has been announced in Abu Dhabi, the capital of the United Arab Emirates, which has made it easier for foreigners to start a business. According to Emirati media, four new initiatives and strategies have been announced in Abu Dhabi, including the establishment of a new authority that will make it easier and faster to set up a business in the capital of the United Arab Emirates, as well as a new industrial zone for new technological solutions and local production.
It has been reported that the four new initiatives introduced on the first day of Abu Dhabi Business Week (ADBW) include the Abu Dhabi Registration Authority (Adra), the new strategy of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), the new strategy of the Khalifa Fund for Enterprise Development (KFED) and MEZN Venture Studios, and the launch of the Family Business Council.
It has been learned that Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has launched the Abu Dhabi Registration Authority, a branch of the Abu Dhabi Department of Economic Development (ADDED), to streamline business setup. The authority will centralize and streamline business registration in the emirate’s territory and its economic free zones, ensuring compliance with UAE and international regulations.
It is being reported that the first edition of ADBW has been held at the Abu Dhabi National Exhibition Centre (Adnec) where senior officials from the government and private sectors will address various topics. During this time, a new strategy was also announced by the Khalifa Fund for Enterprise Development (KFED) and MZN Venture Studios. MZN Venture Studios is a new industrial zone focused on new technological solutions and local production. It will attract foreign direct investment with incentive packages and provide infrastructure and shared services to support the development of key industries.
The Khalifa Fund, a government-run non-profit economic development fund that supports small and medium-sized enterprises (SMEs), has also launched a new strategy to ensure that it continues to provide the right support, business development initiatives and a friendly ecosystem to empower SMEs to thrive in the emirate, officials said. Similarly, the Abu Dhabi Family Business Council was launched to support these businesses and the new generation of their leaders. The council will help family-owned businesses identify priorities and challenges and help them address them through innovative solutions and investments. Furthermore, the Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced its new strategy, which positions the chamber as a premium business accelerator for the private sector in Abu Dhabi. The new strategy strengthens the emirate’s business ecosystem by connecting businesses to local and international markets.
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