The Abu Dhabi’s Department of Economic Development (ADDED) has now finally unveiled list of 1,105 registered Businesses as well as Industrial conducts that have been unlocked for possession by natural and legal non-citizens for limited or whole ownership within the Emirate territory.
This decision follows and signifies that all prevailing firms have now got all rights for adjusting to their status, only on the condition that they do fulfil well with the protocols on activities or other applicable boundaries.
This directive follows out the UAE’s tactical strategy for empowering the whole foreign ownership of the Emirates firms from June 1st onwards.
The Department’s verdict on foreign ownership of industrial actions is in line with Federal Decree-Law No. (26) of 2020 amending the provisions of Federal Law No. (2) of 2015 on the Commercial Companies Law and its amendments, by addition of the articles that authorize the firm of 100-percent foreign-owned companies in Abu Dhabi.
The Chairman of ADDED, Mohamed Ali Al Shorafa, stated that; “This announcement of the list of economic activities available for foreign ownership reflects the keenness of the Abu Dhabi Government to attract further foreign direct investments and to promote an open and resilient competitive business environment. The decision is one of many decisions and initiatives to provide incentives for the private sector in Abu Dhabi and to enhance the status of Abu Dhabi on the global investment map.”
Al Shorafa, also particularly was keen to emphasize that, the Department is keen to endure in progression of the prevailing business ecosystem and circumstances via enhancement the ease of doing business in the emirate and eliminating all obstructions in handling investment projects, by curbing the burden on business amenities.
ADDED’s verdict regarding activities accessible for foreign ownership stated that the list of doings available for foreign ownership is updated by decisions of the Council of Ministers defining the activities with a tactical power. These doings are functional to businesses licensed following the federal and native laws regulating business licensing administration according to the type of activity.
The Department also offers incentives and implements ingenuities that upsurge the accomplishment rates of these firms, and uphold their continuity in provision of their sustainable growth and expansion.
The decision directed that prevailing businesses have the right to adjust their status, on condition that they abide by with the protocols on activities or other applicable restrictions, in accordance with ADDED-adopted procedures. Public interested may refer to the decision and the list of activities available on the Abu Dhabi Business Centre website www.adbc.gov.ae.
