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16 April 2024

Abu Dhabi signs deals to encourage investment

The total number of agreements signed by the Abu Dhabi Department of Economic Development to expedite investment procedures. (EB FILE)

By Staff Writer

Abu Dhabi said yesterday it has signed agreements with 14 more government establishments in a long-term strategy to cut red tape and encourage investment in its non-hydrocarbon sector.

The Abu Dhabi Department of Economic Development (ADDED) inked the deals with the Telecommunications Regulatory Authority and 12 other official departments to raise to 28 the total number of agreements it had signed with government bodies to expedite investment procedures.

ADDED said it aims to sign a total of 42 agreements which are intended to "develop and improve the investment environment" in the emirate as part of its Vision 2030 that focuses on attracting investment and diversifying the oil-reliant economy.

ADDED Undersecretary Mohammed Omar Abdullah, who signed the accords, said this would largely contribute to easing business and luring in capital since investment procedures would be sharply cut.

"The deals are designed to ensure all investment measures are unified and carried out by the Abu Dhabi Business Centre, which is one of the most significant initiatives taken by the Abu Dhabi Government with the aim of establishing an advanced and productive business environment," he said.

"These agreements are in line with our Vision 2030 and the 2009-2013 development plan, which focuses on expanding the non-oil sector and setting up a more productive and balanced economic base… we want to increase the efficiency of our industrial and productive sectors through stronger co-operation between the department and all government offices in Abu Dhabi and the UAE."

Announcing details of the latest five-year plan, officials have said it would focus on attracting local and foreign capital to achieve long-term sustainable growth.

They said the five-year strategy, seen by experts as one of the most aggressive development plans in the Gulf, would involve less curbs on foreign investment and a focus on non-oil export-oriented sectors.

According to the Abu Dhabi Executive Council, it will concentrate on investment, upgrading performance of local departments, and ensuring accountability.


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